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2017, Coulson-Thomas, Colin (2017), Fraud, Directors and the Board, Director Today, Vol. III, Issue V, May pp 55-57
The risk of fraud and exposure to various scams and other forms of criminal activity are ever present. Directors and boards of companies that have been victims of hacking and fraud may be tempted to conceal what has happened in order to avoid damaging relationships with stakeholders that are built upon trust, but they should also recognise that sharing their experience and collaborating with law enforcement agencies may help collective responses. Published as: Coulson-Thomas, Colin (2017), Fraud, Directors and the Board, Director Today, Vol. III, Issue V, May pp 55-57
Coulson-Thomas, Colin (2017), Fraud, Security Risks and Corporate Responses in Ahluwalia J. S. (Editor), Corporate Ethics & Risk Management in an uncertain world, Mumbai, IOD Publishing, 17 February, pp 67-76 [ISBN: 978-81-930987-0-7]
Fraud, security risks and corporate responses2017 •
Fraud, cyber security and other risks are posing new challenges for directors and boards and require collaboration and collective action as well as individual corporate responses. There are issues of evolving threats, new patterns of exposure and fraud, cost-effectiveness, probabilities and prioritization, new areas of controls and response, and the role of boards to consider along with wider corporate responsibilities. Some corporate practices and companies are obstacles to progress.
Following the recent financial scandals that have dominated the international scene (Enron, Parmalat, Worldcom, Madoff ...) due mainly to cases of fraud and breach of confidence, the attention given to mechanisms against these practices is increasingly growing. Indeed, to minimize conflicts of interest and potential fraud risk, the shareholders put in place various mechanisms of corporate governance (internal and external) to reduce managerial discretion and the potential for behavior deviant. Among this array of means of control, the agency theory considers the board of directors as the most appropriate mechanism to discipline management and force managers to act in the interests of shareholders. This article deals with the theme and highlights the role of governing bodies, in particular the board of directors, in the fight against fraud, through, on one side, the audit committee and ethics to convey within organizations, and on the other hand, the use of external audit and the participation in the construction of legal system of investor protection as a means of limiting the possibilities of accounting manipulation of leaders, to regulate conflicts and reduce the information asymmetry between principal and agent. In other words, recourse to an independent external auditor can be considered as a mechanism encouraging or forcing the individual or individuals, to whom Responsibility has been delegated, to act in the interests of the organization partners.
Developments in Corporate Governance and Responsibility
The Role of Auditing in the Management of Corporate FraudSubhan and Rika Syahadatina
THE DYNAMICS AND CONTROL OF CORPORATE FINANCIAL STATEMENT FRAUDThis paper offers additional worth insight and knowledge that enhance our understanding of the causes of fraudulent financial statement. These insights are synthesised from contemporary thinking and prior empirical fraud studies. This paper isto give a significant contribution to practitioners in terms of fighting against fraudulent financial statement and academics in terms of developing fraud theory. We acknowledge, imperfect prevention mechanisms, for example, due to lack of adequate information system management, are categorised as a major factor that makes organisations very vulnerable defrauded by their employees. It is true that fraud can be perpetrated by organisational insiders or outsiders. However, the catastrophic threat comes from disgruntle organisational insiders, regardless the level of positions in the company. It is because they are legally authorised to access the company’s systems and know the weaknesses of control systems. In relation to the psychological factors of perpetrators, greed, dignity, and acquisitiveness are highly likely adhered to fraud perpetrators coming from organisational insiders. Such factors arise because a powerful belief that organisation should pay for the perceived inequities. Key words: Fraudulent Financial Statement, Greed, Dignity, Acquisitiveness
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Governance and Performance Changes after Accusations of Corporate Fraud2006 •
2017 •
There are many definitions of Corporate Governance, as a structure, as process, as policies , as mechanisms, but despite their differences of focus, they mainly addressed the sustainable economic growth and protection of shareholders and other stakeholder's rights. The purpose here is to present the evolution of the main principles and frameworks as corporate and financial environment changes and set new challenges. Some important scandals that revealed the weaknesses of corporate governance frameworks are described to complement the comprehension of the object of it. It is detached the aspects simulated or ignored and the subsequent enforcement and monitoring response. Discussion about the new challenges, what corporate governance is supposed to provide and what it can promote, closes this chapter.
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Corporate Governance Mechanisms and Possible Financial Statements Containing Fraud2021 •
Fraud in financial statements has attracted the public, press, investors, economic community, and regulators due to the many scams encountered, such as Lucent, Xerox, Cendant, Enron, WorldCom, Adelphia, and Tyco. Some of these financial scandals show a significant comparison between the accounting information disclosed by managers and the company's economic reality (Ines, 2017). Encouragement or motivation from various parties to always appear suitable frequently requires the company to manipulate somehow. The company provides incorrect data that is dangerous in a variety of ways. Accounting fraud is commonly used to refer to the attempt by the company to commit fraud, such as manipulating its financial statements (Pamungkas et al., 2018). Weak corporate governance and lack of transparency are considered one of the causes of corporate destruction and accounting fraud (Mohamad and Sulong, 2010). Good Corporate Governance can regulate and control companies that create added value for all stakeholders (Wahyudi et al., 2019). So that the
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