Board and Fraud is a blog that aims to bring a practical approach to issues facing the board of directors and the audit committee specifically in the area of governance, risk management, compliance, and internal audit, with a strong focus on fraud, ethics, and internal controls.
Happy New Year, and thank you to the more than 100,000 people that visited Board and Fraud in 2020!
With everything that happened last year, fraud, compliance, and risk management have arguably become more important than ever.
Welcome to my site. I have spoken and been the keynote speaker for many conferences, including the ABA, ACC, ACFE, IIA, and IMA to name a few. I have designed customized training for the board, senior leadership, legal, compliance, internal audit, and others for some of the world’s largest organizations.
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On November 5th, the Department of Justice announced the formation of the new Procurement Collusion Strike Force (PCSF) “focusing on deterring, detecting, investigating and prosecuting antitrust crimes, such as bid-rigging conspiracies and related fraudulent schemes, which undermine competition in government procurement, grant and program funding”.
The Strike Force is an inter-agency partnership comprised of prosecutors from the Antitrust Division, and prosecutors from thirteen (13) U.S. Attorneys’ Offices. Aiding in the prosecutors’ efforts are investigation partners such as the Offices of Inspector Generals from the Department of Justice, Department of Defense, U.S. Postal Service, and General Services Administration Office. The Department of Justice’s announcement proclaimed that investigating and prosecuting those who “cheat, collude and seek to undermine the integrity of government procurement” will have more to concern themselves with when executing their crimes. Prosecutors and investigators alike expressed enthusiasm to be working as a part of this new team.
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DOJ Evaluation of Corporate Compliance Programs
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With the help from a true friend, Tom Fox, I am entering the world of Podcasting. I will be developing at least three Podcasts per
Stuffed animals, loose bricks in basement walls, mattresses, caves, hollow tree trunks, holes in the ground, and safe deposit boxes have provided hiding spots.
Today, hiding assets may be a much more sophisticated endeavor, often involving investments, banks, and overseas financial transactions.
Investigators should consider using a defined process to pursue matters that involve a search for hidden assets and illegal payments.
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Related party transactions could be a “red flag“, and must be evaluated with the proper skepticism! Perceived opportunities to commit management fraud include the ability of the fraudster to
As the organization’s ultimate decision-making body, the board of directors plays two critical roles: overseeing management on behalf of shareholders and other constituencies; and advising management, albeit with limited involvement in everyday company operations – nose in, hands off! The board should not attempt to run the operations of the organization; it should oversee how management runs the company.
I am amazed at how many members literally are not engaged, which reminded that one of the traits of an effective leader, or Pilot, is being a good team builder. But how can you build a good team if you don’t understand the players? I’m not speaking about understanding their skills, I am speaking about understanding their level of engagement. That amorphous concept most ignore.
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October 17, 2018, Today’s General Counsel
It’s a mistake to ignore the human element when fighting fraud within a corporation. There are behavioral and
I am pleased to announce the next offering of my Doing Compliance Master Class. I am partnering with Baker Tilly Virchow Krause, LLP, to put on a two-day class
Contacts:
Kendra Klossner
Baker Tilly Media Relations
kendra.klossner@bakertilly.compress@bakertilly.com
(703) 923-8627
Marks brings over 30 years of forensic accounting, investigations, governance, risk management and compliance experience to one of
According to the SEC’s order, United Technologies, a Delaware corporation that was founded in 1934 and is headquartered in Farmington, Connecticut, subsidiary Otis Elevator Co., who manufactures and maintains
Panasonic Avionics, a subsidiary of Panasonic, based in Lake Forest, California, designs and distributes in-flight entertainment systems and global communications services for airlines and airplane manufacturers, has agreed to
Love it or hate it, from what I have experienced and read, whistleblowers and their “tips” are one of the most, if not the most important sources for uncovering
Why do due diligence? The “knowing” standard of the US Foreign Corrupt Practices Act (FCPA) makes a company equally liable whether an improper payment is made to a “Foreign Official”¹ directly or through a third-party, such as an agent, distributor, reseller, or sub-contractor. To minimize their exposure to potential sanction under anti-bribery and corruption regulations such as the FCPA, companies need to apply appropriate due diligence, taking a proportionate and risk-based approach.
Potential due diligence efforts include direct requests for details on the background, expertise, and business experience, of relevant individuals. It is also important to know whether you are dealing with a Politically Exposed Person (PEP) or a State Owned Enterprise (SOE).
For those of you that know me or have been a student of mine know that I continuously rant about knowing and understanding the client’s business to intelligently comprehend
Reposted from CFO.com
The GDPR could affect almost every U.S. consumer goods and services company, and plenty of other organizations, that do business in the
Every U.S. company conducting or seeking business abroad is subject to the Foreign Corrupt Practices Act (FCPA) and it’s no secret that 3rd party issues still present the highest
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