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June 1, 2013 |  BY Jack Hagel |  Article

Fraud poses a serious risk to any business. While progress is evident on some fronts, many organizations still need to improve systems and procedures to prevent, detect, and respond to fraud. Coverage in CGMA Magazine in recent months has highlighted the journey toward better fraud prevention. E-PAYMENT METHODS DECREASE FRAUD Use of electronic payment methods and a range of fraud mitigation strategies have coincided with a drop in payments fraud over the past year, according to a global survey of companies conducted by the Association for Financial Professionals.

May 3, 2013 |  BY Ann Marie Maloney |  Article

Changing the April 15 due date, moving taxpayer information to the cloud, and allowing personal identification numbers (PINs) for taxpayers who want them were all on the table at a Thursday hearing held by the IRS Oversight Board to explore ways to combat fraud and improve tax administration.

April 16, 2013 |  BY Alistair M. Nevius, J.D. |  Article

Witnesses gave the Senate Finance Committee a variety of suggestions on how to fight tax identity theft and fraud, reform the tax system, and fund the IRS during a hearing on Tuesday. The committee heard from witnesses representing the IRS, the Taxpayer Advocate Service, the Social Security Administration (SSA), and the AICPA.

April 1, 2013 |  BY Laura Lapidus, Esq. |  Article

Among the many client services they perform, accounting firms often handle client funds in the performance of various services provided to both individuals and businesses—bookkeeping, investment advisory, family office, and more. Imagine what might happen if a firm employee steals or otherwise misappropriates funds from a client: The firm would likely face a malpractice claim and have to deal with the damage to its reputation.

March 26, 2013 |  BY Alistair M. Nevius, J.D. |  Article

A proponent of the “sovereign citizens” movement and self-proclaimed president of the “Republic for the United States” has been convicted of conspiracy to defraud the United States through a series of seminars in which attendees were taught to pay their federal income taxes by filing fictitious bonds (Turner, No.

March 1, 2013 |  BY Valerie Trott Williams, CPA/CFF, and Robert J. Kollar, CPA |  Article

Companies with fewer than 100 employees often find it difficult to implement appropriate fraud prevention and detection techniques. The Association of Certified Fraud Examiners (ACFE), in its Report to the Nations on Occupational Fraud and Abuse (2012 issue available here), has consistently reported through the years that small businesses are more susceptible to and adversely impacted by fraud than other businesses and organizations.

March 1, 2013 |  BY Andi McNeal, CPA, and Catherine Lofland, CPA |  Article

Recent scandals at Olympus, Barclays, and Wal-Mart, among others, illustrate the ongoing need for organizations to continually review and strengthen their corporate governance practices. CPAs play a key role in this process. Do you know the best practices for setting up a corporate governance system? Can you spot governance weaknesses that might allow for fraud in an organization? Are you up to date with the latest events, issues, and trends on the corporate governance front? Take this Fraud IQ quiz and find out.

March 1, 2013 |  BY Janet A. Meade, CPA, Ph.D. |  Article

The Tax Court determined that the IRS was time-barred from assessing tax against the owner of several bankrupt entities for all but the last of several years at issue. Aside from the one year for which the taxpayer consented to extend the limitation period, the assessments were all outside the regular three-year period, and the unlimited limitation period for assessment did not apply because the returns were not fraudulent.

February 11, 2013 |  BY Ken Tysiac |  Article

Events that contributed to the global financial crisis have led to careful examination of the way securities firms protect their clients’ assets. To help regulators improve supervision of such firms, the International Organization of Securities Commissions (IOSCO) last week published a consultation report, Recommendations Regarding the Protection of Client Assets.

February 1, 2013 |  BY Valrie Chambers, CPA, Ph.D., and Rabih Zeidan, CPA, Ph.D. |  Article

Tax return and other tax-related identity theft is a growing problem that CPAs can help their clients with—both in taking preventive actions and in correcting problems after an identity thief has struck. Tax return identity theft occurs when someone uses a taxpayer’s personal information, such as name and Social Security number (SSN), without permission to commit fraud on tax returns to claim refunds or other credits to which a taxpayer is not entitled, or for other crimes.