Anti Fraud / Corruption; Internal Control; Risk Management; Internal Audit

Fraud Examination: What it Takes

2012-01-25T23:26:00.001+02:00

ACFE President Offers Career Advice

" Top Skills Needed

FIELD: What do you see as the most critical skills for the people getting into the field now?

RATLEY: I gave some thought to that because I've been asked that many times in the past. The fraud-examination field is comprised of a wealth of talent, but a wealth of specialized skills. We have attorneys that are involved in it. We have accountants that are involved in it. We have investigators, IT professionals. But the backbone of the fraud-examination profession is the investigative skills. And the more of these segments that you can put in your arsenal - the forensic IT specialists - there's a big demand for those now, someone that can come in and conduct an examination on a computer and retrieve deleted information. That's a very hot area right now. But if you take the forensic IT specialist and you provide them with investigative skills, they're even more sought after. The same thing with an auditor or a CPA - if you take an auditor or CPA and train them as an investigator, they're much, much more effective as a fraud examiner, and as a result they're in much greater demand."

This is part of a recent interview with Mr. Ratley, the ACFE president, ( see source below).

I think that as fraud and corruption became a global phenomenon, fraud examiners need to have collective skills that will make their activities more effective and efficient. In addition to what Ratley stated in the interview, I think a fraud examiner needs to have, among other personal skills, the following know how and skills:

Internal control
International business ( culture, values, and ethics)
Due diligence
Statistics

I would like to reiterate what Rately asserted and emphasized that the Investigative skills are at the core of the fraud examiner arsenal.

Source: http://www.bankinfosecurity.com/articles.php?art_id=4432&pg=1

The Architecture of Fraud and Corruption

2011-12-31T00:32:00.001+02:00

Addressing the fraud and corruption phenomenon needs more than just reactive acts. It needs a comprehensive, thoughtful, and thorough study and analysis of the entity's or country's socioeconomic circumstances. However, there must be a real and sincere political will to fight fraud and corruption.

This is what is called the "Architecture of Fraud and Corruption". One needs to start from these basic understanding.

. Corruption of principles. According to Zekos (2004, p. 644), only the harmonization of ethical principles in business could contribute to stop the use of corruption methods. In other words, the corruption of principles could only be annihilated through the introduction of universal ethical principles.
. Corruption of moral behavior. Zekos (2004, p. 641) mentioned the ethical dilemma business corporations have to deal with: either, business leaders as well as their employees are choosing the most profitable course of action, although it implies unethical behavior, or they conform themselves to their personal and organizational ethical norms. In both cases, there is a high risk that their choice could “drive their company out of business”. In the first case, because of the legal pursuits against the company; in the second case, because of the loss of its competitiveness on the globalized markets.
. Corruption of people. Zekos (2004, p. 644) said that small-scale corruption will be very difficult to stop.
. Corruption of organizations. Zekos (2004, p. 639) said that in business corporations, corruption creates more uncertainties about the expected level of profits, so that business leaders tend to undertake “loss-avoiding behaviours” which are either expensive, or inefficient, or both. Indeed, as rightly said Zekos (2004), corruption reduces competitiveness. Only those competitors who can pay large bribes can actually compete. The other potential competitors are automatically excluded from the market. Corruption is an anti-trust behaviour. Zekos (2004, p. 641) added that corruption erodes public confidence in the market. The final effect is that people no longer trust business leaders and,progressively, any other representative of social authority.
. Corruption of states. According to Z ekos (2004, pp. 639-41), in corrupt societies, government bureaucrats are only focusing on their growing economic power, so that their competence is no longer developed as it should be. He defined “transnational corruption” as the bribery of government officials by foreign businesses. He said that such corruption makes national economies less efficient. People are thus no longer trusting their political leaders and public servants.

Zekos, G.I. (2004), “Ethics versus corruption in globalization”, Journal of Management Development, Vol. 23 No. 7, pp. 631-47.
Dion, M. 2010, "What is corruption corrupting? A philosophical viewpoint", Journal of Money Laundering Control, vol. 13, no. 1, pp. 45-54.

Don't Mention It: How 'Undiscussables' Can Undermine an Organization

2011-12-23T22:53:00.000+02:00

These are parts of an article that was published December 20, 2011 in Knowledge@Wharton. My comments follow in red.

"After everything falls apart, the failures to act become obvious: Why didn't somebody at Penn State do more to pursue allegations that former assistant football coach Jerry Sandusky was sexually abusing young boys? Didn't anybody at MF Global Holdings notice that something was wrong before $1.2 billion in customer cash disappeared? Why, decade after decade, didn't anyone at Olympus protest $1.7 billion in accounting irregularities?

"Why was there almost a conspiracy of silence?".......

Most experts agree that leaders must set the tone for the entire organization, work to elicit discussion about taboo topics and maintain transparency about how they respond to any concerns........Companies should also establish metrics, routines, audits and incentives to help identify problems and suggest areas of change, says Wharton management professor Lawrence G. Hrebiniak, who has acted as a consultant to dozens of companies such as General Electric, AT&T, Microsoft and DuPont. When top management diligently works to measure performance, elicit feedback and respond openly to problems when raised, it can usually make progress, Hrebiniak has found. "Control systems are important to implementing strategy and identifying problems," he says.

The caveat, of course, is that leaders need to pay attention to the facts. "In two cases, I've reported data to top management and they disinvited me from a strategic session," Hrebiniak recalls. "Some of the problems that were identified seemed to suggest poor leadership from the top.... They didn't want it to come out on their watch."

When companies have a culture in which managers are "more interested in hiding things than solving problems," there is little anyone can do to help, Hrebiniak says. "You need top management to react strongly. If they bury the stuff, they're dead.""

It is unfortunate that management usually discusses the undiscussables too late. It is evident that it will always be true that tone prevailing at the top is what sets other tones across each layer in any entity.

Top management will always be responsible and accountable about the culture and ethical values in their entities. I would like to reiterate the fact that controls in general and internal control systems in specific will be of no value when top management does not support such control systems. Mere compliance with all kinds of polices, rules, and regulations is not enough. Great leadership is an ethical leadership that has no taboos when it comes to group politics and internal politics. Group loyalty may sometimes be a sort of collusion rather than any thing else.

