Focus on Fraud: 2014

Fraud Lessons Learned – The Barry Minkow Case

International Fraud Awareness Week is drawing to a close. In the spirit of understanding history so we are not doomed to repeat it, I would like to share one more post this week. Like a Swiss Army knife, this story has a little bit of everything. If you’d like to read about a case involving […]

The Rise of Forensic Accounting

This week is International Fraud Awareness Week.  The business of fraud has been going on for ages, but the general practice of forensic accounting was only really formalized about 100 years ago.  The following infographic, produced by New England College’s School of Graduate and Professional Studies, takes you through a forensic accounting journey that starts with […]

Set the Tone, Don’t Break It

Earlier this year, I attended a workshop where the discussion leader used this music video to demonstrate the power of social media. The more I thought about it, the more I thought it was a terrific demonstration of what not to do when it comes to setting a positive, winning tone at the top. You […]

Ponzi – The Man and the Scheme

A common fraud scheme that typically makes the news is known as a Ponzi scheme.  Have you ever wondered why a Ponzi scheme has that name?  Did you know that it was named after a famous fraudster named Charles Ponzi? The family of schemes known as Ponzi schemes has lasted long after Charles Ponzi departed […]

Don’t gamble with your fraud prevention program

I realize that the large majority of you don’t work at a casino. But, when it comes to security and fraud prevention, there are plenty of lessons to be learned from practices employed by casinos. This article posted recently by the AICPA provides five observations of controls conducted by casino personnel that can be applied […]

The case I’m examining today has not ventured into the legal arena as fraud.  However, it yields a valuable lesson because it stresses the power of the information contained in the footnotes in financial statements. In my humble opinion, the footnotes that accompany basic financial statements are the most valuable components of an audited set […]

“The Wire” – a complex case of fraud

Some frauds are frighteningly simple and are made possible by a lack of critical internal controls or a real poor tone at the top.  Other frauds are extremely complicated and make us think (1) why in the world would someone go to all this trouble and/or (2) how are we supposed to catch something with […]

The Masquerade – Not Just Fun and Games Anymore

This article discusses a pretty frightening trend in fraud called masquerading.  Masquerading involves someone outside the company mimicking the email address and related information in an email request for an electronic payment, or other things.  It looks just like “the real thing,” but will have some slight variations.  The article does a good job of […]

Fraud Schemes: How Did it REALLY Happen?

We all read recounts of fraud schemes from time to time; some of them fairly short and others rather long and detailed.  At our firm, we gather and share cases in the news on what we call “Fraud Friday.”  The latest story shared on Fraud Friday is the source of this particular post. The thing […]

Fraud continues to be a rampant epidemic and a terrible economic reality. If occupational fraud were a country, it would have a national economy ranking in the top-10 across the globe. Thankfully, we have resources like the Association of Certified Fraud Examiners (ACFE) to provide knowledge about the problem and tools to assist in our […]

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