Get Financial Fraud Prevention and Detection: Governance and PDF

By Michael R. Young

Step-by-step information for board contributors and managers on combating and detecting accounting fraud

In the wake of hugely publicized allegations of accounting irregularities and fraudulent monetary reporting which are shaking up modern day company group, monetary Fraud Prevention and Detection presents a step by step consultant to how those crises can envelop a firm and the way to avoid them from occurring within the first position. it truly is written for nearly all people concerned: open air administrators, audit committee participants, senior executives, CFOs, CPAs, in-house legal professionals, and outdoors legislation firms.

  • Provides a blueprint for Fraud Prevention and Detection for company executives
  • Presents step by step suggestions to company forums and C-suite executives on coping with the specter of accounting fraud
  • Prepares administrators and managers for the potential for accounting irregularities
  • Answers the query of the way accounting fraud starts—and grows

With sturdy suggestions for prevention of accounting fraud in addition to a approach to keep on with while fraud has been found, Financial Fraud Prevention and Detection vividly explores the company atmosphere that reasons fraud, the way it spreads, the type of crises it could create for an organization, and the simplest how you can take care of it.

Chapter 1 The foundation of monetary Fraud (pages 1–18):
Chapter 2 the trail to Corruption (pages 19–38):
Chapter three From Treadway to Sarbanes‐Oxley (pages 39–58):
Chapter four The Sarbanes‐Oxley Act (pages 59–80):
Chapter five The Audit Committee (pages 81–119):
Chapter 6 within the Crosshairs: the executive government Offi cer (pages 121–129):
Chapter 7 Detection and Its Aftermath (pages 131–147):
Chapter eight Investigating monetary Fraud: pursuits and procedure (pages 149–160):
Chapter nine discovering the fake Numbers (pages 161–173):
Chapter 10 Getting a brand new Audit document at the monetary Statements (pages 175–201):
Chapter eleven The Securities and trade fee (pages 203–222):
Chapter 12 legal Investigations (pages 223–244):
Chapter thirteen classification motion complaints (pages 245–261):
Chapter 14 the way forward for monetary Reporting (pages 263–277):

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Additional resources for Financial Fraud Prevention and Detection: Governance and Effective Practices

Example text

In other words, a “new” industry refers simply to an industry either created or affected by the fact that somebody has come up with a new way of doing things. The reason for extra caution when an industry is new is this. If a CEO, CFO, and audit committee are suboptimal, their coexistence in a new industry can maximize the opportunity for financial reporting weaknesses to develop. In old, A New Industry ◾ 33 established industries, the basics of accounting to a large extent are hemmed in by well‐worn conventions and benchmarks in which fuzzy areas are few and numerical anomalies quickly stand out.

In many respects, such reactions were understandable. Not since the Great Depression had the federal government undertaken such a broad‐based and intense examination of financial reporting systems and how they can go astray. Nor had Congress taken such a giant step to combat perceived problems with financial misreporting and demonstrated such a ferocious intolerance for the deliberate misapplication of generally accepted accounting principles (GAAP). In two important respects, though, Sarbanes‐Oxley is less groundbreaking than it might first seem.

Is there anything in the members’ backgrounds to suggest they understand the importance of the tone at the top? That financial fraud starts with a certain type of environment? That overly aggressive targets and an unforgiving environment can be the death‐knell of integrity in financial reporting? It is not enough to have some technical knowledge in accounting—after all, the company has a CFO and an entire accounting department for that. The audit committee’s function is to keep a diligent watch for corruption in the system itself.

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