filed in Fraud on Jan.19, 2010
I was recently driving down the Loop 101 while listening to the news on the radio. It was reported that, due to the devastating earthquake in Haiti, the Red Cross was in desperate need of supplies. Monetary donations were being requested.
The skeptical auditor in me immediately thought of all of the potential charity scams that [...]
filed in Fraud, financial statements on Nov.24, 2009
Late in September, Colette Kamps blogged about a Check Signer’s Responsibilities. The complimentary control to this cash disbursement control is a monthly bank reconciliation, along with a review of the reconciliation by someone other than the preparer. For some organizations that already have bank reconciliations, we commend you. However, if nobody but the person who prepared them [...]
filed in Fraud on Sep.15, 2009
One common recommendation we make to our audit clients is to establish a formal written fraud risk management program. Such a program should require the performance of fraud prevention procedures which can have the advantage of decreasing the risk of fraud from actually occurring in the future.
A fraud risk management program should require a fraud [...]
filed in Fraud on May.05, 2009
Financial statement fraud differs from occupational fraud in one significant way: The goal of financial statement fraud is NOT to directly enrich the fraudster, but instead to mislead the users of the financial statements (i.e. the Board of Directors or the bank) about the performance of an organization. According to the 2008 Report to the [...]
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