Carnival of Fraud – Better late than never!
I usually put these up first thing in the morning, but got sidetracked today with *gasp* WORK!!! But on with the show…
SoxFirst writes about “Codes of Unethics.” You’d be surprised at how many employees don’t know that their company has a code of ethics. One of the things I always train executives on is having a code of ethics that is worth more than the paper it’s written on. To have one that actually does something, employees need to be aware of it and need to understand it. Management must lead by example and enforce the code. If not, the code is just a bunch of empty words.
We’ve got more this week on SiteAdvisor, a website that is supposed to help determine how trustworthy websites are. The writer seems to think that this will become a dominant player on the internet, and people will rely heavily upon it to determine if sites are safe or not. I’m a little more skeptical. It sounds like an okay tool, but wonder if it’s not just another fad.
Last week there was an important decision handed down in a case about auditor liability. The decision basically says that auditors can be held liable if they issue a “clean” opinion about a company’s financial statements, later determine that the financial statements are materially missated, and fail to amend the earlier opinion. I think this decision may have a significant impact on independent auditors in the future.
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