Description: A former Quebec lieutenant governor will remain in jail until at least Tuesday after being sentenced to 18 months in jail for fraud and breach of trust. Lise Thibault’s problems started with a 2007 report by federal and provincial auditors general that pointed out questionable expense claims of over $700,000. Thibault’s lawyer is arguing… Read more »
Posts Categorized: Fraud Accounting
Corporate tax evasion ‘crackdown’ more bark than bite
Global efforts to stop companies from eroding tax base by moving profits offshore have no teeth, experts say Tax Evasion Tactics In December 2012, demonstrators led a country-wide protest against Starbucks over the coffee chain’s tax evasion tactics. A Reuters investigation found that through the magic of profit shifting, the company had avoided paying any… Read more »
Refunds: why retailers are making it harder for you to get them
Returns fraud costs customers in terms of higher prices, more restrictive store policies Want your money back? Not so fast. Return policies are getting tighter as retailers try to protect themselves from returns fraud — and honest customers often pay the price. Not only that, but at many stores, policies are unevenly applied, a CBC… Read more »
With Great Data Comes Great Responsibility
The risk of data to the forensic accountant & client The forensic accounting profession is ever changing and evolving. White collar criminals are finding new ways to commit fraud, and litigation matters are becoming more and more complex. In order to meet the needs of clients, forensic accountants are learning new skills and using new… Read more »
Canadian’s firm used in huge Russian tax scandal, plus How the Rich hide their money!
Caribbean agency helped set up offshore companies connected to $230M scam It’s a tale with the cloak-and-dagger intrigue of a Hollywood thriller: a $230-million heist, corrupt Russian police and government officials, prison beatings, a dead lawyer, Kafkaesque trials and a diplomatic spat between international superpowers. And now, for the first time, secret files obtained exclusively… Read more »
Former SNC-Lavalin CEO arrested on fraud charges
Anti-Corruption Squad Quebec’s anti-corruption squad has arrested former SNC-Lavalin CEO Pierre Duhaime, charging him and Riadh Ben Aissa, ex-head of the company’s construction arm, with fraud in connection with construction contracts for a Montreal super-hospital. Duhaime stepped down from SNC-Lavalin in March after an investigation revealed he signed off on $56 million in “improper payments,”… Read more »
How Forensic Accountants Differ From Auditors
What is the role of Forensic Accountants: Forensic accountants are uniquely suited to help in-house counsel address issues involving financial reporting, accounting and internal controls. They also collect and analyze accounting and internal-controls evidence. They produce a fact-based report that can inform the decision-making process in inquiries, investigations and dispute resolution. By product of Forensic… Read more »
GLOBAL ECONOMY AND ITS IMPACT ON FRAUD TRENDS
GLOBAL ECONOMY AND ITS IMPACT ON CURRENT FRAUD TRENDS Frauds in general continue to be on the rise at an alarming rate in direct correlation with both the domestic and global downturn in the economy. Those who might otherwise be predisposed to committing crime find themselves reaching states of desperation as a result of their… Read more »
March is Fraud Prevention Month, is your business fraud savvy?
Top 5 Fraud Prevention Tips for Businesses Raise awareness. A significant number of frauds are detected either accidentally or as a result of tip-offs. This reinforces the importance of raising fraud awareness in the workplace. Organizations should emphasize that it is everyone’s responsibility to find and report fraud. Find the red flags. Fraud cannot be… Read more »
Procurement Fraud, Are You Prepared?
As accountants and financial directors we need to be aware that:Pressures and incentives, opportunity, and rationalization is a common human element which management must be aware of. Abuse within the procurement cycle (Purchasing Dept.) is common and can be damaging, from the magnitude of potential monetary losses to the reputational damage that can come from a… Read more »