I do believe that unless top management leads by example at the highest ethical standards and supports each member their staff to speak up about each and any suspected immoral, unethical or corrupted acts, the collapse of such entities will be devastating and a matter of time.

Executive Due Diligence Professional (EDDP) Launched in Amman - Jordan

2011-12-19T21:23:00.000+02:00

L. Burke Files at Philadelphia University

Birzeit Consulting, the exclusive representative of the ADDP's Executive Due Diligence Executive certification program in the Middle East and Africa, AZ International, the exclusive provider of the EDDP program in Jordan, and the ADDP, USA launched the EDDP certification program last week in Amman - Jordan.

The launch of the EDDP program was attended by the ADDP. The EDDP certification program will be conducted in Jordan in April and October 2012.

L. Burke Files, the leading international authority of due diligence, presents and conducts the EDDP certification program.

The Executive Due Diligence Professional credential class is a two-day master class on the Science of Due Diligence. Each delegate will receive their Executive Due Diligence Professional credential when he/she passes the exam and a one year membership in The Association of Due Diligence Professionals; the first and foremost professional association dedicated exclusively to the Due Diligence industry.

Executive Due Diligence Professional (EDDP)

2011-12-09T16:10:00.001+02:00

For the First Time in the Middle East and Africa

Earn Your Credentials as an Executive Due Diligence Professional - EDDP

The Executive Due Diligence Professional credential class is a two-day master class on the Science of Due Diligence. Each delegate will receive their Executive Due Diligence Professional credential when he/she passes the exam and a one year membership in The Association of Due Diligence Professionals; the first and foremost professional association dedicated exclusively to the Due Diligence industry.

Today, more than ever it is imperative that Executives be aware of the necessity of understanding the importance of Due Diligence to make thorough and well informed decisions. Due Diligence is more than checking credentials and financials during an acquisition but thoroughly understanding what is important in the proper functioning and management of an organization.

The two day class will provide the initial framework with which to begin the process of forming a dynamic organization focused on the priorities that will drive peak performance.

60 Minutes: Congress legalized insider trading

2011-12-09T15:43:00.001+02:00

'60 Minutes' on " Honest Graft". This is not a soft graft. It is corruption based on any definition of corruption. Congress men and women should be brought to justice for any kind of misconduct including corruption. More is mentioned in this video.

Lobbyist , Congress, Corruption: Stop Corruption in Washington DC

2011-12-09T15:17:00.001+02:00

Crooked lobbyist Jack Abramoff explains how he asserted his influence in Congress for years, and how such corruption continues today despite ethics reform.

Anti-Corruption Links

2011-12-08T14:01:00.001+02:00

Anti-Corruption Intergovernmental Organisations

African Development Bank Group

African Parliamentarians Network Against Corruption (APNAC)

African Union

Anti-Corruption Network (ACN) for Eastern Europe and Central Asia

Asian Development Bank (ADB)

ADB/OECD Anti-Corruption Initiative

Asia-Pacific Economic Cooperation

Council of Europe

European Anti- Fraud Office (OLAF)

European Commission

European Partners Against Corruption (EPAC)

Global Organization Against Corruption (GOPAC)

GOPAC-Europe

International Chamber of Commerce

International Group for Anti-Corruption Coordination (IGAC)

International Monetary Fund

Interpol

Organisation of American States

Organisation for Economic Cooperation and Development (OECD)

Resource Center of Regional Anti-Corruption Initiative for South East Europe Sothern African Development Community (SADC)

United Nations Criminal Justice Information Network (UNCJIN)

United Nations Economic Commission for Africa (UNECA)

UN Global Compact

World Bank

Stolen Asset Recovery Initiative (STaR) - World Bank and UNODC

World Economic Forum

Other International Organisations

International Anti-Corruption Academy (IACA)

International Association of Anti Corruption Authorities (IAACA)

International Business Leaders Forum (IBLF)

Independent Commission Against Corruption (ICAC)

TRACE International

Transparency International

Other Organisations by Country

Albania

Supervision of the internal audit
http://www.klsh.org.al/index.php?l=e

Argentina

Anticorruption Office, Ministry of Justice and Human Rights
http://www.anticorrupcion.gov.ar/

General Audit of the Republic of Argentina
http://www.agn.gov.ar/

Supreme Court of Justice (Corte Suprema de Justicia). Available only in Spanish
http://www.csjn.gov.ar/

Trust in Argentina (Confianza en Argentina). Available only in Spanish
http://www.fidentia.org.ar/seccs/carta.htm

Austria

Federal Bureau for Internal Affairs
http://www.bia-bmi.at/

Australia

Independent Commission against Corruption
http://www.icac.nsw.gov.au/

Brunei

Anti-Corruption Bureau
http://www.anti-corruption.gov.bn/

Brazil

Tribunal de Contas da Uniao
http://www2.tcu.gov.br/portal/page?_pageid=33,1&_dad=portal&_schema=PORTAL

Controladoria-Geral da União - CGU
http://www.cgu.gov.br/

Public Ministry campaign-"O que você tem a ver com a corrupção"

Transparency Portal

UNODC Brazil

Bulgaria

Financial Intelligence Agency
http://www.fia.minfin.bg/

Anti-corruption Coordination Commission
http://www.anticorruption.bg/index_eng.php

Ministry of Foreign Affairs
http://www.mfa.government.bg/index.php?newlang=eng

China

Independent Commission Against Corruption (ICAC)
http://www.icac.org.hk/eng/main/

Colombia

Presidential Programme to the Fight Against Corruption (Programa Presidencial de Lucha contra la Corrupción)
http://www.anticorrupcion.gov.co/

Transparency for Colombia (Transparencia por Colombia)
www.transparenciacolombia.org.co

UNODC Colombia

Ecuador

Comisión de Control Cívico de la Corrupción
http://www.comisionanticorrupcion.com/

El Salvador

http://www.probidad.org/tiki-index.php

Hong Kong

Hong Kong's Independent Commission against Corruption (ICAC)
http://www.icac.org.hk/eng/welc/index.html

India

Central Vigilance Commission
http://cvc.nic.in/

Department of Public Enterprises
http://www.dpe.nic.in/

Election Commission
http://www.eci.gov.in/

Ministry of Law & Justice
http://www1.oecd.org/daf/asiacom/countries/index_ID.htm

