FIFA Appoints New Audit and Compliance Committee Chairperson - Part 4

Posted by Alexa Foxon Wed, Jul 06, 2016 @ 11:57 AM

Just a few months ago, FIFA's Chief Internal Auditor, Scala, stepped down for various reasons (here). Today, FIFA's council appointed Tomaz Vesel  as the independent chairperson of FIFA’s Audit and Compliance Committee. Mr Vesel currently serves as President of the Court of Auditors in Slovenia having been elected by the National Assembly of the Republic of Slovenia in 2013.

“The appointment of Mr Vesel as independent chairperson of FIFA’s Audit and Compliance Committee is an important development in the ongoing effort to strengthen FIFA’s governance and compliance systems,” said FIFA President, Gianni Infantino. “This is a vital role within the organization and Mr Vesel’s audit expertise and international experience will help reassure stakeholders and restore trust in FIFA.”

There is still no word about any new external auditor since KPMG stepped down last month. FIFA is still cleaning up a large mess with U.S officials. More than 40 people have been charged with crimes including racketeering and money laundering since the 2015 scandal and recent hidden bonus information. Stay tuned for details about FIFA's upcoming new external auditors. 

To veiw the full story from FIFA, click here.

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Tags: audit, internal audit, fifa, fraud, money laundering, fbi

Who Does FIFA Answer to?

Posted by Alexa Foxon Mon, May 16, 2016 @ 03:07 PM

FIFA Headquarters - Zurich, Switzerland

The Fédération Internationale de Football Association, founded in 1904, as the governing body of association football, futsal and beach soccer for Belgium, Denmark, France, Germany, the Netherlands, Spain, Sweden and Switzerland. Today FIFA dominates the soccer and sport industry  with over 210 national associations worldwide.

FIFA's 2015 Corruption:

In May of 2015, 14 people were indicted in connection with an investigation by the United States FBI and the IRS Criminal Investigation Division into wire fraud, racketeering, and money laundering. The United States Attorney General simultaneously announced the unsealing of the indictments and the prior guilty pleas by 4 football executives and 2 corporations. Stepp Blatter led FIFA since 1998, but stepped down after the 2015 corruption was uncovered.  He was suspended from Football for 6 years after breaching ethics guidelines. The U.S got involved because of suspicion of bribes of about $150 million in 2010. After uncovering the wire fraud and money laundering, the U.S asked other countries to step in and investigate as well, but that is up to the individual country and government. 

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Tags: audit, Scala, irs, FIFA Reform, auditor, reform, compliance, fraud, money laundering, Corruption, wire fraud, fbi

Non-Profit Information: Federal Audit Clearinghouse Data Breach Updat

Posted by Teresa Bockwoldton Wed, Oct 21, 2015 @ 01:57 PM

This article is for our non-profit friends...

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Tags: audit, non-profits, Federal Audit Clearinghouse

Accounting Tip of the Day: 10 Pointers for Fighting Fraud

Posted by Teresa Bockwoldton Fri, Sep 12, 2014 @ 03:49 PM

We just read this great article from Fraud Magazine here is a snippet that we thought we'd share: 

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Tags: Accounting Tip of the Day, audit, fraud prevention, fraud, corporate governance, audit deficiency

Internal Controls over Financial Reporting: Testing with Precision

Posted by Guthrie Chenon Wed, Jun 25, 2014 @ 09:52 AM

With a renewed emphasis in testing with precision on internal controls over financial reporting, it may help to jump the gun and review some of your most complex controls that would fall within scope of an external auditors review. The following definition of ‘testing with precision’ is defined in the following statement via Crowe Horwath LLP:

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Tags: Internal Controls, examples, audit, external audit, precision, misstatement, testing, risk management, reconciliation, material

Controls needed to successfully adopt the new COSO 2013 Framework

Posted by Guthrie Chenon Fri, Jun 13, 2014 @ 04:00 PM

By now, we have all started to become aware that the new COSO 2013 framework MUST be adopted by all publically traded companies by the end of their current fiscal year. There’s a great deal of material out there explaining what needs to be implemented yet, very few of those items (including the documents provided directly from COSO) explain HOW to actually make this implementation happen.

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Tags: Internal Controls, examples, controls, audit, SOX, audit committee, COSO, COSO 2013, framework, documentation

COSO 2013 Best Practices - What are they?

Posted by Teresa Bockwoldton Wed, Apr 30, 2014 @ 09:43 AM


Here is a great story about our customers experience with trying to switch from COSO 1992 to COSO 2013.
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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, audit, best practices, internal audit, sox compliance, Sarbanes-Oxley, COSO, COSO 2013, corporate governance

PCAOB: Disclosure of Engagement Partner & Audit Participants soon??

Posted by Teresa Comcaston Wed, Dec 04, 2013 @ 04:09 PM

We learned of this proposal today and we thought our readers would be interested. This change would have an inpact on the financial reporting requirements for all public companies. 

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Tags: Sarbanes-Oxley Articles & Information, audit, 10k, audit scope, PCAOB, SEC

Failed Audits of China-Based Company Lead to SEC Charges

Posted by Juliette Gibsonon Wed, Oct 02, 2013 @ 02:59 PM

Since our Vibato® Internal Control Suite® tools are available in Mandarin and our products have been being sold in China for several years, we are always interested in news surrounding SEC audits there. It is unfortunate to see a US-based auditing firm failing their clients and helping to continue the negative press China companies often receive while trying to comply with SEC standards. 

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Tags: audit, Securities and Exchange Commission, financial reporting, Compliance in China, SEC, SEC fines, audit deficiency

SEC Investigates Medifast, $200,000 Penalty & Cease-and-Desist Order

Posted by Juliette Gibsonon Tue, Oct 01, 2013 @ 09:41 AM

This is a great article looking at the outcome of a recent SEC investigation into Medifast's financial reporting from 2006 through 2009.  Medifast disclosed, without admitting or denying the SEC's findings, that under the terms of the settlement it has consented to a Cease-and-Desist Order and agreed to pay a $200,000 civil penalty.

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Tags: Internal Controls, audit, 10k, White Collar Fraud, disclosure, SEC, SEC fines, audit deficiency, Internal Control Deficiency