White-Collar Crime Fighter The Leading Prevention Resource for Today's Best-Run Companies.

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White-Collar Crime Fighter brings you expert strategies and actionable advice from the most prominent experts in the fraud-fighting business. Each month you'll learn about the latest frauds, scams and schemes... and the newest and most effective fraud-fighting tools, techniques and technologies you can put to work immediately to protect your organization.

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Essential Fraud Prevention Secrets...

- Fraud Investigation: Best First-Response Strategies

- The initial response to a fraud allegation against your organization is the most important step in the investigation process. Unless the investigator properly assesses the allegation, an investigation may never take place, allowing the fraudster to go undetected. Critical investigative goal: Quick assessment of complex fraud indicators and providing sufficient information to assist management in making the right decision to move forward.

HOW TO USE TIPS

According to the Association of Certified Fraud Examiners 2008 Report to the Nation on Occupational Fraud & Abuse, fraud is discovered by a tip nearly half of the time, with the majority coming from employees. Essential:

  • Resist overreacting. Fraud investigators must understand that allegations of fraud and other forms of misconduct come as a shock to management. As the victimization of fraud setsin, the shock often turns to disbelief, panic and alarm.

    Trap: Allowing this disbelief to press too hard and too fast for confirmation of the suspicions. This often alerts the criminals to the detection of their misdeeds, leading them to destroy potentially valuable evidence.

  • Avoid making spontaneous allegations which are often inaccurate and reckless. Sometimes, managers even convene meetings with confidants who are later identified as accomplices in the scheme. In other cases, bosses may fire the fraudster before gathering vital information through interrogation.

  • Make all efforts to investigate. Management may believe that doing nothing is better than doing anything. This results in the offender(s) getting away with their crimes and sends the message that crime pays.

  • Better: A four-phase Plan of Action for responding to tips about potential fraud. READ MORE...

    - Financial Statement Fraud: Detecting Red Flags.

    - Important: The red flags of financial statement fraud are distinctly different from those of asset misappropriation. Common general red flags of financial statement fraud:

  • Accounting anomalies.
  • Unusually rapid revenue and/or profit growth.
  • Readily noticeable internal control weaknesses.
  • Noticeably ?aggressive? financial actions by senior management.
  • Personality or character flaws of the CEO and/or other C-level executives.

    PERSONALITY ALERT

    Important: Of these general indicators, top management personality and character are by far the most compelling with regard to financial statement fraud. Typically, a senior executive who is inclined to cook the books possesses low ethical standards, though this trait may often be difficult to detect prior to the commission of a crime. However, most executives with ethical weaknesses also exhibit very noticeable signs of aggressiveness in almost everything they do?including making critical financial decisions.. READ MORE...

    - Where was Sarbanes-Oxley When Public Company CFO Stole $80 Million Before Getting Caught?

    Jonathan Dwane Nelson, the former chief financial officer and secretary of Snyder, TX-based Patterson-UTI Energy Inc. oil exploration and production company, was charged with submitting and fraudulently approving phony invoices to Patterson-UTI from a separate company he controlled and authorizing payment of the invoices by Patterson-UTI. READ MORE...




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