Central Bureau of Investigation
http://www1.oecd.org/daf/asiacom/countries/index_ID.htm

List of Agencies in the Government of India Fighting Corruption
http://www1.oecd.org/daf/asiacom/countries/index_ID.htm

Indonesia

Indonesian Corruption Eradication Commission (CEC), Komisi Pemberantasan Korupsi (KPK)
http://www.kpk.go.id/

Italy

" Per una Cultura dell'Integrità nella Pubblica Amministrazione", Scuola Superiore della Pubblica Amministrazione (SSPA)
http://integrita.sspa.it/

Korea

Anti-Corruption and Civil Rights Commission(ACRC)
http://www.acrc.go.kr/eng_index.html

Liberia

Center for Transparency and Accountability in Liberia (CENTAL)

Taking the fight against corruption to communities

Repository of corruption stories reported in the Liberian media

Malaysia

Anti-corruption Agency in Malaysia
http://www.developmentgateway.com.au/jahia/Jahia/pid/407

Mexico

Comisión Intersecretarial para la Transparencia y el Combate de la Corrupción (CITCC)
http://www.programaanticorrupcion.gob.mx/

The Republic of Montenegro Agency for Anti-Corruption Initiative

Information in English and Crnogorski

New Zealand

State and Service Commission, Integrity and Conduct
http://www.ssc.govt.nz/display/document.asp?navid=273

E-government in New Zealand
http://www.e.govt.nz/

Paraguay

Integrity National Plan (Plan Nacional de Integridad). Available only in Spanish
http://www.pni.org.py/Index.htm

Contraloría del Paraguay
http://www.contraloria.gov.py/

Peru

Anti-corruption National Commission (Comisión Nacional Anticorrupción)
http://www.cn-anticorrupcion.gob.pe/

Philippines

Office of the Ombusdman
http://www.ombudsman.gov.ph/index.php?pagename=Home&tag=

Transparent Accountable Governance
http://www.tag.org.ph/about/default.htm

Sierra Leone

Anti-Corruption Commission of Sierra Leone

Singapore

Corruption Practices Investigation Bureau
http://app.cpib.gov.sg/newcpib/user/default.aspx?pgID=21

South Africa

Public Service Commission
http://www.psc.gov.za/

Thailand

Office of the National Counter Corruption Commission
http://www.nccc.thaigov.net/nccc/en/main_eng.php

U.S.A

U.S.A. Senate Committee on Foreign Relations (Combating Corruption in the Multilateral Development Banks)
http://foreign.senate.gov/about.html

Interagency Ethics Council: Standards of conduct for federal employees
http://www.iecjournal.org/

IGnet - Federal Inspectors General
http://www.ignet.gov/igs1.html

Office of Government Ethics
http://www.usoge.gov/index.html

The Brookings Institution
http://www.brook.edu/gs/cps/50ge/endeavors/transparent.htm

United States Department of Commerce Office of General Counsel
http://www.ogc.doc.gov/ethics.html

Source: http://www.unodc.org/yournocounts/en/resources/index.html

SAY NO TO CORRUPTION

2011-12-06T21:34:00.001+02:00

UNODC has produced a video spot to illustrate that people are not simply at the mercy of corruption, and often have the power to say NO. UNODC urges broadcasters to air the video spot in support of the campaign.

THE SECRETARY-GENERAL MESSAGE ON INTERNATIONAL ANTI-CORRUPTION DAY-Everyone Has Duty to Stamp Out ‘Cancer of Corruption’, Says Secretary-General In Message, Urging All to Crack Down on It, Shame Those Who Practise It

2011-12-06T20:03:00.001+02:00

December 6, 2011

"Corruption is a threat to development, democracy and stability. It distorts markets, curbs economic growth and discourages foreign investment. It erodes public services and trust in officials. And it contributes to environmental damage and endangers public health by enabling the illegal dumping of hazardous waste and the production and distribution of counterfeit medicines.

The United Nations Convention against Corruption has helped the public sector to make progress in deterring these crimes. Last year, the Convention's States parties, which now number 148, established a peer review mechanism to identify gaps in national anti-corruption laws and practices -- a major breakthrough that can help governments halt bribe-taking and the embezzlement of public funds.

The private sector's contribution is also essential. Corruption acts as a hidden overhead charge that drives up prices and erodes quality without any benefit to producers or consumers. Preventing corruption makes good business sense. Increasingly, investors are factoring not only environmental, social and governance considerations into their decision-making, but sound ethical performance as well.

I call on business leaders worldwide to denounce corruption and to back their words with strict prohibitions against it. They should adopt anti-corruption policies in line with the United Nations Convention and put in place the necessary checks to strengthen integrity and transparency. I also urge corporations to work more closely with the United Nations on this issue. In particular, they should consider joining the UN Global Compact, the world's largest corporate sustainability initiative, which provides participants with tools to fight all forms of corruption, including extortion and bribery.

What we urge upon the public and private sectors, we at the United Nations must practice ourselves. An ethical organizational culture is one of the best antidotes to corruption. The United Nations Ethics Office promotes accountability, integrity and transparency. A thorough policy protects staff against retaliation if they report misconduct or participate in audits and investigations that may expose unethical behaviour.

The United Nations is also working to combat corruption in the conduct of its activities, including procurement, by ensuring individual accountability, collaborating with law enforcement officials, and investigating all possible instances of corruption that may arise. On 8-9 December at UN Headquarters in New York, the UN Office of Internal Oversight Services is bringing together organizations from around the world for a conference aimed at strengthening the role of internal investigations in combating corruption.

On this International Anti-Corruption Day, let us all do our part to foster ethical practices, safeguard trust and ensure no diversion of the precious resources needed for our shared work for development and peace."

L. Burke Files: An International Due Diligence Authority

2011-12-05T08:51:00.001+02:00

Mr. Files is a widely recognized expert in the area of financial investigations and due diligence. He currently serves as an advisory board for the Association of Due Diligence Association.

He has authored numerous articles as well as books on the subject. Additionally, he has presented seminars on financial investigation subjects for many years in many countries.

Mr. Files was a partner in a regional consulting firm specializing in business, financial and securities consulting. He also served as the Director of Corporate Finance for an investment banking company. Additionally, Mr. Files was a commodities specialist for Oppenheimer/Rouse.

