“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.
Related Posts
Crowe Horwath Is Amped for International Fraud Awareness Week
What? Your firm hasn’t reminded you that November 8 – 14 is International Fraud Awareness Week? Shameful. Lucky for you, Crowe Horwath is all over this.
Crowe is offering tips to its clients “on how companies can help turn their own personnel into their best fraud preventers and fraud detectors” because they are sick and tired of being the ones finding all of it.
Here’s a taste of their ideas:
• Know who you hire &ndash Avoid guys in tracksuits and with short attention spans.
• Create an ownership environment &ndash That stapler? It’s yours.
• Keep employees informed &ndash Emails about the latest dead-end marriage in the office do not count.
• Establish sound internal controls &ndash Unless you don’t have to.
• Implement checks and balances &ndash Again, optional.
While we admire Crowe’s attempt to get proactive, we’re concerned that, inevitably, the “Army of Fraudbusters” will start using their newly acquired fraud detection skills for outing their office enemies for petty crimes such as leaving food in the fridge, ass-photo copying and the like.
Create An Army of Fraudbusters Within Your Organization [Press Release]
Angelo Mozilo Wishes He Had John Elway’s Problems
Neither man is having a very good week but Moz got especially bad news today that might cause him to cut back on luxury items including 86ing the private jets with tanning beds and the two-tone shirt collection:
The Securities and Exchange Commission today announced that former Countrywide Financial CEO Angelo Mozilo will pay a record $22.5 million penalty to settle SEC charges that he and two other former Countrywide executives misled investors as the subprime mortgage crisis emerged. The settlement also permanently bars Mozilo from ever again serving as an officer or director of a publicly traded company.
Mozilo’s financial penalty is the largest ever paid by a public company’s senior executive in an SEC settlement. Mozilo also agreed to $45 million in disgorgement of ill-gotten gains to settle the SEC’s disclosure violation and insider trading charges against him, for a total financial settlement of $67.5 million that will be returned to harmed investors.
Freaky Fraud: The Woman Who Stole $110,000 in Bull Semen From Her Employer
First, if you hate your inventory counts, can you only imagine what it’s like to have to keep tabs on tank after tank of frozen bull semen? Count your blessings, people.
A woman in Ohio pleaded not guilty last week to stealing a tank of bull semen valued at $110,000 from her employer. Authorities say 45 year-old Karen Saum planned to use the semen to extort money out of her employer – the rightful owner of the sperm – to start her own business. I can only imagine what kind of business she planned on starting with the seed money.
Detectives said a tip led them to Saum’s garage, where they found the stolen semen. Just a tip.
Det. James Hollopeter told WHIO TV that Saum used her knowledge of the company’s internal workings to lift only the high quality semen. “She knew where this semen would have been located,” he said. “It was actually locked in an interior closet because it was more valuable that some of the other that they had out.”
Right. Because everyone knows you don’t leave the good shit lying around where any old creepy criminal can get their paws on it.