Welcome to the new world of accounting: as the EU prepares to adopt International Financial Reporting Standards next month, full acceptance in U.S. markets remains a challenge Anton B. Van Wyk “WELCOME TO THE NEW world of accounting.” Are these the words of a middle-aged accounting professor anxious to generate some interest in his field […]
Category: Internal Auditor
Transparency Ratings Revealed – PricewaterhouseCoopers’ Opacity Index report summary for Singapore – Brief Article A. Scott ACCORDING TO A RECENT survey, Singapore leads 35 countries in its efforts toward transparency of business, economics, and regulatory affairs. PricewaterhouseCoopers’ Opacity Index report — developed from surveys of chief financial officers, equity analysts, bankers, and the firm’s consultants […]
Employee fraud: internal auditors must train themselves to recognize fraud symptoms and pursue the truth – includes case studies W. Steve Albrecht Internal auditors must train themselves to recognize fraud symptoms and pursue the truth. Fraud is seldom witnessed firsthand. It’s a crime that is often shrouded in ambiguity, and it’s sometimes difficult even to […]
Audit Effectiveness Under Investigation – Brief Article A. Read IN RESPONSE TO THE security and Exchange Commission’s (SEC’S) concerns over fraudulent financial reporting, the Panel on Audit Effectiveness is conducting a survey to assess how well independent audits protect investors’ interests. The confidential survey, Request for Opinions on Issues of Audit Effectiveness, has been mailed […]
The Impact Of The New External Auditing Standards Janet L. Colbert In the long term, the advent of the AICPA’s SAS 89 and SAS 90 will strengthen audit committee understanding of financial statements. Short term, the knowledge and assistance of internal auditors may be essential in helping the organization respond to the requirements and discern […]
A proactive approach to combating fraud: seven preemptive measures can help internal auditors deliver a first-round knockout to fraudulent activity Carl Pacini INTERNAL AUDIT PROFESSIONALS SHOULD PLAY AN integral role in their organization’s fraud-fighting efforts. In fact, evidence shows that organizations fare better in terms of fraud when internal auditors are present. In its 2004 […]
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The first audit – check fraud
The first audit – check fraud – Fraud Findings Courtenay Thompson Gus Jackson was hired from a Big Six public accounting firm to start a new internal audit function for ABC Company, a newly acquired subsidiary of a large organization. His first tasks involved getting to know ABC management and supporting the public accountants in […]
Outlaw outsourcing – of internal auditing function – In My Opinion Neal Acciani While picking out the radishes in my salad and trying to determine the contents of the fruit cup de jour, I gradually tuned in to the luncheon speaker at my IIA Chapter’s Conference. Expecting a ubiquitous topic such as “audit schedule ranking” […]
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Fidelity Insurance Claims
Fidelity Insurance Claims Robert Lovret No organization goes unscathed — monetarily or otherwise — when employees steal or defraud. Fidelity insurance can help, but only if the audit staff knows how to navigate through exacting claims procedures. A CASE OP EMPLOYEE FRAUD OR theft can strike a major financial blow to a company, not only […]
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Lessons from New Era
Lessons from New Era – largest, non-profit Ponzi scheme fraud committed by Foundation for New Era Philanthropy founder John G. Bennett, Jr Robert Allen John Bennett scammed hundreds of respected institutions and individuals by adopting one of the simplest and oldest fraud schemes – the Ponzi. Are there lessons for internal auditors in this classic […]