Posts tagged ‘bank auditing’

 

Towards a New and more Effective Consideration of Fraud in a Financial Statement Examination

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So what do I suggest if I think the triad of fraud “guidance” is a crock? Good question. In an accounting/auditing engagement, what would I recommend as guidance in considering the risk of fraud?   First, I would create at least 2 major and wholly independent categories of fraud.   Material, willful, financial statement fraud […]

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WHAT? Another $300,000 embezzlement charge against a trusted official?

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(Copyright ©2012 by The Associated Press. All Rights Reserved.) TOYAH, TX — The mayor of a West Texas town of about 100 people has been charged with stealing nearly $300,000 in a forged signature scheme. Toyah Mayor Bartolo Sanchez faces federal charges of bank fraud, wire fraud and four counts of aggravated identity theft. Authorities […]

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Are the CPA’s the Good Guys or the Bad Guys?

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In light of the 60 Minutes show spotlighting the Lehman Brothers collapse, I think I’ll try and compile a small database of examples where CPA audit firms have been sued for failure to uncover fraud. We’ll see how this goes. I’ve made a very modest start. The big firms love to hide behind professional guidance […]

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Fear and Loathing on the Audit Trail

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I spend a reasonable amount of time thinking about why management disasters occur and what might have been done to prevent them. Preventing a disaster is much less expensive in every way, especially the human toll, than cleaning up a disaster. When I worked for the supermarket company, We were among the top well managed […]

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