Business Fraud Focus

• Does fraud go up as the economy goes down?

  As the United States economy continues to falter, one common question is whether the difficult economic conditions will cause more fraud. [...]
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  Posted: January 15, 2009, 8:45pm EST
  

• Sarbanes-Oxley Cost Versus Benefit

  Scammers have been posing as IRS officials in emails that are designed to steal your personal information. [...]
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  Posted: December 29, 2008, 8:35pm EST
  

• Three Keys to Fraud Prevention

  The cost to implement some basic fraud prevention initiatives in a company can be small, especially when it's compared to the amount of money that could be lost to fraud. ' [...]
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  Posted: November 20, 2008, 2:30am EST
  

• Alternative Minimum Tax and the Bailout Bill

  Just a little break from fraud to clue readers in on the Alternative Minimum Tax (AMT) provision in last week's bailout bill. ' [...]
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  Posted: October 06, 2008, 10:35pm EDT
  

• Expense Report Abuse: A Sign of Bigger Problems

  If an employee is willing to commit theft via expense reports, he or she might be inclined to commit fraud against the company in other ways. [...]
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  Posted: September 11, 2008, 5:45am EDT
  

• Got Fraud? Don’t Try a Do-It-Yourself Investigation

  While the immediate gathering of information is helpful to a fraud investigator, when an inexperienced person tries to go further and actually investigate, bad things can happen. [...]
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  Posted: August 03, 2008, 1:30am EDT
  

• Has Sarbanes-Oxley Really Done Anything to Curb Fraud?

  Sarbanes-Oxley is thought by many as the answer to fraud, but my experience shows something different. Sarbanes-Oxley was intended to restore faith in the integrity of corporations and executives, yet it hasn't really had a measurable impact on fraud. ' [...]
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  Posted: July 17, 2008, 5:35am EDT
  

• The Fraud Investigation

  The process of completing a full fraud investigation could fill a book, but there are a few generalities that apply to most investigations. [...]
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  Posted: June 04, 2008, 2:35am EDT
  

• Managing the Fraud Investigation Process

  Good management of the investigation involves ensuring the integrity of documentation and properly supervising staff and consultants. [...]
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  Posted: June 03, 2008, 5:25am EDT
  

• Assembling an Investigative Team

  Once the decision is made to go forward with a full fraud investigation, an team of qualified professionals must be assembled. Some may come from within company, while others might more appropriately be outside consultants and investigators. [...]
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  Posted: June 02, 2008, 3:10am EDT
  

• Creating an Investigative Policy

  An investigative policy is an important tool to help manage the process of initiating a corporate fraud investigation. Doing so will help bring uniformity to the evaluation of fraud allegations, and it will help guide management through the decision making relative to the claims. [...]
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  Posted: May 30, 2008, 2:45am EDT
  

• Corporate Fraud Investigations

  With the proliferation of stories of corporate fraud, managers and executives would be wise to familiarize themselves with the workings of a corporate fraud investigation. [...]
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  Posted: May 28, 2008, 9:25pm EDT
  

• Fraud in Family Business

  Family ties don't protect the family business from fraud. [...]
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  Posted: May 06, 2008, 5:20am EDT
  

• Financial Statement Fraud: Overstating Assets

  Asset accounts are manipulated to enhance a company's balance sheet, especially to positively impact important ratios involving assets. [...]
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  Posted: April 22, 2008, 4:55am EDT
  

• Financial Statement Fraud: Understating Expenses

  One surefire way to increase a company's profits and enhance the financial statements is by not booking expenses as the company incurs them ... [...]
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  Posted: April 21, 2008, 4:50am EDT
  

• Financial Statement Fraud: Overstating Revenue

  Probably the most common financial statement fraud is the manipulation of sales (revenue) figures. It's in the company’s best interest to report higher sales, as opposed to lower sales, so virtually every company runs the risk of overstating sales. [...]
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  Posted: April 20, 2008, 4:40am EDT
  

