Forensic and valuation CPAs expect increases in litigation and regulation to add to their workload and make it challenging to hire and keep qualified employees, according to a new AICPA survey. Attracting and retaining qualified staff led the list of top challenges over the next two to five years, identified
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Forensic services
To prevent fraud, offer a hotline, train employees on fraud prevention, report says
Providing individuals a means to report suspicious activity and conducting targeted fraud awareness training for employees and managers are two key elements in detecting and preventing fraud, a new report says. Fraud is most commonly detected through employee tips, and organizations that have anti-fraud training programs for employees, managers, and
What’s your fraud IQ?
The inherent and evolving risks in the banking environment—especially concerning online transactions—command that account holders keep abreast of threats to their accounts, understand their rights and responsibilities as account holders, and take appropriate security measures to protect themselves from fraudulent bank account activity. Are you prepared to help your clients
SEC study probes issue of private extraterritorial securities fraud claims
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.
What CPAs need to know about organized crime
The FBI called it “The Case of the Stolen Company.” New Jersey U.S. Attorney Paul J. Fishman said it “gave new meaning” to the term corporate takeover. An indictment filed in a New Jersey federal court said that a group with ties to La Cosa Nostra (LCN), commonly known as
Fraud
In order to balance risks and opportunities, organizations must develop, communicate, monitor and update their “risk appetites,” according to a white paper released by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Authored by University of Wisconsin–Madison accounting professor Larry Rittenberg and Frank Martens, a director in the
SEC proposes identity theft “red flags” rules to protect investors
Broker-dealers, mutual funds and other SEC-regulated entities would be required to create programs to detect and respond appropriately to identity theft red flags under an SEC rules proposal announced Tuesday and issued for public comment. The proposed rules are designed to protect investors from identity theft and are similar to
What’s your fraud IQ?
Fraud in the form of corruption compromises the integrity of the world economy, stunting economic growth and causing political and social upheaval. To help combat corruption, Congress passed, and President Jimmy Carter signed, the Foreign Corrupt Practices Act (FCPA) in 1977. Recent, more rigorous enforcement of the FCPA, combined with
Fraud / Money Laundering
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said mortgage loan fraud suspicious activity reports (MLF SARs) almost doubled in the second quarter of 2011 compared with the second quarter of 2010 as 63% of all filings related to activities that occurred four or more years ago, coinciding with
What’s Your Fraud IQ?
Much attention is given to safeguarding financial and physical assets from fraud, but proprietary information can also be a target for theft. How much do you know about protecting personal and corporate information from would-be fraudsters? Take this Fraud IQ quiz to find out. 1. Ferdinand’s personal financial information recently
PCAOB: Be On the Lookout for Fraud in Emerging Markets
The PCAOB on Monday published a Staff Audit Practice Alert to increase auditors’ awareness of risks when performing audits of companies with operations in emerging markets. Specifically, the alert cited a number of reports originating from audits of companies based in the People’s Republic of China. Staff Audit Practice Alert
Mortgage Defaults Drive 88% Jump in Suspected Fraud
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said mortgage loan fraud suspicious activity reports (MLF SARs) almost doubled in the second quarter of 2011 compared with the second quarter of 2010 as 63% of all filings related to activities that occurred four or more years ago, coinciding with the
FinCEN Proposes Mandatory E-Filing of BSA Reports
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Wednesday issued a proposal to mandate that almost all FinCEN reports required under the Bank Secrecy Act (BSA) be filed electronically as of June 30, 2012. Currently, about 85% of FinCEN reports are filed electronically through its free BSA E-Filing system.
Highlights of Corporate Governance Research
Several corporate governance developments have occurred in the wake of the high-profile scandals of the past decade. Some of these developments are motivated by legislation such as the Sarbanes-Oxley Act of 2002 (SOX). Others are best practices enhancements intended to shore up investor confidence. Academic research has monitored these developments.
Client Tax Fraud and the CPA
Your client just called and left the following message: “I answered the door at my home today, and an agent who said he was from the IRS Criminal Investigation Division wanted to ask me some questions. What should I do?” While you may never get a call from a client
Fraud
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said suspicious activity reports (SARs) categorized as Terrorist Financing and BSA/Structuring/Money Laundering rose considerably in 2010 compared with 2009. Terrorist Financing SARs rose 30%; Money Laundering filings, after declining in 2009, increased 9%. The SAR Activity Review—By the Numbers, Issue 16, (available
What’s Your Fraud IQ?
Dedicating resources to fraud prevention is generally much more cost-effective than suffering the direct loss and aftermath of a white-collar crime. How well-versed are you in control measures that can help prevent fraud? Do you have what it takes to help your company or your clients ensure they are effectively
U.K. Bribery Act Requires New Precautions for Global Companies
The U.K. Bribery Act 2010 that took effect July 1 represents a major change in global anticorruption law, but awareness of its provisions remains low, according to a Deloitte webcast poll. U.S. companies with offices or sales activities in the U.K. need to get up to speed with its provisions,
News Highlights for August 2011
The Center for Audit Quality is partnering with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors to develop fraud-fighting training and tools, including a series of fraud hypotheticals to be used as teaching tools. “We will provide a set of facts and circumstances
Ferret Out Fraud
Fraud poses a critical risk to organizations. Management can help mitigate that risk through a number of strategies designed to provide employees with multiple ways to report concerns about fraud or other misconduct. —These recommendations come from the book Managing the Risk of Fraud and Misconduct in a chapter written
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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