Among the publications he has contributed to or appeared in:

Chief Executive Officer ; IFC Review; Royal Gazette; Cayman Today; Fox News;Wired UK; El Cosario;European Business; NPR Market Watch; Bloomberg; USA Today ; Associated Press.

In addition to numerous published articles, Mr. Files is the author of five books including:

The multiple award winning Due Diligence For the Financial Professional, 2nd Edition, Publisher Aegis Journal 2010. The book Won 2nd Place book for New Titles in Business and Finance - RDFA. and Won 3rd Place Eric Hoffer Book Awards 2011.

Training manuals:
Corporate Financial Investigative Techniques
OPSEC Audit and Review Process
Skip Tracing and its Methodology
Entities for Businesses and Persons

Mr. Files has also appeared on television and radio in the US and some select international locations.

He is a sought after speaker and has presented at many private governmental agencies on topics of Offshore Finance, Anti Money Laundry, Securities Fraud, Due Diligence, and Intellectual Property and Critical Information.

Mr. Files and his firm are regularly sought out international investigator for those cases that bedevil the desktop practitioner. He is the practice section leader on due diligence and asset location investigations and for intellectual property and critical information investigations and has been the case manager on fraud investigations ranging from tens of thousands of dollars to over 2 billion dollars.

Using a wide array of conventional and unconventional techniques, Mr. Files unravels the money trail to find the assets for recovery.

The purpose of Due Diligence is to avoid ever having to call Mr. Files to recover assets taken by fraud, but rather to call him to help prevent fraud and understand the opportunities presented.

Mr. Files conduct investigations in the United States, Eastern Europe, Central and South America and China.

The Middle East and Africa Needs Due Diligence

2011-12-02T23:20:00.001+02:00

As a market leading provider of internal control and anti fraud andcorruption professional services in the Middle East and Africa, we keepfocusing on the tone that prevails at the top management because they makeroutine and non routine decisions that define the success and failure of theirbusiness entity. When the late Peter Drucker, the father of modern management,says that a decision is a decision if and only if it is accompanied by anaction, the critical question would be how the decision was made and on whatbasis. As each decision made needs information, mastering the basic skills ofdue diligence would ensure that a methodical process is followed that willmitigate decision making failure.

Most top management and executives, in both public and privatesectors, in the Middle East and Africa do not have the proper understanding andthe basic skills of due diligence, internal control, or anti fraud andcorruption. As a result and as we believe that due diligence is one of the mostimportant fraud prevention methodologies, we partnered with the Association ofDue Diligence Professionals to provide decision makers in the Middle East andAfrica with a Cram Review course to fulfill the decision makers primary need:lack of basic due diligence skills.

Executive Due Diligence Professional (EDDP) would be the newestcredential issued by the Association of Due Diligence Professionals that willbe offered for the first time globally and will be conducted in the Middle Eastand Africa. Mr. L. Burke Files, the leading international authority in duediligence, and Birzeit Consulting, led by its managing director Mr. MohaammedJ. Maosud, CPA, CFE, CICA, MBA will beoffering a two-days Cram Review course that will lead candidates to have thiscredential: EDDP.

The EDDP is not only targeting top management, but also seeks toreach any decision maker in her/his field. External auditor, internal auditors,lawyers, judges, parliament member, deputy minister, minister, anti fraudprofessionals, finance managers, controllers, among others, will be targeted tohave this new credential.

As other professional qualification issued byreputable institutions, EDDP candidates should attend an EDDP Cram Reviewcourse, fulfill educational requirements, and pass the EDDP exam to get theEDDP credential.

The EDDP exam will be conducted in each country where the EDDP CramReview course is offered. While the EDDP exam will be administered by theAssociation of Due Diligence Professionals, Birzeit Consulting will besupervising the EDDP exams in the Middle East and Africa.

Once one passes the exam, he / shewill receive the following:

· Diploma issued by the Associationof Due Diligence Professionals

· The EDDP credential issued by theAssociation of Due Diligence Professionals (a wallet sized credential)- (onestep next to Certified Due Diligence Professional)

· One year membership in theAssociation of Due Diligence Professionals (its cost is USD 500)

· The due diligence bestselling book“Due Diligence for the Financial Professional. (Everest Publishing. Winter1996. 2nd Edition 2004)” authored by Mr. Files

Ifone chooses not to sit for the exam, she / he will get all the above except thediploma and the EDDP credential. However, she / he will get a certificate ofattendance signed by Mr. Files.

For more information about the new credential; EDDP, please contactthe ADDP or Birzeit Consulting (info@bzconsult.com)

***END***

Earn Your Credentials as an Executive Due Diligence Professional - EDDP

2011-12-02T09:54:00.001+02:00

A two hours exam will be conducted either by the end of the Cram Review Course or within one week from the date of completing the EDDP Cram Review Course at the premises of our representative in the country in which the course is conducted.

The exam consists of 100 multiple choice questions where the passing score is 75.
Passing the exam is a prerequisite to have your designation of Executive Due Diligence Professional (EDDP) issued by the Association of Due Diligence Professionals (ADDP).
Repeating the exam will be allowed three months after the last time one failed to pass.
One should pass the exam within one year from the date of completing the cram course.
Certification eligibility is completely impartial and nondiscriminatory.
The examination process will be supervised by our exclusive representative in the Middle East and Africa; Birzeit Consulting – London office
All Examination scores are kept confidential.

Once one passes the exam, he / she will receive the following:

Diploma issued by the Association of Due Diligence Professionals

The EDDP credential issued by the Association of Due Diligence Professionals (a wallet sized credential)- (one step next to Certified Due Diligence Professional)

One year membership in the Association of Due Diligence Professionals (its cost is USD 500)

The due diligence bestselling book “Due Diligence for the Financial Professional. (Everest Publishing. Winter 1996. 2nd Edition 2004)” authored by Mr. Files

If one chooses not to sit for the exam, he will get all the above except the diploma and the EDDP credential. However, he will get a certificate of attendance signed by Mr. Files.

Analysis: MF Global proves Enron-era accounting lives on

2011-12-02T09:39:00.001+02:00

Thu Dec 1, 2011 5:09pm EST

(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global.

Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk than it really was.

