Financial reporting fraud is relatively rare, but it remains a serious challenge. Research from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has indicated that the median cumulative monetary loss resulting from instances of this type of fraud is around $12 million.
The bad news: Financial reporting fraud, like most crimes, will always be a threat. The good news is that accountants and auditors, financial executives, boards of directors, and other key stakeholders across the financial reporting supply chain now have more resources and knowledge than ever to aid them in deterring and detecting fraud. What's more, we know that careful and comprehensive application of resources makes a huge difference to detecting fraud at companies of all sizes.
by Dr. Martin Keulertz, Researcher, Humboldt University of Berlin and Texas A&M University, Dr. Tony Colman, Honorary Visiting Research Fellow, Dept. of Environmental and Geographical Science, University of Cape Town and Prof. Tony Allan, Professor Emeritus, King’s College London and School of Oriental and African Studies, University of London | April 7, 2015 |
In the run-up to its 2015 annual meeting in Davos, Switzerland, the World Economic Forum published a report on key economic risks that captured and highlighted the opinion of experts and global decision
by Robert G. Eccles, Professor of Management Practice, Harvard Business School | March 10, 2015 | 2
I have spoken and written extensively on the role of the modern corporation in society, reflecting on the reality that expectations from society on the role and responsibilities of corporations are rapidly
by Klaus Backhaus, University of Münster, Institute of Business-to-Business Marketing; Hans-Jürgen Kirsch, University of Münster, Institute of Accounting and Auditing; and Christina Rossinelli, University of Münster, Institute of Business-to-Business Marketing | February 24, 2015 |
Accountants are faced with many challenges that will affect the profession, such as changes in national regulatory frameworks or the influence of IT on auditing. It is crucial that accountants prepare for...
Countries across the G-20 are facing a common set of imminent challenges including rapid population growth, growing international trade, and the urgent need to replace aging infrastructure.
Recognizing the trend toward global convergence and the increasing mobility of professional accountants, the International Accounting Education Standards Board™ (IAESB™) project to revise and redraft
by Fayez Choudhury, CEO, IFAC | January 13, 2015 | 2
In a public address for 2015, IFAC CEO Fayez Choudhury answers the question: what makes the accountancy profession resilient, viable, and strong?
As 2014 draws to a close, we would like to thank all the writers who have contributed to the inaugural year of the Global Knowledge Gateway.
The year 2014 has seen a flurry of international activity in Islamic finance with important issuances of Islamic securities—in the form of sovereign Sukūks—by the United Kingdom and Luxembourg in Europe, as well as...