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  1. Home
  2. Internal Audit Insights

Internal Audit Insights

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2020-04-27 15:00:38
Featured Article:

With Fraud Risks Elevated, Internal Audit Has Bigger Role to Play

By Joseph McCafferty
April 27, 2020
The Coronavirus Crisis has precipitated a dramatic downturn in economic activity, which has the potential to increase the risk of fraud and wrongdoing. A new report on fraud highlights the important role that internal audit can play in detecting and deterring fraud.
2020-02-24 15:36:47

Internal Audit’s Role in Assuring Whistleblower Hotlines Are Effective

By Kevin Alvero
February 24, 2020
An anonymous whistleblower hotline should be a critical piece of any organization’s anti-fraud efforts. Likewise, since the effectiveness of anti-fraud controls is a key area of concern for internal audit, auditors can and should be looking into company hotlines to ensure they are operating effectively.
2019-12-09 09:30:26

Auditing the Anti-bribery and Corruption Program

By Joseph McCafferty
December 09, 2019
Internal audit departments that want to ensure their companies stay out of trouble with regulatory agencies over bribery and corruption laws will want to ensure that they have solid programs in place with the proper and functioning internal controls.
2019-01-17 05:36:18

Integrating Fraud Testing Into Your Audit Program: A Guide for the Chief Auditor

By Leonard Vona
January 17, 2019
Fraud costs organizations millions of dollars each year. Simply Google the phrase “fraud scheme,” and you will discover more news stories than you have time to read. If auditors do not detect and stop a fraud scheme, they have cost their organization real money. So, another question for you: Do you want to explain to your audit committee why your department did not detect a $63 million fraud?
2018-11-15 05:50:31

How to Create a Fraud Risk Statement for Your Fraud Audit Program

By Leonard Vona
November 15, 2018
There tends to be a fair amount of confusion when it comes to a fraud risk identification approach versus an experience-based approach but here we set out to create a list of universal definitions intended to clarify how and why you might use this approach.
2018-11-01 05:44:49

What Internal Auditors Should Know About Dirty Money Centers

By Veronica Morino, Asia Chernova, and Nigel Iyer
November 01, 2018
As Dirty Money Constellations continue to move from the “Islands of Shame” to the re-emerging epicenters of power, should we just be passive observers or is there something we can do?
2018-10-04 04:34:01

Complex Fraud Scheme: Vendor Overbilling Part 2

By Leonard Vona
October 04, 2018
In this second installment of our two-part series on vendor overbilling, we look at how to use fraud data analytics designed to uncover a complex fraud scheme and the fraud audit procedures designed to provide credible evidence.
2018-10-02 05:47:23

Complex Fraud Scheme: Vendor Overbilling Part 1

By Leonard Vona
October 02, 2018
Fraud expert and MISTI instructor, Leonard Vona, selected a complex corruption scheme and a complex overbilling scheme to illustrate how fraud auditing can detect even the most complex schemes.
2017-11-23 06:23:10

Investigate, Understand and Forgive: A Realistic Alternative to Zero Tolerance

By Nigel Iyer
November 23, 2017
Fraud and corruption are all around us. As internal auditors, if we're so heavy handed with the few “sinners” we catch, won’t the large majority who didn't get caught breath a huge sigh of relief and just try even harder to stay hidden?
2017-07-07 07:51:49

Spotting Potentially Fraudulent Shell Companies During Audits

By Leonard Vona
July 07, 2017
Boards of directors, stockholders, management teams, and professional standards all expect internal auditors to respond to the risk of fraud in core business systems.
2016-10-28 09:08:00

MISTI on Audit: Internal Audit’s Role in Detecting and Preventing Fraud

By Joseph McCafferty
October 28, 2016
In the latest edition of our video series "MISTI on Audit," Joel F. Kramer, vice president of audit curriculum at MIS Training Institute, talks about internal audit's role in detecting and preventing fraud.
2016-10-11 14:30:00

Where Bribery and Corruption Still Reign

By Joseph McCafferty
October 11, 2016
Despite vigorous efforts by regulators in the United States and Europe to punish bribery, it still plagues many parts of the world.
2016-09-28 08:00:00