On Thursday, Mary Schapiro, chairman of the Securities and Exchange Commission, told a committee of Congress the SEC was investigating the accounting treatment that helped mask MF Global's exposure to risky foreign sovereign debt.

The Enron Collapse: A Look Back - Investopedia.com

2011-12-02T09:16:00.001+02:00

The Enron Collapse: A Look Back - Investopedia.com

Dec. 2, 2011 marks the 10-year anniversary of the Enron Corporation's filing for Chapter 11 bankruptcy protection in a New York court, a move that sparked one of the largest and most complex bankruptcies in U.S. history. Headquartered in Houston, Enron was an energy, commodities and services company that had employed close to 22,000 people and had revenues of nearly $101 billion in 2000, shortly before its downfall.

Executive  Due  Diligence  Professional Certification  (EDDP)

2011-11-23T20:58:00.001+02:00

Announcements

Mr. Files  will  be  speaking  at  the  following  seminars... 

• Pinnacle  Group ‐ Singapore ‐M&A ‐ Dec 3rd  and  4th 
 • Avalo ‐ Kuala Lumpur – AML, December 5th  and  6th 
• Pinnacle  Group ‐ Kuala  Lumpur ‐M&A ‐ Dec 7th  and  8th 
• East West ‐ Malta ‐ OFC  Due  Diligence ‐ Dec 13th 
• Birzet  Consulting ‐ Amman ,  Jordan,  Executive  Due  Diligence Certification  (EDDP), December 14th and 15th 

For more information about the EDDP, please check our Website. You may also contact us at info@bzconsult.com.

More information about Mr. Files is available at our Website as well.

Executive Due Diligence Professional (EDDP)

2011-11-07T20:51:00.000+02:00

Jeddah, October 28,2011

ADDP Newsletter

TheMiddle East and Africa Needs Due Diligence

Once one passes the exam, he / shewill receive the following:

· Diploma issued by the Associationof Due Diligence Professionals

· The EDDP credential issued by theAssociation of Due Diligence Professionals (a wallet sized credential)- (onestep next to Certified Due Diligence Professional)

· One year membership in theAssociation of Due Diligence Professionals (its cost is USD 500)

· The due diligence bestselling book“Due Diligence for the Financial Professional. (Everest Publishing. Winter1996. 2nd Edition 2004)” authored by Mr. Files

Ifone chooses not to sit for the exam, she / he will get all the above except thediploma and the EDDP credential. However, she / he will get a certificate ofattendance signed by Mr. Files.

For more information about the new credential; EDDP, please contactthe ADDP or Birzeit Consulting (info@bzconsult.com)

***END***

Test Your IQ about Fraud and Corruption

2011-11-06T13:52:00.000+02:00

The objective of this exercise is to test your knowledge about fraud and corruption preventive and detective measures.

Click here

Why Peter Drucker Distrusted Facts - Stephen Wunker - Harvard Business Review

2011-11-05T11:57:00.000+02:00

Why Peter Drucker Distrusted Facts - Stephen Wunker - Harvard Business Review

"In a time of major shifts in our economy, when disruptive forces seem to lurk around every corner, Drucker's insight of nearly 40 years ago is more pertinent than ever. By all means, find the facts and create agreement. But first know the opinions and seek dissent."

Eid Adha Mubarak

2011-11-05T10:58:00.000+02:00

Dear colleagues, friends, and customers,

We wish you and your families happy holidays and Eid Adha Mubarak.

Birzeit Consulting Partners in the 4th Forensic Conference For Africa - Accra - Ghana

2011-08-29T15:20:00.000+03:00

Birzeit Consulting will be participating as a partner in the 4th Forensic Conference Fro Africa titled " Fighting Fraud / Corruption and Money Laundering in Africa Using Investigative Accounting Skills to enhance Operating efficiency" in Accra - Ghana during the period December 5 - 9, 2011. Birzeit Consulting will be participating by several of its associates and experts coming from the United States of America, the United Kingdom, and Jordan. The chief international speaker at the conference would be Mr. Mohammed J. Masoud, CPA, CFE, CICA, MBA, co-founder and managing director of Birzeit Consulting. He is an adjunct professor at the Arab American University, serves as an ACFE advisory board member, and a board member of the Arab Accountants Union (AAU) in Egypt. Participants will be from several African, Middle Eastern, and European countries.
The guest of honor of the conference would be Mr. Adu Anane Antwi, BSc, LLB, MBA, CA, Director General of the Securities & Exchange Commission-Ghana.
The conference detailed brochure and its condensed one can be found when you click on each of them. For registration, please contact O'Sullivan Associates Ltd, our partner in Kenya.

Eid Fitre Mubarak

2011-08-29T15:11:00.000+03:00

Eid Fitre Mubarak to all Muslims all over the globe.
"Birzeit Consulting ME, EMAC - London, BZ Advisor Washington DC, their partners, representatives, associates and administrative staff"

Your Choice of Fraud Prevention and Detection

Fraud and Corruption Definition and Ambiguities- Part 1.wmv

2011-07-25T21:37:00.000+03:00

Passive Fraud and Corruption

2011-07-10T14:56:00.000+03:00

What differentiates fraud from error is the intent underlying the one's act. Therefore, an error is an error if and only if one's act is not accompanied with an intent to defraud. But what differentiates fraud from passive fraud?

"Passive fraud and corruption" is a term I use to describe individuals or entities that are negligent or grossly negligent knowingly or unknowingly while dealing with the environment in which fraud and corruption occur. For example, when a senior executive collude with the CFO to defraud their company and they do, we call this fraud. However, what if the board of directors of this defrauded company does not conduct its acts in accordance with "duty of care"? Imagine if the board members do not have sufficient and appropriate financial expertise and are not aware about what fraud risks are. I call this board of directors passively corrupted and fraudsters. They participated indirectly in creating opportunities for others inside or outside the entity to use such environment that lacks the minimum required tone at the top.

Corruption in Public Sector: Africa

2011-06-20T23:19:00.001+03:00

This is an article I published in the Financial Gazitte newspaper on June 9, 2011; Harare-Zimbabwe. No one single word of the article was deleted or modified. This is the spirit that enveloped the The Third Anti Corruption International Conference of Harare that was held for the period June 13-15. It was opened by The Vice President of Zimbabwe.

