Audit

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.

Reflecting on Enron and lessons learned

When I first started teaching fraud at the university level about 20 years ago, I had no idea that I was about to be handed a case study like no other. A few months later the now-infamous accounting scandal at Enron hit the headlines, and the once-celebrated energy firm collapsed in disgrace soon thereafter.

Adjusting to a new reality

The COVID-19 pandemic changed the way we work and provided an opportunity for fraudsters to scam the populace like never before. The ACFE Board of Regents looks back on its experiences and provides advice on how to fight fraud in this post-coronavirus landscape.

Place 'ESG' on your radar

Organizations are increasingly striving to meet environmental, social and governance (ESG) standards, at least on paper. CFEs may be well versed in the “G” of ESG but they also need to know about the “E” and “S” to understand whether CEOs are truly sticking to the values they tout.

Are well-known companies more prone to financial statement fraud?

It’s logical to think that companies on the verge of bankruptcy or suffering severe financial stress might be tempted to fudge their financial statements. Yet a recent university study says that large prestigious public firms are even more prone to cooking the books. We look at why this might be the case and the need to delve into the psychology of individual perpetrators.

New mission, same focus: Interview with Preet Bharara, former U.S. attorney for the Southern District of New York

Preet Bharara speaks about lessons learned, the outlook for new insider trading rules under the Biden administration, the challenges of overseeing COVID-relief funds, the difficulties of investigating Ponzi schemes and much more.

Caring for the CARES Act: What comes next?

SIGPR, the U.S. office mandated to audit and investigate fraud and abuse of the $2 trillion COVID-19 aid package known as the CARES Act, is now ready to take on the task at hand. It could be a busy few years ahead.

EFIN tax scam, selecting reputable tax preparers, weather-related scams

Unusual circumstances open opportunities for fraudsters, and 2021 is no exception. Not only has an uptick in online tax filings during the pandemic spurred new ways to cheat Americans out of their refunds, but utility scams related to winter deep-freezes are on the rise. Here’s what you should do to protect yourself.

Record relief money and the fight against fraud

In some of the first COVID-19 articles Fraud Magazine published nearly a year ago, we warned how the pandemic was creating the perfect storm for fraudulent activity to thrive. Sadly, those predictions have proven true as record amounts of COVID-relief money flood the economy.