Last August, Northern Marine Management India, a shipping company located in Powai, a suburb of Mumbai, India, discovered that it has been the victim of a bold heist. The company kept gold coins that it used to honor employees at their retirements. Depending on their years of service, retiring employees Read More
Nursing home operator PACS Group delayed the release of its third-quarter earnings, providing only preliminary results on Wednesday as it carries out an internal audit and cooperates with a federal investigation into its referral and reimbursement practices. Originally scheduled for Nov. 7 after market close, PACS now expects to disclose Read More
Taking a holistic view in internal audit means understanding the entirety of a process from start to finish, including its various interconnections and implications. This approach involves thoroughly comprehending the activities involved, the individuals responsible, and the broader impact on the organization. By mapping out the complete beginning-to-end cycle of Read More
How can internal auditors look for fraud and assess fraud risks while remaining trusted advisors to their audit clients and management? The question is gaining renewed attention, in part because both the new Global Internal Audit Standards from the Institute of Internal Auditors (IIA) and the proposed standards from the Read More
Investigators and internal auditors are using a somewhat simple mathematical principle to catch fraudsters. Known as “Benford’s law,” it is the idea that the distribution of digits in multi-digit natural numbers is not random, nor is it equally distributed; instead, it follows a predictable pattern. In the realm of data Read More
Ethics investigations can be challenging for just about any organization. If done right, an ethics investigation can help you identify wrongdoing and unethical behavior and put a stop to it before your organization pays the price for not maintaining a conducive and compliant work environment. A poorly executed ethics investigation, Read More
A new benchmark report closely examines what is and isn’t working with whistleblower hotline programs, especially as they concern fraud detection. Among the most troubling findings: 25 percent of organizations still don’t have a whistleblower program and among those that do, only 39 percent bother to audit them. The report, Read More
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE) jointly announced the release of the Fraud Risk Management Guide: Second Edition, a new publication that offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. The Guide updates Read More
Companies based in the United States are the number one target for ransomware, with nearly half (46 percent) of all ransomware attacks happening there, new research by cybersecurity company NordLocker reveals. The study examined several databases of ransomware incidents that affected more than 5,000 companies worldwide. With a joint revenue Read More
As internal auditors, we all have a “spidey sense” of what we should be auditing. Sure, we should, of course, conduct comprehensive risk assessments that drive our audit plan, and many of the usual suspects will end up on that plan: cybersecurity, regulatory compliance, financial reporting, third-party relationships, and you Read More