The Third Anti Corruption International Conference of Africa

2011-06-20T23:04:00.000+03:00

This is the opening of The Third Anti Corruption International Conference of Harare that was held for the period June 13-15. It was opened by The Vice President of Zimbabwe. I will be publishing the speech of the Vice President because I professionally believe has a lot of issues that should be highlighted.

What Should We Know About Corruption in the Public Sector?

2011-06-10T12:12:00.000+03:00

Corruption is a form of fraud. It is a misuse of public office for private gains. The process of corruption usually has three parties involved: the public official who is entrusted by the public to carry our specific duties, the public who entrusted the public official, and citizen or a firm. Each of us knows for a fact that corruption has significant negative impacts on growth. Empirical studies have shown that corruption reduces incentives to invest, worsens the public infrastructures and services, decreases tax revenues and distorts the composition of government spending.

Corruption usually leads to bribery or extortion. Bribery is a situation when a person or entity gets something illegally that he/it is not entitled to. Extortion is a situation when a person or entity pays to get what he/it is entitled to. This distinction is very important especially for government officials who are responsible to set up strategies to fight corruption.

What a government should do to fight corruption? What public should do to fight corruption? These are major questions I will address in details in the 3rd Forensic Conference held under the title “Fighting Fraud/Corruption and Money Laundering in Africa Using Investigative Skills". It will be conducted in Harare at Rainbow Towers Hotel during the period June 13-15. The title of our paper will be “Preventing and Detecting Fraud/Corruption in the Public Sector." The answers to these questions are not simple but possible. The simple fact that no one can argue with is that the primary looser of corruption is the country and its citizens.

Among what a government can do are the following:

Establish and maintain effective anti fraud commission (AFC). The legal system should enable the AFC maintains its independence. Otherwise, the effectiveness of the AFC would be impaired.

Establish and maintain internal control systems that are designed specifically to deter, prevent, and detect corruption.

Establish a whistle blow system in each governmental entity. This is one of the most effective tools to discover corruption.

Promote fraud and corruption educational programs at the national level.

Engage universities in fighting corruption.

Provide a healthy environment to enable the civil society play its normal monitoring role regarding the performance of the public sector.

Enhance the legal system to provide a strong framework for all stakeholders.

Establish code of ethics in each governmental entity that promotes anti corruption practices.

Instill accountability for each post in the government. Transparency is a prerequisite to have accountability functions as intended.

Promote good governance

Obtain a financial position of the public official at the time she/he starts its business in the government and when she/he leaves her/his post.

Fight the conflicts of interest that prevails in too many corrupted governments worldwide

Fighting corruption is not a program that will start at a point and ends at another. It is a national strategy that should start soon and does not stop at any time in the future. Corruption will never be eliminated. It will stay as there are societies alive. A government should not manage corruption, it should minimize it.

Corrupted people are not corrupted by nature. They were not born corrupted. There were motives and opportunities that helped them to pursue their corrupt acts. However, what motivates a fraudster in Mexico may not motivate a fraudster in Cameron. Therefore, Corruption should first be diagnosed professionally and properly, then policies should be established based on strategies to minimize this phenomenon.

The answer to the question I raised regarding what you should know about corruption in the public sector is it depends on where you stand in the process: public official, public, citizen or a firm. It is evident that if there is no citizen or a firm in the process, there will never be corruption. That is why the public (the government) should ensure that they listen to its citizens and its firms.

If you are a government official, do not say it is complex and cannot be solved; you should say why we have corruption and how we should fight it. Unless you face it seriously, you may end with a situation like Egypt or at the best like Greece.

Mohammed J. Masoud, CPA, CFE, CICA, MBA

Managing Director

Birzeit Consulting ME; European Middle East Advisory Center (EMAC)-London; UK

London-UK

Email: mmasoudcpa@bzconsult.com

Published on June 9, 2011 in the Financial Gazette newspaper-Harare as a part of the 3rd Forensic Conference for Africa “Fighting Fraud/Corruption and Money Laundering in Africa Using Investigative Skills". The title of the paper we presented was “Preventing and Detecting Fraud/Corruption in the Public Sector."

Fraud’s Worst Enemy: a Strong Code of Ethics

2011-06-04T14:05:00.001+03:00

Fraud’s Worst Enemy: a Strong Code of Ethics

" three best practices of companies that know how to make ethical profits and fend off fraudsters:

1. Design and enforce a comprehensive fraud prevention policy and code of ethics. Ensure that every employee attends refresher training annually to stay abreast of new risks in a constantly changing business environment. Establish and publicize confidential reporting mechanisms.
2. Obtain unequivocal, ongoing C-suite and middle management support for the anti-fraud regime and ethics program.
3. When abuse or neglect is certain, fully enforce the ethics code and anti-fraud policies and procedures, regardless of the offender’s rank. Likewise, investigate allegations promptly and thoroughly, following up with enforcement when suspicions prove true. Bear in mind that the significance of minor offenses may be more symbolic than substantive. In such cases, when termination is inappropriate, alternatives such as temporary demotion or closer supervision can demonstrate management’s commitment to enforcement without depriving the organization of an otherwise valuable employee."
I think that each entity whether it is a private or public sector one should invest appropriately in instilling those ethics that help it avoid fraud and corruption and enhances its profit. It is always true that tone is at the top.

James R. Doty Says Audit Firms May Have to Be Rotated - NYTimes.com

2011-06-03T13:28:00.001+03:00

James R. Doty Says Audit Firms May Have to Be Rotated - NYTimes.com

"Financial statements often include many estimates, and auditors now simply conclude whether an estimate is or is not reasonable. That has been a problem in valuing some securities that rarely trade, with the same audit firm approving widely varying estimates by different clients. One possibility may be for disclosures to be made on the range that the auditor deemed reasonable, and where the estimate fell within that range"

In my opinion, The problem is more complex than it seems. changing auditors is good but not enough. The issue is what are the motives and incentives that drives audit firms' negligent behavior, conflict of interest, and fraudulent acts.

Not enough being done to tackle fraud claims report | News | Inside Housing

2011-06-03T12:57:00.000+03:00

Not enough being done to tackle fraud claims report | News | Inside Housing

According to the survey the public sector has adequate measures in place to tackle fraud after losses have been incurred, but identified areas where improvements to pre-emptive counter fraud activities could be made

The report discovered that fewer than 50 per cent of public sector bodies accurately estimated the cost of fraud, making the crime difficult to address.

