Audit

Bankruptcy fraud, which lessened during the pandemic, could increase this year

U.S. bankruptcies — and bankruptcy fraud — greatly decreased during the pandemic because of temporary lifelines. But as government stimulus, pliant lenders, and cheap and easy funding dissipates, we’re seeing crimes rise. Changes in U.S. federal bankruptcy law could accelerate prosecution of bankruptcy fraud.

Fraud and the lure of corporate estimates

What if a company could significantly improve its financial results, regardless of reality? That opportunity exists today. The fallout from the COVID pandemic has made financial estimates increasingly difficult to calculate and open to manipulation and fraud. Here’s why.

Inside job

While external fraudsters who absconded with billions of dollars in pandemic relief have dominated headlines, less attention has been paid to employees scamming those very same programs. Here we spotlight internal fraud at state agencies and what organizations can do to fight this pernicious type of fraud.

‘Fruitcake fraud’ teaches small businesses lessons in internal controls

Management at Collin Street Bakery, the maker of famous fruitcakes, trusted its close-knit family of employees. Big mistake. That faith cost the company close to $17 million in a massive fraud that serves as an excellent case history.

Fraud examiners have a plethora of data analytics tools

It’s a fact: Data monitoring and analysis can help catch fraudsters. Here’s a primer on incorporating data analysis into your organization along with the latest ACFE tools.

Green gremlins

Having an environmental, social and governance strategy has become all-important for companies. But as criticism over misleading and fraudulent claims grow, regulators are clamping down and pushing to clarify ESG disclosure rules. As they do in financial reporting, CFEs will have a big role to play in this hot but nascent corner of the market.

Does your fraud risk management program actually work, in practice?

Global anti-fraud and compliance enforcement is on the rise, and regulators want proof that fraud risk management programs are effective. Here we look at some of the hard questions organizations need to ask and some examples of how companies have updated their systems to tackle fraud in the post-COVID environment.

Wirecard's sentinel helps trigger anti-fraud regulations

The ACFE honors Pav Gill as the Wirecard whistleblower

Golden opportunities

Tom Golden’s latest thriller is not only entertaining but it’s also a handy case study of a fraud investigation. The veteran fraud investigator and forensic accountant talks to us about what he’s learned, how the ACFE made all the difference to his illustrious career and why we need more CFEs.

Fraud's fertile breeding ground

Any economic disruption leaves businesses vulnerable to fraud both from within and outside an organization. Here we look at how today’s bottlenecks along global supply chains are creating the potential for financial wrongdoing in the coming months and what fraud examiners and auditors should know to prevent it.

Supply disruptions and the need for vigilance

From paper to computer chips, products we once took for granted have become precious commodities as the global supply chain cracks under the weight of labor shortages and renewed demand in the wake of the COVID-19 pandemic. And as every fraud examiner knows, whenever there’s a need for a product or service, fraudsters are there to exploit it for their own gain.

Minding your own business: Preventing payroll fraud with internal controls

Small businesses are particularly susceptible to payroll fraud, and they can go under as a result. Here’s a story about a controller who used many tricks in the books to rob a medical practice and some lessons on how to detect and avoid such scams.