Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance
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Howto, authoritative guidance for creating a bestinclass fraud prevention and compliance program in any organization Now in a Second Edition, this practical book helps corporate executives and managers understand the full ramifications of good corporate governance and compliance. It covers best practices for establishing a unit to protect the financial integrity of a business; theories and models on how and why fraud occurs in an organization; importance of strong internal controls; major compliance and corporate governance initiatives and milestones since 1985; and more.
Complete coverage includes implementation guidance for a robust fraud prevention and compliance program, including sample policies, best practice examples, and a 14point management antifraud program. Covers fraud risk assessment and prevention guidance Looks at global risk issues, including the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act Examines amendments to the Federal Sentencing Guidelines for Organizational Crime Discusses DoddFrank Whistleblower Provisions Explores enterprise risk management key program elements Offers coverage of how fraud and compliance failures contributed to the financial crisis Includes enhanced principles for fraud data mining Presents new cases, checklists and realworld examples, expanded international coverage, and the latest technological tools Shows executives and managers what their responsibilities are regarding fraud prevention, internal controls, and compliance Provides an instructor's website, including a test bank Other titles by Biegelman: Building a WorldClass Compliance Program and Foreign Corrupt Practices Act Compliance Guidebook Completely revised and updated, Executive Roadmap to Fraud Prevention and Internal Control, Second Edition is every manager's best resource for understanding all the complex issues and responsibilities associated with fraud and compliance.
Praise for Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance "Martin Biegelman and Joel Bartow convert their lifelong experiences and unparalleled knowledge into a concise, wellwritten book. They provide the essential tools to take aspirational goals for fraud prevention and compliance and build them into concrete and effective programs. " —From the Foreword by Bradley J.
Bondi, Partner, Caldwater, Wickersham & Taft LLP "Executive Roadmap touches all the bases on corporate fraud. The authors – both experienced fraud investigators and federal law enforcement agents – lay out the history and major milestones of corporate fraud, and discuss with precision the key issues facing today’s executives and compliance leaders. The book provides a valuable overview for business leaders looking to develop and implement effective compliance programs and instill a culture of integrity in order to help their organizations defeat the challenges posed by today's sophisticated fraudsters.
" —Jeffrey Eglash, Senior Counsel, Litigation & Legal Policy, GE "Biegelman and Bartow provide great insight into not just how fraud occurs inside of companies, but why. Preventing fraud requires a solid understanding of both, making this book a must read for any executive who is serious about creating the compliance mechanisms and the corporate culture needed for effective fraud prevention. " —Aaron G.
Murphy, Partner, Latham & Watkins LLP "Business leaders would be wise to follow the recommendations in this book. Fraud prevention is more than just creating a set of policies. As the subtitle indicates, it is essential to create a culture of compliance. Empty words accomplish nothing. The authors, both experienced fraud examiners, have spent decades investigating fraud, as well as developing strategies to prevent it.
This book is an essential tool in creating an antifraud environment in any company. " —James D. Ratley, CFE, President & CEO, Association of Certified Fraud Examiners "Biegelman and Bartow's Executive Roadmap to Fraud Prevention and Internal Control is an essential guide for all who have an interest in eradicating corporate or institutional fraud. Written by experts in detecting and preventing fraud in its myriad forms, this book is a handy source for those who hope to avoid the predicaments that the authors have seen or in managing the crises that arise when the problems cannot be avoided.
The new second edition is an indispensable addition to the libraries of internal compliance and legal officers, and forensic accountants. " —Joel M. Cohen, Partner, Gibson Dunn & Crutcher, former New York federal prosecutor and liaison to the French Ministry of Justice and OECD "Biegelman & Bartow's book offers expert guidance to anyone tasked with understanding and tackling fraud in the workplace.
Their straightforward approach informs the reader and provides a roadmap and guidance for implementation of an effective fraud mechanism within any organization – small or large. I plan to provide a copy of the book to my Board of Directors and executive members of management. " —Lisanne E. S. Cottington, Compliance Officer, Insight Enterprises, Inc. "This next edition is extremely timely. It covers key topics that any management member needs to know in today’s regulatory climate.
These authors have used their extensive corporate and government experience to create a practical and easy to understand compliance guide. A superb resource for any executive. " —Karen Popp, Partner at Sidley Austin LLP and former federal prosecutor and Associate Counsel to President Clinton "With executives increasingly on the hot seat when corporate compliance issues arise, clear guidance regarding risk areas and best practices is invaluable.