SEC Dings Weatherford $140 Million for Accounting Fraud Charge

By Joseph McCafferty
September 28, 2016
Two former company accounting executives also agree to settle charges, including fines and suspensions.
2016-09-26 12:00:00

Upping Your Fraud Detection Game

By Joseph McCafferty
September 26, 2016
With news of several frauds at U.S. companies making headlines, some internal auditors are looking to increase their fraud-finding skills.
2016-09-20 09:07:00

Unpacking the Wells Fargo Phony Accounts Debacle

By Joe McCafferty
September 20, 2016
As the fallout from the Wells Fargo fraud case continues, several questions still linger. Chief among them is if CEO John Stumpf will continue to hang on to his job.
2016-09-12 16:00:00

With Wells Fargo, It’s Déjà Vu All Over Again

By Joseph McCafferty
September 12, 2016
It's often said that the regulatory response to a large financial scandal or series of frauds will be swift and sweeping and that it will do absolutely nothing to stop the next series of frauds or scandals.
2016-08-03 12:15:00

Big Challenges for Public Auditors in Africa

By Joseph McCafferty
August 03, 2016
It's not easy to be an internal auditor at a public entity in Africa. "It takes a lot of bravery," said Graham Joscelyne, chair of the audit and ethics committee at the Global Fund to Fight Aids.
2016-08-02 06:00:00

Fraud Prevention Insights for Auditors

By H. David Kotz, Managing Director, Berkeley Research Group, LLC
August 02, 2016
In December 2007, I was appointed as the Inpsector General of the Securities and Exchange Commission and served in that capacity until January 2012. An IG is an internal watchdog for a governmental body with its primary purpose being to identity and reduce waste, fraud, and abuse in the agency. IGs supervise both internal audit and investigative units.
2016-07-29 01:15:00

SEC Hits South American Airline With Bribery Charges

By Joseph McCafferty
July 29, 2016
The Securities and Exchange Commission has charged South American-based LAN Airlines with making illegal payments to attempt to settle a labor dispute, in violation of the Foreign Corrupt Practices Act.
2016-07-15 14:20:00

Corporate Reporting in Emerging Markets Failing the Transparency Test

By Joseph McCafferty
July 15, 2016
A new report finds that the majority of large, multinational companies based in emerging markets, including China and Brazil, are falling down on their responsibility to provide transparent corporate reporting.
2016-06-29 12:30:00

Five Lessons from Madoff that Should Still Resonate

By Joseph McCafferty
June 29, 2016
Corporate frauds are cyclical, meaning that they tend to come in waves, particularly when the markets perform poorly or a recession hits. (That is, when the scandals themselves aren't the actual cause of the recession as we saw in the financial crisis of 2008.)
2016-05-25 13:30:00

Auditors, Beware the Ebbing Tide

By Joseph McCafferty
May 25, 2016
Warren Buffet, the king of folksy, one-liner investment aphorisms, has one for the problems that a bear market can cause: "It's only when the tide goes out that you can see who has been swimming without their trunks on."  
2016-05-17 12:30:00

Corruption’s Toll on Companies Takes Many Forms

By Joseph McCafferty
May 17, 2016
Companies are paying a huge price for worldwide corruption and bribery, even if they are adopting practices to fight against it. That's because the cost of corruption takes many forms, including loss of business to less scrupulous companies, and regulatory requirements.
2016-03-16 14:00:00

Corruption Risks Expected to Increase

By Joseph McCafferty
March 16, 2016
Bad news for internal auditors, compliance executives, and risk managers who were hoping that bribery and corruption risks would start to subside after being on high alert for the last few years: they are actually increasing.
2016-02-16 17:07:00

Expense Reporting Still a Common Place to Hide Bribery

By Joseph McCafferty
February 16, 2016
This week the Securities and Exchange Commission settled a case with Mass.-based technology company PTC Inc. and its Chinese subsidiaries that could create new imperatives for internal audit practices and assurance of anti-bribery programs.

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