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...
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...
August 14, 2022Mike J. MasoudIt is not uncommon to read about or hear misconceptions about accountability. For example, one should be careful to distinguish between accountability and responsibility. Many decision-makers and policy-makers have a clear understanding of what accountability is, while many others do not. Therefore, I discuss the accountability...
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,
the purpose and effectiveness of internal control are being put to the test “like never before” by a slew of external pressures.
50% of respondents said that a lack of appropriately skilled staff is a challenge.
41% said technological advances are compromising existing internal controls.
32% said a lack of executive emphasis on internal controls was also impacting the management of internal control.
Technical StaffJune 25, 2022In an organizational context, corruption is a business risk. Therefore, business leaders should manage such a risk to an acceptable low level and include it in the organization’s risk management strategy. Employee involvement in combating fraud and corruption is critical for deterring, preventing, and discovering it. However,...
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