• Former Newark Mayor Guilty of Fraud

  Fraud is alive and well in government politics, but thankfully, one more conviction can help slow the fraud machine. [...]
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  Posted: April 16, 2008, 9:25pm EDT
  

• Extraordinary Circumstances: The Journey of a Corporate Whistleblower, by Cynthia Cooper

  Cynthia Cooper was a true corporate whistleblower. She became famous, not by choice, but because of the WorldCom financial statement fraud valued at $11 billion. [...]
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  Posted: April 14, 2008, 4:00am EDT
  

• The IRS Dirty Dozen Tax Scams: Abuse of Charitable Deductions

  Some taxpayers try to disguise payments as charitable contributions when they don't really qualify to be deducted. [...]
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  Posted: April 11, 2008, 8:25am EDT
  

• The IRS Dirty Dozen Tax Scams: Misuse of Trusts

  Tax scammers promote the use of trust to (illegally) avoid paying income taxes. [...]
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  Posted: April 10, 2008, 8:20am EDT
  

• The IRS Dirty Dozen Tax Scams: Disguised Corporate Ownerships

  Some people set up "shell corporations" to hide or disguise income. [...]
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  Posted: April 09, 2008, 8:15am EDT
  

• The IRS Dirty Dozen Tax Scams: Return Preparer Fraud

  Yes, it's true that tax return preparers can and do commit fraud. [...]
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  Posted: April 08, 2008, 8:15am EDT
  

• The IRS Dirty Dozen Tax Scams: False Claims For Refunds

  Some tax cheats suggest that taxpayers file for refunds on tax returns that they've never even filed. [...]
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  Posted: April 04, 2008, 8:25am EDT
  

• The IRS Dirty Dozen Tax Scams: Zero Wages

  One popular tax scam promoted by cheaters trying to sell you their "plan," is the "zero wage" scam. [...]
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  Posted: April 03, 2008, 8:15am EDT
  

• The IRS Dirty Dozen Tax Scams: Abusive Retirement Plans

  It's tempting to try cheating with your retirement plan.. hoping that the IRS will never catch up with you. [...]
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  Posted: April 02, 2008, 8:15am EDT
  

• The IRS Dirty Dozen Tax Scams: Hiding Income Offshore

  Overseas bank accounts have long been a tool of individuals and corporations seeking to hide money from the U.S. government and ultimately avoid paying income taxes on the earnings. [...]
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  Posted: April 01, 2008, 8:10am EDT
  

• The IRS Dirty Dozen Tax Scams: Fuel Tax Credit Scam

  There are scammers out there who may convince you that you can claim the fuel tax credit, even when you don't really qualify for it. [...]
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  Posted: March 28, 2008, 8:05am EDT
  

• The IRS Dirty Dozen Tax Scams: Frivolous Tax Arguments

  One common scam involves charging taxpayers a fee in exchange for helping them avoid paying taxes... using what the IRS calls "frivolous tax arguments." ... [...]
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  Posted: March 27, 2008, 8:00am EDT
  

• The IRS Dirty Dozen Tax Scams: Economic Stimulus (Tax Rebate) Scams

  No sooner had politicians announced the Economic Stimulus plan to send $300 or $600 checks to taxpayers, and scammers were already on the hunt to defraud you. [...]
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  Posted: March 26, 2008, 7:55am EDT
  

• The IRS Dirty Dozen Tax Scams: Phishing

  Phishing is an email scam that is exactly what it sounds like: A scammer is fishing to get private information about you. [...]
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  Posted: March 25, 2008, 7:40am EDT
  

• Is Executive Pay Really Excessive?

  It is easy for economists and reporters to criticize the pay of executives who receive millions of dollars. But the issue is complex and won't be solved quickly. [...]
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  Posted: March 14, 2008, 1:30am EDT
  

• Correlation Between Executive Pay and Fraud?

