All Fraud articles – Page 5
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Deloitte, Price, and Bitcoin
Title: Deloitte, Price, and BitcoinIn case you missed it this week, bribery scandals come to light in the world of college basketball, cyber-security attacks hit Deloitte, and Florida players may or may not be charged after stealing thousands of dollars.
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Companies gear up for Q4 dash to revenue rule ready date
As the fourth quarter approaches, companies are expected to break into a sprint to complete their efforts to adopt new revenue recognition requirements.
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Facebook, CFPB, and the Mafia
This week Facebook tries to get onto offense, a Mafia-linked fraud scheme was taken down by a DUI, and the Department of Education and CFPB break up.
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ArticleThe classic post-scandal question to auditors: What happened in the black box?
When investors decry the black box of public company auditing, asking for more visibility, they’re referring to cases like KPMG’s audit work at Wells Fargo.
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State Street to pay $35M for disclosure failures
State Street today agreed to pay more than $35 million to settle charges that it fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities.
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Study asserts link between control weaknesses, fraud
Academics say they have identified a link between internal control weaknesses and later revelations of fraud, lending fresh support to key provisions of SOX.
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Good controls are good business
A recent SEC case highlights five key ways in which strict compliance procedures still pay off for brokerage firms when it comes to detecting and preventing fraud.
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SEC rescinds historic guidance under new revenue rule
The SEC is telling companies its historic staff guidance on revenue recognition will not trump the new revenue standard when it takes effect in 2018.
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KPMG, partner settle SEC audit failure allegations
The SEC has extracted a $6.2 million settlement from KPMG over charges that the firm and an engagement partner failed to properly audit valuations in 2011.
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CPAs will get new marching orders on spotting illegal acts
A professional accounting committee has opened a can of worms with a proposal regarding how accountants should respond when they stumble upon illegal activity.
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Auto industry choking on its own fumes
Volkswagen gets all the stick for being a problem child of the auto industry, but plenty of automakers have compliance issues of their own. A look at some key auto maker probes is inside.
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Ireland’s historic banking trial ends in epic failure
Ireland’s long-running criminal trial against ex-Anglo Irish Bank Chief Sean FitzPatrick ends in acquittal due to prosecutorial incompetence.
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Have you vetted fraud risk under new revenue standard?
The risk of fraud in revenue recognition is growing as companies’ sluggish adoption of new rules creates fresh opportunities for would-be perpetrators.
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Senators press PCAOB for answers on KPMG audit of Wells Fargo
U.S. Senators are asking how KPMG could know Wells Fargo had fake accounts on the books, but not flag it as relevant to the financial statement audit.
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To combat fraud, check accounting policies, internal controls
In the battle against fraud and restatements, a company’s best allies are strong accounting policies and well-documented internal controls, a new report says.
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U.K. Post Office faces group litigation order over IT flaw
How could a computer error result in postal workers going into debt and going to jail for financial shortfalls that never actually occurred? Sub-postmasters are joining a group legal action against the U.K. post office for fraud accusations.
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Oliver Schmidt—not quite Sgt. Schultz
“I see nothing! I hear nothing! I know nothing!” seems to be the rallying cry of former head of emissions compliance in the U.S. for Volkswagen Oliver Schmidt, who claims during the VW scandal, “he was a minor player misled by company lawyers and information technology specialists.”
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Lost in fraud translation
Paul Hodgson explores the case of Jacques de Groote, the 90-year-old former CEO of the World Bank and director of the International Monetary Fund, who has spent the last decade in court battling allegations of fraud and corruption.
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Massive fraud at BT Italia—the work of a few rogue employees?
The BT Italia scandal involved failures at all three levels of defense in the fraud arena: management, internal audit, and outside auditors. The Man From FCPA Tom Fox explores.
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VW: Fraud at the top?
More bad news for Volkswagen, as German authorities have expanded their investigation to 37 individuals from 21, including former CEO Martin Winterkorn. Tom Fox reports.