According to the 2004 Report to the Nation, a study done by the Association of Certified Fraud Examiners, anonymous reporting mechanisms (read: hotlines) are highly effective tools to detect fraud. Internal frauds are most often detected through tips from employees, customers, and vendors. Sarbanes Oxley requires audit committees to establish confidential reporting mechanisms, so fraud … Read more Fraud Hotlines
Oversight Systems surveyed 208 Certified Fraud Examiners earlier this year, inquiring as to whether or not the controls imposed by Sarbanes-Oxley are believed to be effective. The survey found that while fraud examiners believe SOX helps with fraud identification, few believe that the culture of business leaders will be affected by it in the long … Read more Is Sarbanes-Oxley (SOX) Effective?