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.Read More
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.
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.Read More
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