October 24, 2022Technical Staff Definition 1 It 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...
October 24, 2022Technical Staff An 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...
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.
August 17, 2022Technical Staff The following story (click here to read it in its entirety) is a typical example of how kickbacks work, and how they begin small and grow larger and larger. On August 15, 2022, The Sunday Morning Herald published a story titled “Businesswoman gave car, boat, and...
It is impossible to recognize something you do not know or have been trained to recognize correctly. However, the nature, amount, and scope of anti-corruption knowledge and abilities required by decision makers vary. For example, the CFO’s anti-corruption knowledge exceeds what a board member requires to fulfill his duty of care. Unfortunately, many decision-makers are unaware of two important corruption-related challenges. First and foremost,
Mike MasoudJuly 19, 2022 On September 15, 2021, I published on this official blog of The American Anti-Corruption Institute (AACI) a post entitled “Theranos Blood Testing Fraud: From 9 billion USD to 0 USD.” Theranos blood testing fraud is the biggest health care fraud in history. Due to its significance,...
Technical StaffJuly 16, 2022 On April 12, 2022, Sri Lanka defaulted on its international debt obligations for the first time in its post-independence history. But it did not take a long time for the government to fall. On July 13, 2022, Sri Lankan president Gotabaya Rajapaksa fled the country 1....
Together, Empowering Tone at the Top
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