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
The Securities and Exchange Commission has charged a California based lawyer, Brian Reiss, with selling fraudulent legal opinion letters through his website. These documents were issued to transfer agents on behalf of holders, to lift restrictions on stocks to be freely traded again.
Tags: brian reiss, Securities and Exchange Commission, photoshop, 144, stock market, fraud, SEC, reiss
Potential $1.7 mil. deal from insider trading of Heinz Stock
The FBI and Securties and Exchange Commission are investigating illegal trading of Heinz (HNZ) stock, red flagged by a large purchase on 2/13/13 from a dormant Swiss account just one day before Heinz was bought by Warren Buffet’s Berkshire Hathaway (BRK.A) and 3G Capital. This acquistion was a $28 billion deal, which increased Heinz’s stock value by 20% in one day.
Tags: Berkshire Hathaway, Securities and Exchange Commission, stock market, Acquisition, heinz, fraud, SEC, federal investigation, insider trading, 3G Capital
First female mayor of San Diego gambles $2 mil. of charity funds
Most people who donate to charities do not expect their funds to be gambled with. However, former Mayor of San Diego, Maureen O’Connor believed it was okay to dip into her late husband’s charity foundation to ‘borrow’ $2 million for her online video poker addiction. Her defense ranged from a diagnosis of a tumor which inhibits her to control logic and judgment, to grief gambling after the passing of her husband and two siblings.
Tags: san diego, mayor, gambling, fraud, charity, maureen o'connor, money laundering
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