Last week was a bad week for Tesco and its investors. After a whistleblower in the finance department came forward to alert senior executives as to a potential accounting black hole, chief executive Dave Lewis was forced to admit that Tesco had overstated their profits by a whopping £250m for the first half of 2014 […]

Financial statement fraud is one of the only types of occupational fraud that has risen in the two years since 2010. According to Association of Certified Fraud Examiners’ (ACFE) 2012 Global Fraud Report, it almost doubled in this period. Is Excel to blame for this rise? The ACFE study shows that in Europe the amount of […]

Your bank statement reconciliation sits on the front-line in the defence against fraud. If it is done right it will save you time, money and embarrassment. If done wrong, it could cost your business… First of all let’s understand what is meant by fraud…

The monthly close reconciliation process is a key check of the reported figures. If you can match off your transactions and reconcile the amounts then you can be more confident that your business is paying and receiving the right amount of money. However, since the reconciliation procedure is such an important financial check, it is […]

The UK auditing firm KPMG’s Audit Committee Institute recently found that the number of auditors with concerns about cyber security and cyber crime, had doubled in the last year. Despite these concerns, businesses have not made significant improvements to the quality of fraud and theft prevention processes. In order to combat the threat of cyber-crime, […]

Every finance employee knows of risk and its management, but what about risk management in the monthly close? Throughout history a qualitative leap must take place, and automation is key. At least if you want to manage the risk of risks in the monthly close. The threat of risk, if poorly managed can lead to extra […]

…with poor Governance, Risk and Compliance safety measures. Whether as a result of fraud or simply bad accounting practices, if your business is found wanting in the amount of accounting information that is available, it can have serious consequences for you and the reputation of your company. You will lose more than just money.

US accounting watchdog, the Public Company Accounting Oversight Board (PCAOB), warns of ‘significant (internal) audit deficiencies’ that may be leading to corporate fraud.  Internal control procedures are important to businesses to help protect against financial misstatement and fraud. Yet, according to page 4 in the report by the PCAOB, internal controls have been found to be […]

With the whistle-blower protection, reports of financial malpractice can come from within and organisation. Isn’t it worrying that Finance Directors and CFOs are legally responsible for an accurate monthly close report, yet only 30% actually trust the reported figures? According to the Adra Match survey of financial accounting staff, an average of 72% said they […]