The accountant’s ‘magic’ asset
PwC Philippines Chairman and Senior Partner Alex Cabrera continues his discussion on assets created through accounting and segues into year-end tax issues and how accountants overcome their year-end ordeal.
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Fighting conflicts of interest
87% of internal fraud committed over the last two years were by members of management, specifically by junior, middle and senior corporate officers. In terms of principal function, the top five to which these internal fraud perpetrators belong are: Operations and Production (22%); Marketing and Sales (14%); Finance (11%); Procurement (10%); and Executive Management (10%)
The accountant’s ’magic’ asset
If you think recording should be reflective of the transaction, the new accounting rules may change your mind. PwC Philippines Chairman and Senior Partner Alex Cabrera gives his take on the effect of these new rules on financial statements and tax returns.
Dealing with fraud in the workplace
The elements of the fraud triangle include pressure, opportunities and rationalization — these are the complete ingredients for (potential) fraudsters to commit fraud. With the addition of a fourth key element, that is, the misuse and abuse of “power” or “corporate authority,” the fraud triangle has now evolved into a “fraud diamond.”
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