Among central government organisations, it was also found that in more than half of them counter fraud staff do not receive any professional training.

This has caught out some providers with weaknesses in internal controls and the amounts lost can be significant. New scams are always appearing, it is therefore important that providers put systems in place to help safeguard themselves against the risk of fraud.

International Administration of CPA Examination

2011-05-10T09:45:00.000+03:00

May 3, 2011

In March 2011, in conjunction with the AICPA and Prometric, NASBA announced the opportunity for international administration of the Uniform CPA Examination to be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

The CPA Examination application process is basically the same for U.S. and international candidates. In order to qualify to take the CPA Examination outside the U.S., candidates will have to establish their eligibility through a State Board participating in the International CPA Examination Administration program. Click the following link for the list of participating State Boards.

Before applying to sit internationally, please read the Candidate Bulletin and the International Examination Informed Consent. Candidates should then visit the Jurisdiction Map in the CPA Exam section of the NASBA website for information about eligibility requirements and the examination application process for the jurisdiction in which they wish to apply. Prospective candidates must select the U.S. jurisdiction to which they will apply, contact the Board of Accountancy (or its designee) in that jurisdiction to obtain application materials, submit completed applications and required fees as instructed, and once deemed qualified, schedule the examination. After receiving the Notice to Schedule, you may then register to take the examination in an international location through the NASBA website.

Note: After the registration process is complete for each examination section, you will need to wait at least 24 hours before you schedule your appointment. Initially, the examination will be offered internationally during a one-month testing window per calendar year quarter.

Regardless of which Board of Accountancy has declared you eligible for the examination, in addition to paying any domestic testing fees, you must pay additional fees for each examination section you plan to take internationally. Those fees per examination section are:

AUD: $292.85
BEC: $314.90
FAR: $292.85
REG: $314.90

Certain jurisdictions have specific rules and requirements to sit for the Uniform CPA Examination, as well as qualifying for CPA licensure after passing the examination. Before applying in any jurisdiction to take the CPA Examination in an international location, be sure to read the jurisdiction's Information for Applicants on the website. It may also help to visit the Board of Accountancy’s website of the jurisdiction where you wish to apply. Further details about international administration of the examination can also be found on the international testing FAQ sheet that is available on the AICPA Uniform CPA Examination website.
For candidate convenience, NASBA has recently extended call center hours and created an international number. The hours of operation and contact phone numbers are as follows:

• Call 1-800-CPA-EXAM. Days and hours of operation: Monday – Thursday, 8 a.m. to 2 a.m., Eastern Time, and Friday, 8 a.m. to 6 p.m., Eastern Time (UTC -5).
• Call 1-855-CPA-GUAM or 671-300-7441 (international candidates). Days and hours of operation: Monday – Friday, 7 a.m. to 4 p.m., Japan Standard Time (UTC + 9).

The Fraud Triangle

2011-05-08T21:36:00.000+03:00

Fighting Fraud / Corruption and Money Laundering in Africa

2011-05-03T20:38:00.000+03:00

Tweedie Urges U.S. Acceptance of IFRS

2011-03-11T18:49:00.001+02:00

WASHINGTON, D.C. (MARCH 10, 2011)

BY MICHAEL COHN

"International Accounting Standards Board chairman Sir David Tweedie made the case Thursday for U.S. businesses and the Securities and Exchange Commission to support International Financial Reporting Standards this year."

It is really odd for the US regulators to delay such a move towards the full adoption of the IFRS. I hope that the time will not come when it becomes too late.

Fraud and Corruption in Public Sector

2011-03-05T23:15:00.000+02:00

While I am searching and preparing a literature review for a research paper about fraud and corruption in the public sector that will be presented in an international conference this coming summer, I came across several issues that I thought interested parties does worth to read amid all this corruption and fraud crisis in the Middle East. I will only add a short comment at the end.

"£38bn FRAUD costs the UK economy £38 billion a year, with more than half that suffered by the public sector, the National Fraud Authority reported last week. That is equivalent to £765 for every adult in the UK."

Source: The Sunday Times (London), Fraud rife in public sector, January 30, 2011 Sunday ,Edition 1; National Edition, SECTION: MONEY;FEATURES; Pg. 2

" It's only when the tide goes out that you learn who's been swimming naked." These widelyquoted words of Warren Buffett .....There are three major factors in fraud crime: opportunity, motive and rationalisation. Opportunity is related to weaknesses in the company which allow fraud to happen and create an atmosphere where fraudsters believe they can remain undetected. Motive develops from financial pressure, whether personal or corporate: the need or desire to maintain a lifestyle, or pressure from managers to meet targets. Rationalisation is a fraudster's 'internal dialogue', which provides a self-justification for the actions.

An economic downturn causes the first and second factors, and therefore causes increased incidence, but also discovery, of fraud in these periods. Clearly there will be more financial pressure, with personal spending power reduced and companies finding it more difficult to achieve budgeted results. Company managers respond to these difficulties by imposing greater scrutiny on processes and controls, partly because they need to thoroughly explore the possible reasons for under-performance, and partly because, frankly, the reduction in normal activity gives them time to do so. The results are more fraud and more discovery of fraud."

Source: Hitesh Patel, Ian Dawson. Legal Week. London: Feb 5, 2009. pg. 34

"Washington-based Global Financial Integrity (GFI) announced in a report that the cost of illegal financial activities and government corruption such as corruption, tax evasion and crime in Egypt amounted to almost USD6 billion annually to a total of USD57.2 billion from 2000 to 2008, reported Gulf News. The personal fortune of the resigned President Hosni Mubarak and his family is estimated to be between USD40 billion and USD70 billion. Switzerland froze Mubarak's assets after he resigned and now the UK is pressured to trace and freeze Mubarak's assets in the UK. Former ministers and businessmen are being investigated by Egypt's public prosecution for robbing public wealth. Also, they are not allowed to leave Egypt and their accounts have been frozen. It is worth noting that privately owned wealth is estimated to be enough to cover USD32 billion of Egypt's foreign debt"

Source: "Corruption costs Egypt USD57.2b. " The Pak Banker 22 Feb. 2011,ABI/INFORM Global, ProQuest. Web. 5 Mar. 2011.

