in Fraud Magazine
Investigative reporter Andrew Jennings, the 2017 ACFE Guardian Award recipient, has been chasing bad men around the world for more than three decades. He’s dug into the crimes of the members of the International Olympic Committee. And his discoveries at FIFA have led to the eventual indictment and convictions of scores of fraudsters. And he’s still ready with the shovel.
In this bankruptcy case, a judge ruled that the author and the company’s outside CPA didn’t prove the company was insolvent during all the fraudulent conveyances or fraudulent transfers, which limited the penalties. Here the author proposes a better way to establish the date of the insolvency of an entity and thus recover more fraud proceeds.
Our natural inclinations tell us that the more information we have, the better decisions we can make, according to the author. However, thanks to one grocery store study, the opposite might be true. Read how a jam taste test proves that information overload can actually stymie a fraud examination.
This aerospace case history illustrates how fraudsters are able to easily commit procurement fraud because they can hide behind “veils of trust” they have with organizations’ employees and victims. Here’s how to thrust back the curtains and let the light shine in on cozy arrangements.
Organizations can prevent massive, paralyzing frauds. And they can detect small frauds before they become massive frauds. Practical anti-fraud support is available in the new COSO/ACFE Fraud Risk Management Guide.
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Eric Feldman, CFE, CIG, Senior Vice President and Managing Director, Corporate Ethics and Compliance Programs at Affiliated Monitors, Inc., discusses the importance of employee monitoring and how organizations should "police the culture."
View the video.