News

New Anti-Fraud Standards

COSO Standards have changed to focus more on Fraud.

Financial Analyst Steals Millions from UMass Medical; Fraud Red Flags Ignored

WORCESTER, Mass. — The Boston Globe reported (9/15/13) that University of Massachusetts Medical School leaders said an internal investigation has revealed a five-year $3.4 million theft by an employee who died in a December 2012 car accident. The investigation found a financial analyst mis-directed funds from payments intended for the State of Massachusetts Medicaid insurance program, called MassHealth.  The […]

Your Best Chance For Finding Bank Internal Fraud – An Overlooked Red Flag

Background: Year after year, decade after decade, a high percentage of bank “employee fraudsters” move their embezzled and misdirected funds into deposit accounts owned by, related to or controlled by themselves.  To see the popularity of this conversion method take a look on the Internet at recent bank frauds.  Four examples are shown below.  […]

Dealing with Fraud Risk … Not Your Average Fraud Risk Assessment

It is a good sign that more and more organizations are using Fraud Risk Assessments (FRA) to determine the specific fraud risks to which they are vulnerable as a guideline for planning fraud audits aimed at detecting the red flags of fraudulent activity and eliminating weaknesses in anti-fraud controls. Challenge: […]

The Changing Role of Internal Audit in Detecting and Investigating Financial Statement Fraud

The role of internal auditors in detecting, preventing and investigating financial statement fraud has been—and continues to be—a topic of contention among accounting professionals, anti-fraud professionals, management and legal staff. However, the overall trend is toward increased responsibility on the part of internal auditors for detecting fraud and supporting management […]

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