When the Authorities Just Aren’t Interested

Sometimes stopping the fraud and terminating the employee are all you can do.  What do you do when the authorities are not interested in criminally prosecuting your internal fraud? One of the easiest fraud cases I ever worked was also one of the most frustrating.  My team and I did good solid work and had iron-clad evidence, but we couldn’t convince the local authorities to do anything with the information. Unfortunately, it was one of those scenarios where the executives really wanted to prosecute and make a clear example of the situation. As the chief audit executive, I reported to the general counsel for my organization.  It was a great arrangement in my opinion, and I enjoyed working for him.  Read More

World View for Internal Audit: China

Just this past week, the U.S. Securities and Exchange Commission (SEC) resolved a long-standing dispute with the Chinese affiliates of the Big-4 Accounting Firms (KPMG, E&Y, PwC, and Deloitte) over their refusal to provide audit workpapers and supporting documents of US subsidiaries based in China. Part of the argument from the Chinese side is that these documents are considered “state secrets”. Really? What isn’t considered a “state secret” in China may be the better or more appropriate question? Lately it appears that just about everything under the sun qualifies as “state secrets” or falls under some other “protected class” that restricts how you can deal with it and limits your options in the second largest economy on the planet. While Read More

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