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:
Read MoreVibato Anti-Fraud News: Why it pays for Auditors to know High-End Brands
Tags: fraud prevention, White Collar Fraud, fraud, Vibato Anti-Fraud News, How to prevent Fraud
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 MoreTags: SOX, fraud prevention, COSO, COSO 2013, framework, fraud, sox coso framework
Accounting Tip of the Day: 10 Pointers for Fighting Fraud
We just read this great article from Fraud Magazine here is a snippet that we thought we'd share:
Tags: Accounting Tip of the Day, audit, fraud prevention, fraud, corporate governance, audit deficiency
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
Tags: Internal Controls, fraud prevention, Press Release, software, compliance, internal control, internal control tips, fraud, Ernst & Young, key words