November 29, 2022Technical Staff FTX is a cryptocurrency exchange that allows users to buy and sell crypto assets. Cryptocurrencies all share the same basic structure as their star asset, bitcoin: a publicly accessible “blockchain” that records ownership without controlling central authority. FTX is significant because it, along with its competitor...
November 25, 2022Technical StaffThe first step to engaging university students to deter, prevent, and detect fraud and corruption starts with the Certified Anti-Corruption Fellow (CACF) program. It needs courageous and patriotic leadership to unleash tomorrow’s leaders’ potential. The nation shall lose the fight if the youth do not form a...
November 14, 2022Technical StaffCosts and Damages of Financial Statement Fraud 1A COSO study, which examined financial statement fraud allegations investigated by the U.S. Securities and Exchange Commission (SEC) over a ten-year period (1998-2007), found that news of an alleged fraud resulted in an average 16.7 percent abnormal stock price decline in...
November 14, 2022Though it may seem a simple question to many people, it may not. But it is so dangerous for citizens and officials not to have a reasonable and satisfactory understanding of what corruption is and what to do about it. Though it varies among countries, illiteracy about corruption...
October 31, 2022Whistleblowing is a complex institution with several implications, benefits, and risks. An organization should have a whistleblowing policy that responds to the applicable whistleblowing regulatory framework. The board of directors and those charged with governance are also responsible and accountable for not responding to the challenges of whistleblowing....
October 29, 2022Technical StaffWhen corruption becomes the norm rather than the exception, the quality of life declines, and social values change. For example, the rule of law diminishes, bribery payment becomes usual and acceptable, nepotism becomes a pride source, and connections are the actual qualifications! People’s morale deteriorates, and the...
October 24, 2022Technical StaffDefinition 1It is an intentional act that uses deception by misstating or omitting material information and results in a misstatement in financial statements to deceive financial statements users.AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, defines fraud as” an intentional act by one or...
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