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

10 Years Ago Enron CEO's were Convicted

Posted by Alexa Foxon Wed, May 25, 2016 @ 02:02 PM

10 years ago today Enron Chairmen and CEO Kenneth Lay and CEO and COO Jeffrey Skilling were convicted.  The top executives at Enron cheated investors and set a negative tone at the top. Enron overvalued assets and used complex accounting gimmicks like overestimating future income and cash flow. The FBI states that to date Enron was the most complex white collar crime investigation they have dealt with. 

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Tags: Enron, Jeffrey Skilling, Enron Scandal, 10 years ago, Sarbanes-Oxley, COSO, COSO 2013, Keep Skilling in Jail, internal control 2013, sox and coso, 2013 coso internal control framework, sox coso framework, fbi, Kenneth Lay, 10 years, coso framework, coso sarbanes oxley

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