Fewer than one in five companies give compliance staff substantive roles in handling major mergers, and more than half have unresolved compliance problems that regulators have yet to discover, according to a survey of 537 companies with annual U.K. revenue of at least £1 billion ($1.4 billion). Compliance experts say those findings from law firm Baker … Continue reading The Morning Risk Report: Survey Highlights Compliance Dangers
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 a recent article by the Wall Street Journal states that "Corporate boards are seeking greater insight into cyber security risks in the aftermath of the recent breach at Equifax Inc. The hacking attack on the credit-reporting firm last summer was a defining moment for directors, say technology and corporate-governance experts. As cybercriminals damage company reputations … Continue reading Board of Directors Oversight and Cyber Strategy
Tom Fox podcast visits with Jonathan T Marks, CPA, CFE, on how to perform a root cause analysis and its uses in the remediation phase of a best practices compliance program. One new and different item was laid out in the Evaluation of Corporate Compliance Program, supplementing the Ten Hallmarks of an Effective Compliance Program … Continue reading Root Cause Analysis
Tom Fox is partnering with Marcum LLP to put on a two-day Doing Compliance Master Class, which will be unlike any other class currently being offered. It will be held in Miami, FL on February 12 & 13, 2018. This Doing Compliance Master Class is not theory or analytical underpinnings of the FCPA. The focus … Continue reading Doing Compliance Master Training Miami, February 12 and 13, 2018
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.
In one of his early short stories, F. Scott Fitzgerald famously wrote: “Let me tell you about the very rich. They are different from you and me.” Years later, when he recounted the line in a short story of his own, Ernest Hemingway added the equally famous reply, “Yes, they have more money.” Hemingway’s retort … Continue reading Board and Fraud: Understanding the Mind Behind the White-Collar Criminal
We seem to forget things that don't interest us or are no longer useful. The problem, however, is that in the process of forgetting, our brain often purges important information. I have been to many training sessions over my career and I know what I like and what I don't like. I also have a … Continue reading Training or Draining? Mitigating Disremember Risk!
Forensic accountants are routinely engaged to assist in the calculation of lost profits and economic damages in various types of litigation. One such engagement is assisting attorneys in calculating and/or reviewing calculations of tax loss attributable to alleged fraud committed by a defendant. These tax loss calculations are relevant when a court is determining the length of sentence for a defendant in criminal tax litigation.
A healthy dose of professional skepticism is essential in fighting fraud, even if it goes against human nature to be skeptical of people we’ve come to trust. It’s important because someone interested in committing fraud will prey on trust. One of the key drivers is that we get comfortable with people. We give people the … Continue reading Marks’ Five Steps to Fighting Fraud with Professional Skepticisim
The risk of fraud is a serious concern for all types of enterprises, but fraud can be particularly damaging to a nonprofit organization, for which a damaged reputation can have devastating consequences. This article as many concepts that can be applied to both for profit and not for profit organizations. The Costs of Fraud in … Continue reading Some Organizations Are So Far Behind In The Race They Think They’re Leading!