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.
Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...
Today The Public Accounting Oversight Board released a proposal to re-organize their official auditing standards. The document is open to public comment, and a meeting was held early this morning to begin the process.
Check out CIO and Co-Founder of Vibato, Teresa Bockwoldt, explaining the best way to deal with a General Ledger Account Change Request.
With new elements of business constantly emerging, controversy arises over what are considered material risks when it comes to financial reporting. The public is beginning to demand that companies disclose liabilities regarding cyber threats and even climate change. Normally these topics are avoided in reports, as they are highly subjective and can sway opinions easily. But this is the first proxy season that shareholders are asking for detailed disclosure on the topics.