Executive Roadmap to Fraud Prevention and Internal Control contains a timely combination of illustrative stories and practice tips regarding hazards in this complex area. It is a good resource for both corporate executives and the many professionals assisting corporations to prevent or detect fraud and build a culture of legal compliance. " —Barb Dawson, partner with focus on internal investigations and business litigation, Snell & Wilmer LLP "Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance is a truly phenomenal book.
Martin Biegelman and Joel Bartow have accomplished an incredible achievement: they have flawlessly bridged the chasm between the theoretical/academic and practical/tangible. This is a volume that should not be on the bookshelf of every manager interested in compliance and fraud prevention (which should be every manager); it should be dogeared and open on the desktop of every such manager! Kudos to Messrs.
Biegelman and Bartow!" —William J. Kresse, M. S. , J. D. , CPA, CFF, CFE; Associate Professor, Graham School of Management; Director, Center for the Study of Fraud and Corruption, Saint Xavier University, Chicago "Biegelman and Bartow have again provided an invaluable resource for leaders in the corporate world who have responsibility for fraud, integrity, and compliance. They send a clear message that addressing fraud is a two part process establishing robust controls and detection measures; and creating a culture of compliance and integrity.
This work provides a detailed tour through the world of fraud controls while keeping the importance of culture at the forefront. " —Ronald C. Petersen, Executive Director, Global Security, Ally Financial "From the perspective of an ethics and compliance practitioner, Martin Biegelman's and Joel Bartow's new offering is a Thanksgiving feast. Too often, companies and organizations get caught up in the moment, and don't stand back to examine the cultural, organizational and historic reasons that fraud exists.
Biegelman and Bartow plow that road, and use their insights to offer invaluable tips in the design of effective antifraud programs. " —James D. Berg, Vice President, Chief Ethics and Compliance Officer, Apollo Group Inc. "Biegelman and Bartow have indeed produced a functional roadmap for the executive to follow in fraud prevention and internal control. This book is a great asset for those engaged in the seemingly endless struggle to control fraud.
A 'must read' for the industry. " —Raymond L. Philo, MPA, Executive Director, Economic Crime Institute, Utica College "As if Executive Roadmap to Fraud Prevention and Internal Control wasn't a powerful enough tool for fraud fighters, now Biegelman and Bartow have added fresh insight and advice to the second edition. With compelling updates on costly internal and external fraud and corruption, together with easytoread descriptions of latest fraudfighting technologies, this is a mustread for fraud examiners, auditors, attorneys and others—whether they've read the first edition or not.
" —Peter Goldmann, President, WhiteCollar Crime 101 LLC/FraudAware "Fraud borders on the ubiquitous in contemporary corporate culture. This book provides a rich and comprehensive guide to crafting a state of the art fraud deterrence program. While the book is sure to better equip corporate executives and directors in their fight against fraud, I intend to draw heavily upon its content in educating accounting students who represent the CEO's and CFO’s of the future.
" —Ingrid E. Fisher, PhD, CPA, Associate Professor and Chair of the Department of Accounting and Law, The University at AlbanySUNY "The book's exploration of fraud theories ranging from 'rotten apple' to the 'potato chip' (can't eat just one!), provides useful examination of the psychology of corporate fraud that explains its recurring nature and offers clues to creating a fraud resistant culture.
Annað
- Höfundar: Martin T. Biegelman, Joel T. Bartow
- Útgáfa:2
- Útgáfudagur: 3/26/12
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:ePub
- ISBN 13: 9781118650301
- Print ISBN: 9781118004586
- ISBN 10: 1118650301
Efnisyfirlit
- Front Matter
- Praise for Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance
- Dedication
- Foreword to the Second Edition
- Foreword to the First Edition
- Preface
- Acknowledgments
- CHAPTER 1 Fraud's Feeding Frenzy
- Executive Summary
- Fraud's Feeding Frenzy Still Going Strong
- What a Difference a Few Years Make
- Personal Piggy Bank Concept of Leadership
- EXHIBIT 1.1 Significant Criminal Cases Prosecuted by the Corporate Fraud Task Force
- Executive Insight 1.1: A Millionaire CEO Gets Greedy
- The Rogue Employee
- The CEO's Chutzpah Defense
- A Sampling of Corporate Frauds
- Enron
- Tyco
- WorldCom
- Adelphia
- The Drive for Corporate Responsibility
- Fighting Fraud Is Guaranteed Employment
- Notes
- CHAPTER 2 Fraud Theory and Prevention
- Executive Summary
- Fraud 101
- Corporate Fraud
- The ACFE 2010 Report to the Nations on Occupational Fraud and Abuse
- Fraud Prevention
- Perp Walks as a Form of Fraud Prevention
- Edwin Sutherland and White-Collar Crime
- Dr. Donald Cressey and the Fraud Triangle
- EXHIBIT 2.1 The Fraud Triangle
- Financial Pressure and Other Motives
- Opportunity
- Rationalization
- Dr. W. Steve Albrecht's Fraud Scale
- Fraud Diamond
- Fraud Theories
- Tip of the Iceberg Theory
- Potato Chip Theory
- Rotten Apple Theory
- EXHIBIT 2.2 Behavioral Red Flags of Fraudsters
- Low-Hanging Fruit Theory
- Addition by Subtraction Theory
- Fraudster as Employee Theory
- The Short Memory Syndrome
- Recidivist Fraudster
- Notes
- CHAPTER 3 The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: COSO to Sarbanes-Oxley
- Executive Summary
- What Is Corporate Governance?
