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

Posted by Juliette Gibsonon October 1, 2013

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

Sam Antar: On Fraud & the Black Arts of White Collar Crime

Posted by Teresa Bockwoldton July 25, 2013
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, segregation of duties, risk assessment, Announcements, SOX, external audit, SOX Compliance Made Simple, White Collar Fraud, Bay Area Accounting Professionals Mixer, Sarbanes-Oxley Training, internal control, risk management, Sarbanes-Oxley, external auditing, Internal Control Education, internal control tips, Sarbanes-Oxley for Non-Profits, corporate governance

JP Morgan set to Revisit their Internal Control Procedures

Posted by Alex Roweon April 16, 2013
CEO of JPMorgan, Jamie Dimon, expresses confidence in the upswing of the economy based on the first-quarter results of the New York-based bank. Pointers of this are that the bank had set aside less budget to cover bad loans in its retail banking business, and that housing prices were beginning to improve. The bank funded $53 billion in mortgages, which is 37% higher than last year.
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Tags: Internal Controls, shareholders, JPMorgan, Jamie Dimon, mortgages, trading loss

Fighting Fraud Video from the Center for Audit Quality

Posted by Alex Roweon April 9, 2013

The video touches on what motivates the average person to commit fraud; Pressure, Opportunity, and Rationalization. It also explains how accountability begins at the top level with the actions and attitude of the CEO, Board of Directors, and Audit Committee. Next it moves into suggestions for helping to prevent fraud, such as professional skepticism and training all employees to detect red flags. Last but not least, the video explains the importance of the Internal Auditor, who helps assess fraud risk and test the efficiency of internal controls.

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Tags: Internal Controls, Vibato, fraud, center for audit quality, internal auditor

Should you Disclose your Social Media Content?

Posted by Alex Roweon March 27, 2013

Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...  

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Tags: Internal Controls, social media, best-practice, FINRA, disclosure, Vibato, SEC, Division of Investment Management