November 14, 2022Technical Staff Costs and Damages of Financial Statement Fraud 1 A 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...
November 14, 2022 Though 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...
October 31, 2022 Whistleblowing 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...
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.
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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