Leaks: 3 more big banks may settle Libor manipulation cases by end of summer – also good infographic
The Wall Street Journal reports Regulators Hope for Libor Pacts.
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February 2013
Compliance with laws and regulations – new requirement for 12-31-12 audits
Charles Hall has a good summary of the new requirement in the clarity standards on looking at your client’s compliance with laws and regs.
Check out The Clarity Project – Compliance with Laws and Regulations.
By the way, if you are in the field starting your 12-31-12 audits, you need to be implementing those new clarity rules.
Check out Evernote for storing articles, ‘net resources, and lots of other stuff
I’ve been using Evernote for about two months now. It is a great tool to store internet articles, PDF documents, and other files.
It gives you a great way to store, access, and search those interesting web articles you would like to look at again.
Charles Hall, at CPA-Scribo introduces Evernote for CPAs:
Evernote is a game-changer for CPAs.
It is every bit as useful for someone in the NPO world. Mr Hall continues: …
Check out Evernote for storing articles, ‘net resources, and lots of other stuffRead More »
5 ideas for a fraud test
Charles Hall has some ideas for you on easy fraud tests you could perform on your upcoming audits: Five Disbursement Fraud Tests
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Lessons to learn *before* you get a call from a client saying they found an embezzlement fraud
Would this call ruin your day?
You answer the phone and your client says:
“George, we just found out our controller has stolen about $70,000 per year for the last three years. Since you guys have been doing our audit, I thought I’d call and discuss what we need to do.” The caller does not verbally say it, but he intimates, “where were you guys?” and “how are you going to resolve this?”
That’s the sobering start to Charles Hall’s post at CPA-Scribo – Fraud Stings Auditor.
He outlines three mistakes you may have made on your latest audits:
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Does too big to fail, too big to punish, and too big to manage mean you are too big?
George F. Will suggests the answer to the question is “yes”: When banks get too big to fail, they are too dangerous to leave intact
One of the U.S. senators on the left end of the political spectrum thinks it is time to break up the too-big-to-fail banks.
Look at the concentration of assets in the TBTF range and the long history of TBTF: …
Does too big to fail, too big to punish, and too big to manage mean you are too big?Read More »
Refresh your audit planning and fraud assessment
As we roll into audit season, would be wise to revisit your audit planning and risk assessment. Gary Zeune can help you do that in his superb article, Fraud: The 15 biggest risks for 2013.
He reminds us that we really, really need to understand our clients and their overall environment. We need to look at fraud from different angles all the time.
Try these ideas to refresh your thinking:
#1 – Are there things going on in DC or issues for which nothing is happening that could devastate your client’s industry? If so, you need to pay attention to the action or lethargy in play.
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“Tragedy of Fraud” e-book now available at Amazon
“Tragedy of Fraud – The Ripple Effects from Fraud and the Wages Earned” describes the tragic consequences from fraud.
There are ripple effects that spread out to harm innocent bystanders. The perpetrator draws a wide range of well-deserved wages that will be paid in full.
The book looks at two fraud incidents to learn what happens after a fraud is discovered. One took place in a local megachurch and the other in the mayor’s office of a small city.
The book closes with a discussion of the fraud triangle. That’s the idea that three components need to be present for a fraud to take place – opportunity, motivation, and rationalization. There are steps an organization can take to reduce those factors.
You can find the book at Amazon here.
This book is a compilation of blogs posts that have been previously published at Nonprofit Update and Attestation Update. The posts have been edited slightly and reorganized for easier reading.
Major sections of the book:
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“Tragedy of Fraud” e-book now available at AmazonRead More »
RBS settles LIBOR manipulation case with $610M fine and one guilty plea
Royal Bank of Scotland will pay $610M in fines. Their subsidiary in Japan will plead guilty to one criminal count of fraud in the U.S.
This parallels the settlement UBS reached, which I discussed earlier – UBS settles LIBOR manipulation claims for $1.5B and one guilty plea.
Summary findings from CFTC press release PR6510-13: …
RBS settles LIBOR manipulation case with $610M fine and one guilty pleaRead More »
Tragedy of Fraud will be available really soon
(Cross-post from my other blog, Nonprofit Update.)
I’m working on publishing my next book at Amazon. Have the editing and formatting done. Getting it into the Kindle system this evening.
The title is Tragedy of Fraud – The Ripple Effects from Fraud and the Wages Earned.
Hope to have it available Wednesday or Thursday.