- A Culture of Compliance
- Executive Insight 3.1: Timeline of Key Corporate Compliance Initiatives & Milestones Since 1985
- COSO
- Federal Sentencing Guidelines for Organizational Crime
- SAS 82
- Arthur Levitt and the “Numbers Game”
- The Sarbanes-Oxley Act of 2002
- Implications for Independent Auditors
- Auditor Independence
- Corporate Responsibility: Implications for Audit Committees
- Complaints and Whistleblower Protection
- Improving Corporate Governance: Implications for Public Companies
- CEO and CFO Certifications
- Insider Trading
- Disgorgement
- Ban on Personal Loans to Officers and Directors
- Code of Ethics
- Enhanced Financial Disclosures
- Civil and Criminal Penalties
- Sarbanes-Oxley Today
- Notes
- CHAPTER 4 The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: SAS 99 to the 2010 Amendments to the Federal Sentencing Guidelines for Organizations
- Executive Summary
- The SAS 99 Fix
- Fraud According to SAS 99
- Exercising Professional Skepticism
- Discussion among Engagement Personnel
- Obtaining, Identifying, and Assessing Fraud Risks
- Evaluating Audit Evidence
- Communicating and Documenting the Risk of Fraud
- Principles of Federal Prosecution of Business Organizations
- The Final Rule of the SEC for Section 404 of Sarbanes-Oxley
- The PCAOB and Auditing Standard No. 2
- Fraud Considerations in an Audit of Internal Control over Financial Reporting
- Auditing Standard No. 5
- Stephen Cutler's “Gatekeepers Speech”
- Enhanced Sentencing Guidelines: Less Carrot and More Stick
- Filip Memorandum
- 2010 Amendments to Federal Sentencing Guidelines for Organizations
- Notes
- CHAPTER 5 Internal Controls and Antifraud Programs
- Executive Summary
- Management Antifraud Programs and Controls: The 14-Point Program
- Creating a Culture of Honesty and High Ethics
- 1. Setting the Tone at the Top
- 2. Creating a Positive Workplace Environment
- 3. Hiring and Promoting Appropriate Employees
- 4. Training
- 5. Confirmation
- 6. Discipline
- Evaluating Antifraud Processes and Controls
- 7. Identifying and Measuring Fraud Risks
- 8. Mitigating Fraud Risks
- 9. Implementing and Monitoring Appropriate Internal Controls
- Developing an Appropriate Oversight Process
- 10. Audit Committee
- 11. Management
- 12. Internal Auditors
- 13. Independent Auditors
- 14. Certified Fraud Examiners
- Executive Insight 5.1: Acfe Fraud Prevention Check-Up
- Before You Take the ACFE Fraud Prevention Check-Up
- Who Should Perform the ACFE Fraud Prevention Check-Up?
- How Many Points Should Be Awarded for Each Answer?
