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Deconstructing Business Fraud

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How you handle this situation can be the difference between survival, and dissolution. When a fraudulent business situation is discovered, it is generally necessary to deconstruct how it was perpetrated. If there was an effective control structure in place, designed to prevent, or detect, errors and irregularities, as well as to control the initiation of transactions, record transactions and maintain…

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What is a Criminal Corporation?

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The Threat of Triple Liability In the wake of scandals such as WorldCom and Enron, government agencies such as the Securities and Exchange Commission have started cracking down on corporate giants in an effort to end white collar crime. Although such busts appear to be larger than life, the laws used by the government to impose criminal liability can hit…

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Corporate Governance in the Supply Chain, Part 6

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After everything else is in place, the COSO SOX compliance aspect of Monitoring ensures that everything is working as it should, and that when changes to the business occur, there are changes made accordingly to policies, procedures, authorizations, approvals, information reports, communication methods, computer systems, documentation, etc. to reflect those changes within the organizations standard operating procedures. Monitoring gives us…

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Corporate Governance in the Supply Chain, Part 4

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The Control Activities aspect of the COSO compliance framework encompasses all the policies, procedures, validations, qualifications, authorizations, etc. that (should) exist within the organization. This can be summarized as the system of checks-and-balances: no one person or department should hold so much power that it compromises decisions in the best interest of the organization or leaves the it susceptible to…

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Corporate Governance in the Supply Chain, Part 3

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The Risk Assessment component of the COSO compliance framework requires the identification and classification of all the risks which would prevent the organization from reaching its goals, including the ability to create timely and accurate financial statements. Just reading that statement alone probably overwhelmed you; to identify all the risks would be an almost never-ending task! And yes, this makes…

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Corporate Governance in the Supply Chain, Part 2

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The Control Environment component of the COSO compliance framework is also known as the “tone at the top”. It is how management at all levels conducts themselves and how their actions – which as we know often speak louder than words – are perceived by others. The Association of Certified Fraud Examiners recognizes that fraud within an organization can be…

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Corporate Governance in the Supply Chain, Part 1

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Not only would a rose by any other name smell just as sweet, but it would also have thorns. Which best describes your organization’s operations: internal controls in chaos or integrity in your supply chain? But wait – is not a rose still a rose? What do internal controls have to do with the supply chain? Everything! The concepts of…

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What Is a “Risk Assessment”and How Do You Perform One? – Part 1

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Government attention to corporate compliance, ethics and governance has vastly increased over the last few years. Massive corporate scandals such as Enron, MCI and others, combined with ongoing fraud and abuse enforcement in the health care and government contracts industries, have created a “perfect storm” of civil and criminal enforcement. The result has been an alphabet soup of acronyms, programs…

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ANTI-MONEY LAUNDERING: The Criminal and Regulatory Framework, and Anti-Money Laundering Compliance Programs (Part 6)

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This article is a continuation of our most recent corporate governance series. If you missed part 5, you can read it online here: Anti-Money Laundering Part 5 4. SHOULD MY COMPANY CARE ABOUT AN ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM? Any business that is a “financial institution” under the Bank Secrecy Act and which is required to implement an Anti-Money Laundering Compliance Program…

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