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 risk under the FCPA. In fact, some say that 90%+ of reported FCPA cases involve third-party intermediaries! Yet many Boards and Audit Committees seem unsure as … Continue reading Audit Committee Primer on 3rd Party Risk Management
Audit committees (AC) are charged with overseeing financial reporting and audit processes in U.S. public companies. Scandals in the pre-Sarbanes-Oxley Act of 2002 (SOX) era (e.g., Enron, Global Crossing, Tyco International, and WorldCom) demonstrated that corporate governance could be compromised, resulting in fraudulent financial reporting (FFR). Among the provisions of SOX, Section 407 required companies to … Continue reading Audit Committees, Internal Audit, and Fraud Risk
Several years ago, Tom Fox was kind enough to post the “FCPA Compliance Overview and Action Plan” that I cobbled together based on my experiences. Since that time I have received many calls and e-mails for more information, so I decided to post it for others to consider using in practice. My goal is to continuously … Continue reading Board of Directors Guide to FCPA Compliance
Time Speaker and Proposed Topic* 7:45 – 8:15 Registration and Continental Breakfast 8:15 – 9:30 Mark J. Nigrini will present on, “Digital Footprints”. He is a faculty member at the College of Business and Economics at West Virginia University in Morgantown in the US state of West Virginia. Nigrini is best known for his work … Continue reading March 9th, 2018, Fraud Symposium – Presented by the IIA Philadelphia Chapter & Moderated by Jonathan T. Marks
In addition to establishing an ethical environment, board members and management must also take the lead in implementing and maintaining a formal fraud risk management program. One key element of such a program is a fraud risk assessment.
The risks provided are not based on theory, but rather what I am seeing in practice. I also focused on those risks that might not be so obvious?
What is wanted is not the will to believe, but the will to find out, which is the exact opposite.” – Bertrand Russell, “Skeptical Essays,” 1928 Questions about professional skepticism – how to define it, how much is enough, what policies support it, and what practices diminish it – are perennial topics of concern among … Continue reading Skepticism – a Weapon to Fight Fraud