- The ACFE Fraud Prevention Check-Up
- Interpreting the Organization's Score
- Executive Insight 5.1: Acfe Fraud Prevention Check-Up
- Creating a Culture of Honesty and High Ethics
- Inherent Risk Identification
- Risk Assessment
- The First Method (Control Effectiveness)
- EXHIBIT 5.1 Plotting Inherent Risk by Impact and Likelihood
- The Second Method (Residual Risk and Risk Appetite)
- EXHIBIT 5.2 Inherent Risk versus Control Effectiveness
- EXHIBIT 5.3 Inherent Risk, Residual Risk, and Risk Appetite
- Risk Management
- Summary
- Executive Summary
- Recurring Themes in Financial Statement Fraud
- Cooking the Books
- Red Flags of Financial Statement Fraud
- Michael Young's Six Elements of Financial Statement Fraud
- Lessons Learned
- Executive Insight 6.1: A $300 Million Fraud is Nothing to Sneeze At
- Karpov and Lott's Enforcement Effect of Reputation
- EXHIBIT 6.1 The PAC Formula
- Accountability Is the Word
- Clinard and Yeager
- Executive Insight 6.2: Satyam Computer Services: The Enron of India
- Executive Summary
- Fraudulent Disbursements and Asset Misappropriation
- False Billing Schemes
- Invoicing through Shell Companies
- EXHIBIT 7.1 Uniform Occupational Fraud Classification System
- The Pass-Through Scheme
- Personal Purchases with Company Money
- Executive Insight 7.1: Expense Reporting Fraud: Do What I Say, Not What I Do
- Invoicing through Shell Companies
- Check Tampering
- EXHIBIT 7.2 Types of Check Tampering Schemes by Occurrence
- Payroll Debit Cards
- Executive Insight 7.2: Frank Gruttadauria: The Rogue Employee
- Executive Summary
- Conversation with Walt Pavlo
- Executive Summary
- Ponzi Scheme
- Madoff Fraud
- The Scheme
- The Legacy
- Bust-Out Scam
- Executive Insight 9.1: Wendy's “Finger Hoax” Proves Costly
- Credit Card Fraud
- Obtaining Credit Card Numbers
- Credit Card Risk
- Reshipping Scams
- Tools to Stop Online Fraud
- Velocity
- AVS
- EXHIBIT 9.1 Address Verification System (AVS) Codes
- CSV
- EXHIBIT 9.2 Credit Card Prevention Methods Usage By Year
- Geolocation
- Multi-Merchant Purchase History
- Purchase Device Fingerprinting
- Data Mining: Digging for Credit Card Fraud
- Useful Tips
- Notes
- Executive Summary
- In the Beginning
- Too Big to Fail Policy Begins
- The Committee to Save the World
- Moral Hazard
- Regulation Seen as Restricting Modernization
- More Deregulation
- Foreshadowing
- The Rise of Securitization
- Was It Fraud?
- Misaligned Incentives at the Ratings Agencies
- The Growth of Subprime Lending
- Was it Mortgage Fraud?
- Evolution of Collateralized Debt Obligations
- The Housing Bubble Bursts
- Misaligned Incentives in the Bonus Structures
- Mark to Market
- Were They Misleading the Market?
- Risk Management is Hard
- Bear Stearns
- Fannie Mae and Freddie Mac
- Lehman Brothers
- Merrill Lynch
- AIG
- TARP
- Too Big to Fail Policy
- Was Anyone Doing Things Right?
- Looting: Akerlof and Romer
- Notes
- Executive Summary
- Only Robust Will Do
- The Investigative Response
- The Financial Integrity Concept
- EXHIBIT 11.1 Sample Financial Integrity Unit Charter
- Investigations Code of Conduct
- Technology Solutions
- Embedding a Fraud Prevention Program in Internal Audit
- Where Fraud Will Be Found
- Abuse Cannot Be Ignored
- Employee Cooperation with Company Investigations
- Investigative Plan
- Conducting Interviews
- Role of Human Resources
- Interaction with Corporate Executives and the Audit Committee
- Prosecution as a Fraud Deterrent
- Recovery of Defrauded Assets from Fraudsters: Making Fraud Less Profitable
- International Investigations
- EXHIBIT 11.2 Sample Company 1099 Reporting Policy
- Ongoing Discussions with Company Leaders
- Quarterly Fraud Discussions with the External Auditor
- Notes
- Executive Summary
- What Are Whistleblowers?
- The Government's Use of Informants and Whistleblowers
- Whistleblowers Are Corporate Sentinels
- Sarbanes-Oxley Whistleblower Requirements and Protections
- Role of OSHA
- Legal Protection When Reporting Corporate Fraud
- Requirements for Filing Complaints
- Whistleblower Relief
- Dodd-Frank Act
- Compliance Program Concerns
- IRS Whistleblower Program
- Hotlines: Build It Right and They Will Call
- EXHIBIT 12.1 Percent of Tips by Source
- EXHIBIT 12.2 Detection of Fraud by Disclosure Method and Percent of Cases
- The Need for Hotlines
- Choose the Right Name
- Confidential vs. Anonymous
- Hotline Basics
- Types of Reporting Mechanisms
- Kinds of Calls to the Hotline
- Questions to Ask of Callers
- Use Third-Party Hotline Providers
- Communicating the Existence of the Hotline
- Corporate Response to Hotline Calls
- Vetting the Hotline Calls
- The False Claims Act
- Executive Insight 12.1: A Whistleblower Finds the Golden Goose
- EXHIBIT 12.3 Top 10 False Claims Act Settlements and Relator Rewards
- Notes
- Executive Summary
- FCRA Requirements
- What Is a Background Check?
