Relevant internal control posts. They cover best practices, principles, publications, news, stories, and significant updates. The AACI adopts the COSO’s internal control definition, implementation guidelines, and literature.
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...
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 24, 2022Technical StaffAn examination of inspection data finds that US regulators were twice as likely to discover flaws in audits completed by KPMG’s overseas affiliates as those performed by any other Big Four accounting firm. KPMG flunks US overseas audit inspections twice as often as rivalsRegulator finds deficiencies in...
October 16, 2022Mike J. MasoudOn June 16, 2022, I wrote an article titled “Conflict of Interests: Prevention is better than cure.” and published it on The AACI’s official blog. I stated in the said article the following:When a person runs for public office, he must give up his private business...
Setting the tone at the top of what is acceptable and not acceptable sets the boundaries of expected behavior and conduct. Those charged with governance and executive management are responsible for establishing proper and adequate policies that encourage honesty and reward integrity. For example, when a company establishes a well-written whistleblowing policy, it should encourage all stakeholders to report wrongdoing. However, organizational leadership should be vigilant and have effective communication with management, employees, and other stakeholders.
Engaging Students in Fighting Corruption
Regardless of the existence of corruption, students should understand the basics and characteristics of corruption. They should learn about corruption schemes and their damages. They should also learn how to deter and prevent corruption.
Benefits of Engaging Students
An effective student engagement strategy should achieve the following goals:
Evidence shows that when an individual believes that he is being watched, he makes sure that his behavior complies with what is expected of him. For example, it is more likely than not that students do not cheat on exams when they believe that they are being watched by humans or cameras. When deterrence is professionally designed and implemented adequately, its monetary and non-monetary savings are remarkable. But the effectiveness of deterrence depends on three components.
Together, Empowering Tone at the Top
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