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

COSO - Fraud Risk Management Tools

Posted by Alexa Foxon Thu, Sep 29, 2016 @ 11:45 AM

COSO has created and provided Fraud Risk Management Tools to help prevent and deter fraud from any company. In 2013, COSO created categories for 17 Principles and Components into 5 sections - Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. Now COSO has created a fraud management tool for each of the 5 categories. 

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Tags: SOX, fraud prevention, COSO, COSO 2013, framework, fraud, sox coso framework

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

FIFA - Part 3

Posted by Alexa Foxon Mon, Jun 13, 2016 @ 06:19 PM

On June 9th, Big Four auditing firm, KPMG, stepped down as FIFA’s auditing firm after working with them for more than 16 years. KPMG has confirmed its resignation, but declines to comment further.  Many questions have been raised as to why a Big Four auditing firm missed or looked passed so many red flags. FIFA has been in the news a great deal the first half of this year with a new president, uncovered and hidden bonuses to
executives, and internal audit stepping down.

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Tags: KPMG, scandal, Scala, resign, fifa, bonuses, Sarbanes-Oxley, fraud, non-profits, internal control 2013, sox and coso, sox coso framework, 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

Keep Skilling In Jail - Article & Petition

Posted by Teresa Bockwoldton Tue, Dec 09, 2014 @ 10:07 AM

5 Reasons why YOU should speak out against Jeffrey Skilling’s early jail release.

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Tags: Petition, Enron, Jeffrey Skilling, White Collar Fraud, Enron Scandal, Sarbanes-Oxley, fraud, Keep Skilling in Jail

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

SEC Charges Florida Woman Behind Ponzi Scheme

Posted by Juliette Gibsonon Fri, Oct 04, 2013 @ 02:15 PM

The SEC charged Jenny Copland of South Florida with defrauding investors in a Ponzi Scheme targeting the local Colombian-American community by telling investors that her company Immigration General Services operated through an investment broker that would invest the money she raised in immigration bail bonds and turn a profit.

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Tags: Securities and Exchange Commission, Ponzi Scheme, fraud, SEC

China Based Executives Charged with Fraud and Insider Trading

Posted by Juliette Gibsonon Fri, Sep 27, 2013 @ 11:12 AM

The SEC has charged the former CEO of ChinaCast Education Corporation with stealing tens of millions of dollars from investors and the former president with illegally dumping stock after helping to steal company assets.  Read more here. 

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Tags: Securities and Exchange Commission, fraud, SEC, insider trading

SEC charges CA officials with Defrauding Bond Investors

Posted by Alex Roweon Wed, May 01, 2013 @ 11:52 AM

SEC charges City of Victorville, CA officials with Defrauding Municipal Bond Investors

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Tags: Airport Authority, Securities and Exchange Commission, KND Affiliates, Janees Williams, Kinsell Newcomb & DeDois, Victorville, fraud, SEC, Keith Metzler, Jeffrey Kinsell