internal controls

prisoner

Who is Really Responsible For Unethical Behavior?

There were some serious systemic issues that allowed two inmates to escape from a New York prison recently. Their prison break unveiled lax internal controls and major ethical lapses on the part of supervisors and management. One key lesson learned from these events: favoritism never bodes well for the many. What are the weaknesses in your ...

collusion

Employee Fraud Collusion Puts Companies at High Risk

Half the battle in combating fraud is detecting it early on, and -- as with many white collar crimes -- fraud is rarely carried out by one wayward staff member acting alone. A huge percentage of cases, in fact, are perpetrated by two or more players collaborating together. In order to catch suspicious activity, then, it makes ...

clock zeros

Tips for Those Who Missed the December COSO Deadline

The deadline has passed for implementing the 2013 COSO internal control integrated framework. But if your organization is among the many that have yet to put the new framework in place, don't panic yet. The SEC will be on the lookout for companies operating under the older guidelines, but you likely still have some time to comply. ...

stopwatch

Enterprises Unprepared for New COSO Framework, Study Shows

The deadline for implementation of the 2013 COSO Framework is just around the corner. Tim O'Hara offers us a look into what's remained the same from the 1992 framework and what's changed. Auditors will be taking a closer look at operations where the 2013 iteration parts ways from the 1992 version. Where does your organization stand? ...

discipline

Discipline and Rigor in Your Internal Controls

Those seeking to abuse the system will find a way to do it, so it's imperative that companies implement strong internal controls and then continually strive to strengthen them further. Make no mistake, detecting and preventing FCPA violations takes discipline, but initiatives and activities undertaken with discipline generally pay off, don't they?

china

Lessons from GSK in China – Internal Controls, Auditing and Monitoring

Take a closer look at GSK's failures in China and they seem so obvious. There are some key lessons for professionals in the compliance space to learn from their significant oversights--namely lacking controls, deficiencies in auditing and a breakdown in monitoring. We should be mindful of the warnings implicit in the GSK enforcement actions.

embezzlement

Fraud and Bribery – They Go Hand in Hand

Bribery doesn't exist in a vacuum. In order for funds to change hands improperly, the bribing party needs access to those funds and a way to disguise how they're truly being used. Meaning: if there's fraud going on in your organization, internal controls are quite possibly lacking and your internal auditing system leaves something to be desired, ...