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.
SEC Investigates Medifast, $200,000 Penalty & Cease-and-Desist Order
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
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
Tags: Internal Controls, shareholders, JPMorgan, Jamie Dimon, mortgages, trading loss
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.
Tags: Internal Controls, Vibato, fraud, center for audit quality, internal auditor
Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...
Tags: Internal Controls, social media, best-practice, FINRA, disclosure, Vibato, SEC, Division of Investment Management