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New perspective: Sarbanes-Oxley
Although the Sarbanes-Oxley Act is a piece of US legislation, it is changing the face of audits and the allocation of work across professional firms in the UK. And about time too, says Gervase Macgregor
, Head of Forensic Accounting at BDO Stoy Hayward.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
End of an era
Gavin McFarlane of Temple Chambers Cardiff
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Insolvency and the proceeds of crime – protecting your claim
It is a general principle that the chronology of events gives rise to competing claims against assets when court orders have been made. However, understanding the impact of such events can enable creditors to take a proactive approach, say James Earp
and Penny Cassell
of Grant Thornton’s Fraud Division.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Cross-border frauds – investigation and evidence gathering
Serious fraud these days almost invariably features an international dimension. This month Deirdre Walker
and Peter Scott
of Norton Rose begin a series of articles on the challenges posed by cross-border investigation and evidence gathering in relation to a defendant’s assets. It is assumed throughout that the fraud is sufficiently connected to England or Wales to enable a freezing injunction to be sought there.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Seeking certainty
Market manipulation is close to the perfect economic crime, says Clayton Ruthven
-difficult to detect, harder still to prosecute and enormously lucrative. He identifies some of the red flags that compliance and investigators in financial services firms should look for if the the manipulator is to face stronger censure than the appellation ‘colourful financier’ in the business pages.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Trustees and innocent volunteers
How may a claimant employ tracing to identify property that has passed into a defendant’s hands? Charles Fussell
of Herbert Smith has previously examined changes in form and mixing, restrictions on tracing cash at law through an exchange product and tracing into mixed funds in equity. In the final article in this series he looks at tracing against a trustee/constructive trustee. He also examines the position when an innocent volunteer is involved before considering recent legal developments and possible future changes.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Vendor verification
A decade ago most companies never thought to audit their vendors, says David G. Banks
CFE, CIA. Times have changed. Complex pricing arrangements such as time and materials, cost-plus and list-less agreements, have prompted purchasing departments to verify critical vendor data. When vendors promise to build a warehouse for a fixed percentage over cost of material and man-hours, who confirms the underlying data? When a vendor agrees to sell goods at a fixed mark-up on cost, who checks that cost?
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Tender thoughts
At a recent practical two-day IIR course “Managing a Fraud Investigation”, Ian Henderson
, Managing Director of Advanced Forensics Ltd led two valuable investigative case studies. Fraud Intelligence
editor Timon Molloy was fortunate to be present and reports on the first.
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
Cybercrime convention now in force
An international Internet crime treaty, which requires 45 countries to criminalise computer-based fraud, has come into force following its ratification by Lithuania, the fifth country to do so. The Council of Europe’s Cybercrime Convention..
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
OLAF faces reform
Beleaguered European Union anti-fraud unit OLAF will have to argue its corner over proposed operational reforms tabled by European Commission president Romano Prodi. When he announced his intention to force OLAF to divulge details of its..
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
EU audit directive
The European Commission has decided against an outright ban on statutory auditors carrying out additional work for client companies, although tabled reforms to EU auditing rules insist that auditors avoid conflicts of interest. A proposed directive..
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
EU Parliament calls for stronger fraud controls in Brussels and member states
The European Parliament’s budgetary control committee has called on European Union institutions to toughen their efforts to fight EU fraud, concluding that there is “a long way to go”. Approving a report from Austrian socialist MEP..
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004
White paper heralds Serious Organised Crime Agency and signals hope on fraud
A new Serious Organised Crime Agency (SOCA), dubbed the UK’s FBI, forms the centrepiece of the Home Office white paper “One Step Ahead: A 21st Century Strategy to Defeat Organised Criminals” that was published at the end of March...
Online Published Date:
01 April 2004
Appeared in issue:
April/May 2004 - 01 April 2004