Skillz, who has been in prison since 2006, had his 24-year sentence reduced today by 10 years by virtue of a "court-ordered reduction and a separate agreement with prosecutors." This has been an ongoing battle ever since JS appealed his sentence and it was vacated in 2009 because "a sentencing guideline was improperly applied." Persistence pays off! [AP, Earlier, Earlier]
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Tree Huggers Are Indirectly Responsible for Undetected Fraud
“How about going online and printing [the statement or report] every month as if it were mailed to you — and actually looking at it?”
~ Stephen Pedneault, a veteran forensic accountant, isn’t crazy about all the benefits of technology.
Fraud Examiners Can’t See the Silver Lining
The Association of Certified Fraud Examiners (“ACFE”) is bellyaching about the Garret-Adler amendment.
This is the measure that was passed by the House Financial Services Committee that would exempt small issuers (market cap less than $75 mil) from complying with section 404 of Sarbanes Oxley.
ACFE President, James Ratley:
“At a time when the economic downturn has heightened the risk of fraud for organizations large and small, it simply does not make sense to weaken accounting rules that are in place to protect investors,” he said in a statement. “The bottom line is that internal controls are one of the best fraud prevention tools for any organization to have in place. Providing exemptions for some public companies from the SOX 404 requirements only leads to an increased risk of fraud.”
Ratley very well may be right but let’s not forget who we’re talking about. Nobody — especially accountants — is going to stop the train wreck that is the U.S. Congress. Accordingly, the ACFE should embrace this as a golden opportunity to boost their membership and shout from the rooftops about the benefits of having a CFE certification.
Nobody seems to understand that it isn’t auditors’ job to detect fraud and most companies only seem interested in detective controls, so what’s the point?
Get on this ACFE. It’s fraud awareness week after all. We shouldn’t have to explain this to you.
ACFE Warns Not to Change SOX Rules [Web CPA]
White-Collar Crime Watch: An Online Dating Scam, A Fake CPA, and A Tax-Evading Stripper
My grandma got wrapped up in an illegal money-making scheme once. She started taping movies […]