Fraud

Tax phishing goes global with FATCA

Scam artists impersonating the IRS have been requesting foreign financial account holders’ personal and account information, the IRS warned in a news release.

Defining roles in prevention of financial reporting fraud

There is no way to guarantee that an organization will not experience financial reporting fraud. But research shows that fraud-resistant organizations share three traits: A tone at the top that encourages an ethical culture. The presence of skepticism. Engagement of all participants in the financial reporting supply chain. That’s according

SEC filed record number of enforcement actions in fiscal year 2014

With the help of new investigative approaches—and data and analytical tools—the SEC filed a record 755 enforcement actions totaling $4.16 billion in disgorgement and penalties in fiscal year 2014, the securities regulator announced Thursday. The totals for the 2014 fiscal year, which ended in September, are preliminary figures. The SEC

What's your fraud IQ?

Nearly all organizations rely on vendors to provide certain goods and services to facilitate their business operations. Whether for repairs or maintenance service, a purchase of office supplies, a consulting engagement, or a large capital contract, the need for vendors is universal—but it also carries an inherent risk of fraud.

Board members keenly focused on risk

Corporate board members of U.S. public companies are keenly focused on risk, but many are not comfortable with their understanding of which risks the companies are willing to take, according to new PwC survey results released Tuesday. In the interest of reducing fraud risk, an increasing percentage of board members

SEC expects to pay whistleblower a record $30 million

The SEC expects to pay an award of more than $30 million to a whistleblower—a total that’s more than twice the previous record payout announced in the commission’s 2-year-old whistleblower program. An informant living in a foreign country who provided important, original information that led to a successful SEC enforcement

Madoff account value must be determined at trial

The IRS is denied summary judgment on an estate’s valuation of its account in an infamous Ponzi scheme. Whether an account managed by Madoff Investments or its claimed holdings are considered property included in a gross estate and whether a willing buyer or seller of the account could reasonably know

Lessons from an $8 million fraud

Nathan J. Mueller’s fleecing of his employer, a financial services giant, is noteworthy because of the amount of money stolen, the many years the embezzlement lasted, and the internal control weaknesses that made the scheme possible. This article examines how the crime was committed and what organizations can do to protect themselves from similar losses.

What’s your fraud IQ?

Do you know how to spot the red flags of a fraudulent transaction? Can you evaluate the warning signs? Find out in our Fraud IQ quiz.

What's your fraud IQ?

CPAs need the ability to ask the right questions and gather crucial information from conversations. Are your interviewing skills up to par? Find out in our Fraud IQ quiz.

Biennial report details fraud’s impact worldwide

Fraud continues to take huge bites from organizational coffers, but the implementation of antifraud controls can significantly reduce the damage done, a new report shows. The Association of Certified Fraud Examiners (ACFE) on Tuesday released its biennial Report to the Nations on Occupational Fraud and Abuse. The more than 1,400

SEC issues warning about bitcoin investments

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

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

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

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6 key areas of change for accountants and auditors

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PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.