Category Archives: SOX/Bill 198

COSO – Sarbanes-Oxley and Supply Chain Fraud

COSO – SARBOX – SUPPLY CHAIN FRAUD The Committee Of Sponsoring Organizations (COSO) internal controls framework highlights the following 5 key components which are a useful guide for the detection and reduction of supply chain fraud. Control Environment, Risk Assessment, … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on COSO – Sarbanes-Oxley and Supply Chain Fraud

Definition of Supply Chain

DEFINITION: SUPPLY CHAIN I hesitate greatly to offer any definition of the supply chain, as there are likely so many better ones to be found. However, knowing that there are likely a wide variety of definitions available, I do feel … Continue reading

Posted in , Definitions, Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Definition of Supply Chain

Definition of Fraud

DEFINITION: FRAUD There may be fewer definitions of fraud available than those for the supply chain, but much like defining the supply chain, I feel that there are enough in existence such that adding one more for this purpose will … Continue reading

Posted in , Definitions, Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Definition of Fraud

Who’s Involved in Supply Chain Fraud?

WHO’S INVOLVED? Fraud, especially those related to the supply chain, will encompass internal, external, and mixed (internal and external) types of collusion scenarios. In brief: Internal fraud will be perpetrated solely within the organization, without the known involvement of an … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Who’s Involved in Supply Chain Fraud?

What Are the Causes of Supply Chain Fraud?

WHAT CAUSES FRAUD? There are many theories and psychological studies as to why a person commits fraud. Some of the different theories propose that fraud is committed due to: • The Western culture that emphasizes material goods in association with … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on What Are the Causes of Supply Chain Fraud?

Where Does Supply Chain Fraud Happen?

WHERE IT HAPPENS With an understanding that the supply chain is both internal and external to an organization, supply chain fraud can occur at any link in the chain, for example: – Fixed Assets – Trigger Events – Purchase Orders … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Where Does Supply Chain Fraud Happen?

Assessing the Impacts of Supply Chain Fraud

IMPACTS OF SUPPLY CHAIN FRAUD In the short-term, the impacts of supply chain fraud can include reduced cash-on-hand and lower profits. Small-time frauds may turn into big-time crimes. The more fraud is seen as being acceptable, and even profitable, by … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Assessing the Impacts of Supply Chain Fraud

Methods of Detecting Supply Chain Fraud

SUPPLY CHAIN FRAUD DETECTION The detection of supply chain fraud encompasses a variety of techniques and methodologies, processes and procedures, and relies on the availability of accurate data in electronic form. It is no longer possible to sift through mountains … Continue reading

Posted in , Emerging Trends, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Methods of Detecting Supply Chain Fraud

Dreaded Shrinkage: Bottomless Pit or Grave?

SHRINKAGE: BOTTOMLESS PIT OR GRAVE? Many organizations just write off losses – especially raw materials and finished goods – to shrinkage: a general ledger bucket of seemingly endless depth and widespread use for all sorts of ills that may plague … Continue reading

Posted in , Emerging Trends, New Ideas, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Dreaded Shrinkage: Bottomless Pit or Grave?

Importance of Internal Assessments Before SOX Audits

ASSESS BEFORE THE AUDIT Many organizations find themselves at odds with the findings of their auditors about the organization’s risk mitigation policies and procedures. The cause of the conflict is likely due to the fact that the auditor requires adherence … Continue reading

Posted in , Emerging Trends, New Ideas, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Importance of Internal Assessments Before SOX Audits

Budgeting For the Repercussions of Supply Chain Fraud

ARE YOU BUDGETED FOR FRAUD REPERCUSSIONS? If your organization is not budgeting for fraud detection, prevention, and reduction, then you better be budgeting for fraud repercussions. In much the same way as supply chain fraud cuts across the operations of … Continue reading

Posted in , Emerging Trends, New Ideas, Security, SOX/Bill 198, Supply Chain Fraud, Support Services & Industry Initiatives | Comments Off on Budgeting For the Repercussions of Supply Chain Fraud