The SEC is urging investors to proceed with caution when evaluating potential investments related to bitcoin. Bitcoin-related investment opportunities may come with a heightened risk of fraud, the SEC warned in an investor alert issued Wednesday. In the alert, the SEC said the rise of bitcoin and other virtual and
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Forensic services
What’s your fraud IQ?
Fraud looms as a persistent threat to all organizations, regardless of size or location. Do you have the fraud prevention knowledge to help your company or clients protect themselves? Find out in our Fraud IQ quiz.
Report reveals breadth of criminal tax activities
From shady tax preparation businesses to identity theft gangs to corrupt IRS agents, the IRS Criminal Investigation division’s annual report reviewing its accomplishments in 2013 reveals the wide range of criminal tax activities it investigated in the past year. And, the report points out, despite a continued significant decline in
“Dirty Dozen” tax scam list now includes telephone scams
Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS on Wednesday. The annual list contains various common scams that taxpayers may be subjected to at any time, but the IRS says many of them reach a peak during tax
Failure to detect theft and fraud: It’s not just an audit issue
CPAs can use several techniques to protect themselves against risk exposures related to failure to detect theft and fraud.
What gets monitored gets detected
As hardware and software have proliferated—and come down in price—more businesses have tools and settings at their disposal to implement continuous monitoring techniques. This article provides a few simple ways small and medium entities can improve monitoring processes to detect fraud and other risks.
How to protect investors’ assets
The recent financial crisis magnified the importance of investor protection. Regulators can play a vital role in ensuring that securities firms protect client assets. The International Organization of Securities Commissions (IOSCO) on Wednesday published eight principles to guide regulators as they supervise securities firms on the protection of client assets.
New regulations among SEC’s 2014 examination priorities
Issues posed by new rules and regulations will be among the issues the SEC scrutinizes most closely in 2014 in its examination of issues at financial institutions reviewed under the Office of Compliance Inspections and Examinations’ National Examination Program. The SEC on Thursday announced its examination priorities for 2014, which
SEC sanctions total a record $3.4 billion in FY 2013
SEC enforcement actions resulted in a record $3.4 billion in monetary sanctions in fiscal year 2013, the commission announced Tuesday. The total was 10% higher than in FY 2012 and 22% higher than in FY 2011, when the SEC filed the most actions in agency history. The SEC filed 686
What accounting fraud risk factors will attract SEC’s attention?
Rising stock prices may be correlated with increased risk of financial reporting fraud, the SEC’s David Woodcock said this week, and that creates urgency for him and the new task force he chairs at the agency. Woodcock chairs the SEC Financial Reporting and Audit Task Force, which was unveiled in
Whistleblower tips to SEC rise 8%
Tips to the SEC by whistleblowers rose 8% in fiscal year 2013 over the previous fiscal year, according to an SEC report to Congress. The SEC received 3,238 tips in FY 2013, compared with 3,001 tips in FY 2012, the first full year of the program. The SEC’s fiscal year
SEC’s ramped-up scrutiny means CFOs need to reevaluate processes
CFOs and finance departments may want to undergo a careful evaluation of their financial reporting systems and processes, experts say, now that the SEC is ramping up its scrutiny of accounting and auditing. After years of declining enforcement actions for financial fraud and issuer disclosure, the SEC’s Division of Enforcement
Anti-corruption steps
Regulators in many parts of the globe have increased enforcement of anti-corruption laws. Anti-corruption experts offered the following tips on how companies doing business overseas can step up vigilance to reduce corruption risks. Assess internal and external risks. Enforcement actions by the Department of Justice and the SEC highlight
What’s your fraud IQ?
The word skepticism is derived from the Greek word skeptesthai, meaning “to reflect, look, or view.” It has evolved over the past 2,300 years to represent, among other definitions, the application of reason and critical analysis in the search for a factually supported conclusion. In this context, the concept of
Fraud hotlines: Don’t miss that call
Tip lines are one of the most effective tools organizations possess for detecting and preventing fraud. Fifty-nine percent of forensic and valuation CPAs participating in the AICPA’s 2011 Forensic and Valuation Services Trend Survey said internal whistleblower hotlines would lead to improvements in preventing fraud in the next two to
Identity theft protection process at IRS needs improvements, TIGTA says
Identity theft was the number one type of consumer complaint in 2011, according to the Federal Trade Commission, and some practitioners have asked if tax-related identity theft has become an epidemic. In light of the growing problem, the Treasury Inspector General for Tax Administration (TIGTA) recently audited the IRS’s Taxpayer
Fraud in financial reporting, auditing among targets of new SEC initiatives
Fraudulent financial reporting and auditing are among the targets of three new Division of Enforcement initiatives the SEC announced Tuesday in its efforts to detect and investigate fraud and misconduct that harm investors. The new Financial Reporting and Audit Task Force will be dedicated to detecting fraudulent or improper financial
How not-for-profits can combat fraud
The nature of not-for-profit organizations can make them vulnerable to fraud. Not-for-profits often have religious affiliations, and their missions often are to do good for less fortunate people. This do-good culture can make not-for-profits susceptible to placing a greater trust in their employees than for-profit businesses. “Trust is not an
From CGMA Magazine: Risks remain as companies combat fraud
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
How can theft prevention, reporting, and return filing be improved?
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. The board,
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FROM THIS MONTH'S ISSUE
Corporation’s officer held personally liable for its taxes
A corporate officer who facilitated an insolvent company’s transfer of assets to private creditors while knowing of an outstanding federal tax debt was held personally liable for the taxes owed.
