Deterring, detecting, and investigating corporate fraud: What CFOs need to know
Recently, CFOdirect conducted an interview with Steven L. Skalak and Mona M. Clayton, co-authors with Thomas W. Golden of
A guide to forensic accounting investigation. All are partners in PwC's investigation & forensic services practice, for which Mr. Skalak serves as the global and US leader. Their book is vast — incredibly comprehensive. CFOdirect approached Skalak and Clayton with a specific focus: what should CFOs be looking for?
The irony of non-profit organizations
“We are so fortunate to have someone of his caliber managing one of our hospitals”, said Father Thomas at the Annual Board Meeting of Faith Hope and Charity (“FAITH”) in January 2004. Father Thomas was referring to their star performer – Ross Green, who had been the CFO of FAITH’s hospital in St. Paul, Minnesota for almost five years. Little did Father Thomas know what Ross was really up to? FAITH, a 50 year old non-profit organization, had more than twenty hospitals in nine different states and the St. Paul location was one of its most profitable hospitals…or so it would seem. Ross was given most of the credit for St. Paul’s outstanding performance over the years.
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The irony of non-profit organizations (31kb)
How prevalent are economic crime risks in Latin America?
41% of surveyed companies operating in Argentina, Brazil, and Mexico, reported incidents of economic crime, according to a PricewaterhouseCoopers survey. Asset misappropriation, which involves the theft of assets, including cash and inventory,
occurred in over 51% of the reported incidences of economic crime. False pretenses ranked second, occurring in 46% of all cases. Financial misrepresentation—the type of fraud with the most devastating monetary losses—comprised 13% of corporate fraud in
the region. Corruption and bribery, the crime with the highest perception of incidence in the region, actually comprised 30% of the reported economic crime.
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How prevalent are economic crime risks in Latin America? (38kb)
