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

Posted by Teresa Bockwoldton Mon, Jan 09, 2017 @ 12:25 PM

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 Tue, Jan 03, 2017 @ 10:58 AM

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