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

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

More prevention = Less need for Detection

Posted by Alex Roweon Wed, Feb 13, 2013 @ 03:45 PM
New technology is helping seek out fraudulent behavior behind closed doors of companies. Ernst & Young’s Fraud Investigation & Disputes Services is releasing new software that searches for specific key words in company e-mails and detects a change of voice in a spoken press release. The most common fraud phrases are obvious but interesting:
1. Cover Up
2. Write Off
3. Illegal
4. Failed investment
5. Nobody will find out
6. Grey area
7. They owe it to me
8. Do not volunteer information
9. Not ethical
10. Off the books 

Check out more at: http://tinyurl.com/az78o8g
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Tags: Internal Controls, fraud prevention, Press Release, software, compliance, internal control, internal control tips, fraud, Ernst & Young, key words