The Oversight Role of Supreme Audit Institutions 

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The Oversight Role of Supreme Audit Institutions 

Supreme Audit Institutions (SAIs) play an important role in national and global economy by ensuring that public resources are managed properly and in accordance with established rules. They normally produce an audit opinion, which may give opinions about whether the financial statements have been prepared in accordance with the reporting framework. Some SAIs, in addition to performing post-auditing responsibilities, also carry out controller functions of the national treasury--the controller function is a pre-audit function, meaning it is done before the fact.

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Fraud Talk: The $200,000 Car – When Fraudsters Use Audit Guidelines to Steal

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Fraud Talk: The $200,000 Car – When Fraudsters Use Audit Guidelines to Steal

In this episode of the ACFE’s monthly podcast Fraud Talk, the president and co-founder of Verracy, Mary Breslin, CFE, discusses a case she investigated where an employee stole $1.8 million after being overly interested in auditing processes. After being tipped off when she saw he purchased an expensive sports car, she shares lessons she learned from the case.

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What We Can Learn From a $5 Million-Dollar Agricultural Cooperative Fraud

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What We Can Learn From a $5 Million-Dollar Agricultural Cooperative Fraud

One of my colleagues from the Agri-Business department of the Cornell SC Johnson College of Business, knowing my interest in fraud examination, forwarded me an article about a $5 million-dollar fraud that occurred at a Minnesota agricultural cooperative. Published in the online magazine Successful Farming, author Laurie Bedord does a fine job outlining how coop manager, Jerry Hennessey, carried out the crime that lasted over the last 15 years, his motivation for the crime as well as what systems of internal control where lacking that allowed the fraud to be committed in the first place.

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Accounting Malpractice and the Auditor’s Responsibility to Detect Fraud

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Accounting Malpractice and the Auditor’s Responsibility to Detect Fraud

In the case of Livent, Inc. v. Deloitte & Touche the Ontario Court of Appeal upheld a 2014 decision ordering Deloitte & Touche (Deloitte) pay $118 million in damages to a theater company (Livent, Inc.) for which Deloitte performed auditing services. Why was Deloitte held accountable for such a large sum?

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