My Comment: I think fraud is global and knows no boundaries. Fraud has no religion. A fraudster is any one who commits fraud when she/ he is given the right circumstances.

CPA Profile: Jennifer de Leon

2011-02-28T20:07:00.001+02:00

Internal audit in the public sector: The quiet revolution

2011-02-28T19:34:00.000+02:00

It used to be that internal auditing in the public sector served as a simple administrative procedure comprised mainly of checking accuracy of transactions, pre-payment verification and control, counting assets and reporting on past events to various types of management. But in recent times, a combination of forces has led to a quiet revolution in the profession. Governments moving toward higher levels of transparency must demonstrate accountability in the use of public money and efficiency in the delivery of services. Larger and more complex operations demand greater competency and professionalism from internal auditors to minimize and manage risk.

Hani Mounir Khoury
Deloitte, Middle East -The Middle East Point of View issue #4

Mohammed J. Masoud Becomes a Member of the ACFE Advisory Council

2011-02-28T00:47:00.000+02:00

The Association of Certified Fraud Examiners (ACFE) has approved Mr. Masoud to serve as a member of the ACFE Advisory Council effectively from January 26, 2011. Birzeit Consulting ME congratulate Mr. Mohammed J. Masoud, CPA, CFE, CICA, MBA for this International professional role in the anti fraud profession and wish himll the best.

Do You Want to Pass the CPA Exam?

2011-02-26T12:59:00.000+02:00

I think the answer is yes. The CPA exam will be conducted for the first time ever outside the US starting in August 2011. I am personally extremely happy for this news as so many excellent accounting students from the Middle East will be able to sit and pass this exam without any worries about the Visa of the US.

Therefore, Birzeit Consulting started a facebook page called CPA Review to provide the accounting students and the CPA candidates with the latest relevant information regarding the CPA exam.

I hope you will find all what you need there.

Mohammed Masoud CPA, CFE, CICA, MBA

2010-11-11T20:18:00.005+02:00

internal control: risk-based principles...

See more presentations by mmasoudcpa | Upload your own PowerPoint presentations

2010-11-11T20:18:00.004+02:00

the auditor's responsibility regarding ...

See more presentations by mmasoudcpa | Upload your own PowerPoint presentations

Overview of the Auditor's Responsibility Regarding Fraud in a Financial Statements Audit ISA 240

2010-11-11T12:01:00.001+02:00

This is a part of a workshop we conducted in Cairo in September 2010 at Safir Hotel for the PACPA. For more, you may visit our YouTube channel

2010-11-10T23:33:00.002+02:00

the auditor's responsibility regarding ...

See more presentations by BirzeitConsulting | Upload your own PowerPoint presentations

Test Your Knowledge of Internal Control and Anti Fraud

2010-11-05T15:15:00.000+02:00

If you have three minutes of your time, you may find out how far you are in control of your knowledge of internal control and anti fraud.

New Faces Enter Fray in Accounting

2010-10-22T16:01:00.000+02:00

As the great accounting fight of the past decade moves near to a conclusion that seems likely to satisfy no one, the cast of characters is suddenly changing. The two most important accounting bodies in the world will be under new leadership as they try to move on from bruising battles that have pitted them against banks, bank regulators and politicians.

Enlarge This Image

Mike Theiler/Reuters

Robert H. Herz stepped down as head of the F.A.S.B. rule-making board this month.

Enlarge This Image

Leslie F. Seidman is acting chairwoman of the F.A.S.B.

The changes are coming before it is clear just how far the two boards — the Financial Accounting Standards Board, which sets accounting rules in the United States, and the International Accounting Standards Board, whose rules are followed in a growing number of countries — will have to back down in their efforts to force banks to report the current value of their assets.

CPA Exam Offered in Five International Locations Next Year

2010-10-20T18:38:00.001+02:00

CPA Exam Offered in Five International Locations Next Year

The Uniform CPA Examination will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates in 2011, marking the first time in the exam’s history that it will be offered outside the 55 U.S. jurisdictions.

Anti Fraud / Corruption; Internal Control; Risk Management; Internal Audit

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Test Your IQ about Fraud and Corruption

Why Peter Drucker Distrusted Facts - Stephen Wunker - Harvard Business Review

Eid Adha Mubarak

Birzeit Consulting Partners in the 4th Forensic Conference For Africa - Accra - Ghana﻿

Eid Fitre Mubarak

Eid Fitre Mubarak to all Muslims all over the globe. "Birzeit Consulting ME, EMAC - London, BZ Advisor Washington DC, their partners, representatives, associates and administrative staff"

Your Choice of Fraud Prevention and Detection

Fraud and Corruption Definition and Ambiguities- Part 1.wmv

Passive Fraud and Corruption

Corruption in Public Sector: Africa

The Third Anti Corruption International Conference of Africa

What Should We Know About Corruption in the Public Sector?

Fraud’s Worst Enemy: a Strong Code of Ethics

James R. Doty Says Audit Firms May Have to Be Rotated - NYTimes.com

Not enough being done to tackle fraud claims report | News | Inside Housing

International Administration of CPA Examination

The Fraud Triangle

Fighting Fraud / Corruption and Money Laundering in Africa

Tweedie Urges U.S. Acceptance of IFRS

Fraud and Corruption in Public Sector

CPA Profile: Jennifer de Leon

Internal audit in the public sector: The quiet revolution

Mohammed J. Masoud Becomes a Member of the ACFE Advisory Council

Do You Want to Pass the CPA Exam?

internal control: risk-based principles...

the auditor's responsibility regarding ...

Overview of the Auditor's Responsibility Regarding Fraud in a Financial Statements Audit ISA 240

the auditor's responsibility regarding ...

Test Your Knowledge of Internal Control and Anti Fraud

New Faces Enter Fray in Accounting

Mike Theiler/Reuters

CPA Exam Offered in Five International Locations Next Year

Executive  Due  Diligence  Professional Certification  (EDDP)

Birzeit Consulting Partners in the 4th Forensic Conference For Africa - Accra - Ghana

Eid Fitre Mubarak to all Muslims all over the globe.
"Birzeit Consulting ME, EMAC - London, BZ Advisor Washington DC, their partners, representatives, associates and administrative staff"