- There Is No One-Stop Shopping for Criminal Records
- Executive Insight 13.1: John Sculley and a Den of Thieves
- The Best Indicator of Future Behavior Is Past Behavior
- The Trend toward Restricting Use of Background Screening to Predict Job Performance
- Resume Fraud and an Adequate Background Review
- It Is Not Necessary to Be Fort Knox
- Are Background Checks Worth the Cost?
- Story 1
- Story 2
- Story 3
- Story 4
- Story 5
- The Role of Human Resources in Background Checks
- Notes
- Executive Summary
- Building Fraud Awareness through Training
- The Role of Fraud Investigators in Training
- Training for Chief Executives and Directors
- Executive Insight 14.1: Custom Antifraud Training
- New Employee Orientation
- Managers Are Role Models
- New Manager Training
- Fraud Prevention Training for Finance Employees
- Executive Insight 14.2: Becoming a Master in Economic Crime Management
- Train Your Accounts Payable Department: Looking for Fraud on the Face of the Invoice
- EXHIBIT 14.1 Invoice #1
- EXHIBIT 14.2 Invoice #2
- Train the Audit Staff to Data Mine
- EXHIBIT 14.3 Benford's Lawa
- Relational Table Query
- EXHIBIT 14.4 The Two-Line Address Problem
- Find Duplicates Query
- Between Ranges Query
- Simple Data Mining
- Peer Grouping
- Predictive Modeling for Fraud
- Decision Trees
- EXHIBIT 14.5 Decision Tree with Fraudulent Transaction Indicators Present
- Logistic Regression
- Neural Networks
- Other Resources
- Notes
- Executive Summary
- Global Crackdown
- Devastating Cost of Corruption
- FCPA Provisions
- Global Anti-Corruption Efforts
- OECD Convention on Combating Bribery
- UK Bribery Act
- Assessing Risk and Due Diligence
- Corporate Hospitality
- Facilitation Payments
- Prosecution Guidance
- Transparency International
- Corruption Perceptions Index
- EXHIBIT 15.1 2010 Corruption Perceptions Index: Top 20 Countries
- EXHIBIT 15.2 2010 Corruption Perceptions Index: Bottom 20 Countries
- Corruption Perceptions Index
- Department of Justice's FCPA Red Flags
- Executive Summary
- The Government's “Shock and Awe” Strategy
- EXHIBIT 16.1 HealthSouth Prosecution Results
- Executive Insight 16.1: Aaron Beam: Reflections On A Lost Opportunity To Stop Fraud
- Executive Insight 16.2: Computer Associates and the “35-Day Month”
- Snapping the Bonds of Loyalty: Joining Team America
- The Challenges of Running a Business While Attempting to Prosecute a Complicated Civil Fraud Case
- Capture
- Cooperation
- Cost
- Patience
- Staying the Civil Proceeding
- Making a Business Decision
- Making the Best of a Bad Situation: What to Do If the Feds Show Up at Your Door
- Notes
- Executive Summary
- Critical Role of Compliance
- Fraud Never Takes a Holiday
- Kickback Scheme: Not a Small Fry
- Insider Trading: It's What You Know
- Foreign Corrupt Practices Act: The Government Calling
- Making a Federal Case Even Worse
- Have a Zero Tolerance for Fraud and Mean It
- Gatekeeper Role of the Audit Committee
- The Wall Street Journal Rule
- A Fraud Prevention Visionary: Interview with Dr. Joseph T. Wells on the Future of Fraud and Fraud Prevention
- From a Compliance Initiative to a Cultural Mind-Set
- Tone at the Top
- The “Policing” Role of the Board of Directors and the Audit Committee
- The Challenge to Internal Audit
- The Important Role of Managers in Fraud Prevention
- Integrity and Honesty for All
- Training and Communication
- A Well-Communicated and Responsive Reporting System
- Cross-Group Collaboration
- Embracing a Culture of Compliance
- The Road Ahead
- Notes
- APPENDIX ACFE Fraud Prevention Checklist*
- About the Authors
- Index
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