The Fraudies Awards

Look at this WSJ.com article about $850 million being “diverted” by a family running a Tajikistan bank.  

This makes the case for continuous auditing by pointing out how bad things can get in the other extreme of only auditing once a decade.  Independent oversight is so important.  After all Barney Fife had it right when he said, “Nip it in the bud.”

Internal Auditor reports on studies showing that “27 percent of all occupational frauds” are corruption schemes.  The education industry numbers are especially interesting.

Where is the transparency?  Check this out.  The devil is in the details. If you’re looking for this kind of stuff continuously, you’ll find it before the waste grows too large. These type of problems are indicative of a poor tone at the top where you end up seeing a more broadly, poorly-run implementation project.

Washington Mutual Inc., Greenpoint Mortgage Funding Inc., and Credit Suisse Group AG were all defrauded in addition to investors.  Read more here.

Lee and Cates workers arrested on fraud charges.  Read more on the BizJournals.com.

Former Columbia University employee pleads guilty to a whole lotta fraud.  Read more here.