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The 10 Worst Corporate Accounting Scandals of All Time

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If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. In acknowledgement of the excellent webinar about Fraud Detection recently offered by the CPAFMA, here’s a chronological look back at […]

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Does your malpractice insurance cover you for criminal acts?

A Florida CPA was sentenced in federal court in Boston for multiple counts of tax fraud and obstructing the Internal Revenue Code. Greg Takesian, 54, of Miami, Fla., was sentenced last Thursday by U.S. District Court Judge William G. Young to two years in prison and one year of supervised release, and was ordered to […]

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Equifax Breach – what to tell clients

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We have received a number of inquiries from CPA firms asking about what advice they can give to clients to assist them to estsablish whether a client’s Personal Identifiable information has been compromise by the Equifax breach. The following is a draft of a communication that can be modified to fit the needs of your clients here. […]

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The Growing Insider Threat

By LIFARS Reposted from here A security threat originating from within the organization which is targeted or attacked is an insider threat. Insider attacks are rapidly increasing and becoming more prevalent in organizations. In the past year, believe insider attacks have become more frequent. Any present or former employee who at one point had access […]

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WannaCry provides a wakeup call for more training on email exploits

Originally posted May 14th, 2017 by Paul E. Paray, Esq. here. On May 12, 2017, WannaCry ransomware infections reportedly took hold of 200,000 computer systems in 150 countries.  Experts have been warning against ransomware exploits for years.  The recent rise of ransomware, however, has been a function of the low cost of financial data on the dark […]

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IRS Warns CPAs: Beware of Phishing

Guest bloggers from the law firm Goldberg Segala posted the following which we thought is timely and pertinent: Businesses are increasingly becoming the targets of sophisticated cyber-attacks, and professionals are no exception.  When cyber-criminals breach a professional service firm, they not only may gain access to the firm’s corporate data, but also confidential information from the […]

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A Retrospective:

It’s been over a year and a half since we started posting blogs. I thought it would be helpful if this month we posted a list of the topics to allow our members to look at some of our past blogs. 10 “Get Out of Court Free” Cards – Segregation of risk in an accounting […]

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A small step to avoid a big exposure in Wire Transfer Fraud

  I discussed wire transfer frauds in: http://cpagold.com/?p=370 Recently, we have seen a significant uptick in fraudulent wire transfer claims. The latest claim involved an investment adviser that among other services, managed Trust accounts on behalf of a high net worth client. There were substantial funds under the control of the firm. The client’s system […]

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Embezzlement (Coming Soon to a Client Near You)

Embezzlements, and the malpractice claims related to them, have drawn a great deal of attention within the accounting profession over the past decade or more.  Attorneys have urged firms to beef up their engagement letters for all services to dispel the notion that clients may rely on the firm’s services for the detection of such […]

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What you must do after a cyber attack.

The number of cyber attacks upon professional firms and businesses is increasing but a little preparation will help reduce the damage to your clients. The most recently publicized attack on the Internal Revenue Service and the Office of Personnel Management compromised the personal data of millions of people.  CPAs are custodians of clients financial records […]

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