  Any argument for limiting executive pay in order to decrease the risk of fraud is very thin. [...]
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  Posted: March 13, 2008, 1:15am EDT
  

• Hot Topic: CEO Pay and Benefits

  It's hard for many to comprehend salary and benefits in the tens or hundreds of millions of dollars. When the average person thinks about this kind of pay, it's only natural to assume it's excessive and needs to be brought under control. [...]
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  Posted: March 12, 2008, 2:10am EDT
  

• It All Comes Back to Taxes

  Leave it up to the IRS to be the reason New York Governor Eliot Spitzer has been exposed. [...]
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  Posted: March 11, 2008, 5:55am EDT
  

• Management Issues That Point to Fraud

  Management is at risk for perpetrating fraud against a company in three basic situations. [...]
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  Posted: March 10, 2008, 5:30am EDT
  

• Digging Into Business Records to Look For Red Flags

  Finding evidence of fraud in a business doesn't always take the skills of super-sleuth. Sometimes there are simple giveaways in the accounting records that point to things being out of the ordinary. [...]
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  Posted: March 03, 2008, 2:15am EST
  

• Operational Signs That Fraud is Occurring

  Could you recognize operational and financial signs that fraud may be happening in your company? [...]
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  Posted: February 25, 2008, 1:15am EST
  

• Signs That Fraud Is Occurring in Your Company (The People)

  If one of your employees was ripping off your company, would you see the warning signs? [...]
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  Posted: February 22, 2008, 2:30am EST
  

• Forensic Accountants: Not Just For Fraud Anymore

  Fraud-finding experience can be invaluable in fraud-fighting. [...]
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  Posted: February 20, 2008, 7:40am EST
  

• More Financial Transparency on Wall Street?

  In light of the subprime mortgage meltdown, the Securities and Exchange Commission (SEC) has said that it wants to see more transparency on Wall Street, and that includes more financial information and more disclosures. [...]
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  Posted: February 13, 2008, 9:15pm EST
  

• How Do You Know If Documents Are Authentic?

  Do you rely on representations from attorneys or auditors in your business? Are authentic financial statements necessary to do business? Have you ever looked at documents and wondered if the purported author really created them? [...]
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  Posted: February 13, 2008, 8:50pm EST
  

• Three Basic Fraud Types

  Preventing fraud starts with learning about the schemes. [...]
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  Posted: February 09, 2008, 4:35am EST
  

• Could Your Company Be On the Hook For Fraud Committed By a Customer or Client?

  Victims of fraud and abuse are looking to third parties to help recover their losses. [...]
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  Posted: February 07, 2008, 8:15pm EST
  

• Businesses Encourage Employees to Steal

  Each and every day companies are losing money because they not only give employees opportunities to steal, they encourage it. [...]
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  Posted: February 06, 2008, 12:35am EST
  

• Is Your Company Successfully Avoiding Paying Taxes?

  You might think "avoiding paying taxes" is something nefarious. But to those familiar with the tax code and the job of a tax accountant, it's not. [...]
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  Posted: January 30, 2008, 8:05pm EST
  

• The True Cost of Fraud: Indirect Costs

  There are many more costs to a company when an internal fraud occurs than the direct financial loss. Indirect costs of the fraud can mount quickly. [...]
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  Posted: January 25, 2008, 1:00am EST
  

• The True Cost of Fraud: Direct Costs

  It's no secret that on-the-job fraud is expensive, costing American businesses an estimated $652 billion each year. [...]
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  Posted: January 24, 2008, 1:10am EST
  

• Are You Giving Paychecks to People Who Don't Work For You?

  A company accidentally pays a non-employee each payday, with total damage of almost $469,000 over five years. Is your company at risk for this kind of error? [...]
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  Posted: January 23, 2008, 1:20am EST
  

• More IRS audits on the horizon

  Personal and business audits by the IRS were up in 2007. Could you be next? [...]
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  Posted: January 21, 2008, 8:00pm EST
  

• Checks and Balances Protect Your Company's Reputation

  What would happen if you accidentally overcharged your customers by $7.5 million, and all of them were set up on automatic payments, so you immediately took that money out of their bank accounts or put it on their credit cards? [...]
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  Posted: January 17, 2008, 3:55am EST