Review & Learn: 2016 Internet Crime Report Diagram - How to Avoid Being a Victim

Posted by Teresa Bockwoldton June 23, 2017

A great article was published today showing highlights of the IC3's 2016 Internet Crime Report. The report, published at www.fbi.gov, included some stastistics and this great visual depicting the victims of internet crime by age group:

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Tags: Internet Crime, Ransomware, IT Controls, Tech Support Crime, Tech Support Fraud

Change to Stock Compensation Calculation (Topic 718) due as of 12/15/2017

Posted by Teresa Bockwoldton May 11, 2017

A change to the Compensation - Stock Compensation (Topic 718 - formerly known as FAS 123R) was instituted this month and will be applicable to "any entity that changes the terms or conditions of a share-based payment award." Those companies affected by this change should review their overall procedures and internal controls to ensure they are updated to include these new requirements. Be sure to update your testing procedures too so this new requirement isn't missed during controls testing. 

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Tags: Topic 718, Stock Compensation, Black-Scholes, FASB Updates, FASB, Internal Control Changes, FAS 123R

Vibato Anti-Fraud News: Why it pays for Auditors to know High-End Brands

Posted by Teresa Bockwoldton January 9, 2017

It pays for an Auditor to know high-end brands because it is EXTREMELY difficult for people to hide their new-found wealth and typically the first way they show it is through their cars, jewelry, watches, bags, etc. It is human nature to brag and that starts with how you look, the brands you wear, and the car you drive. Case in point - we were once hired to investigate a company that couldn't figure out how they were "leaking so much money” considering they had only 7 employees. So, the first thing I asked for was a list of everyone's salaries and I inquired about each person’s background. Here is what I found:

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Tags: fraud prevention, White Collar Fraud, fraud, Vibato Anti-Fraud News, How to prevent Fraud

General Cable Corporate Fined Over $75M for Operating without Proper Internal Control

Posted by Teresa Bockwoldton January 3, 2017

General Cable Corporate was fined more than $75M for "...not having effective programs & internal controls necessary to proactively address corruption risks and accounting errors." Terrible considering it would have cost them <$50K to become compliant using the Vibato program and they would have also been able to experience the benefits of compliance such as more efficient procedures, shorter close duration, balanced workloads, etc...The CEO & CFO also had to return a total of $5.8M in combined compensation - that they were entitled to - but that they forfeited simply because they failed to follow the rules and comply with the Sarbanes Oxley laws. Expensive lesson...

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Tags: SOX, Sarbanes-Oxley, SEC, SEC fines

10 Great Investing Tips from the SEC

Posted by Teresa Bockwoldton December 28, 2016

This is a great email alert that came out today from the SEC:

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Tags: Accounting Tip of the Day, Securities and Exchange Commission, SEC, Investments