Accounting fraud

The typical organization loses 5 percent of its revenue to fraud each year, according to a new report from the Association of Certified Fraud Examiners.

The crazy news out of Valeant continued this morning with a wild press release announcing, among other things, that Chief Executive Officer J. Michael Pearson is going to leave, but not yet, and that the board asked former Chief Financial Officer Howard Schiller to resign from the board, "but Mr. Schiller has not done so."

Audit firm policies designed to protect whistleblowers against retaliation for reporting wrongdoing could backfire and make potential tipsters even more fearful of the possible consequences, according to a new academic study.

Toshiba Corp. is under investigation by the U.S. over allegations that it hid $1.3 billion in losses at its nuclear power operations, according to two people familiar with the matter. Shares plunged in Tokyo.

A former accounting manager at air conditioning maker Carrier Corporation was sentenced to 12 months in prison for his role in an insider embezzlement scheme.

John Raspante of NAPLIA explains in this video why failing to detect fraud is such a common claim in malpractice lawsuits against accountants and how to protect your firm against it.

A pair of Democrats have introduced legislation in Congress to expand protections for financial whistleblowers to close some loopholes in the Dodd-Frank Act that have been exploited by some employers.

The Securities and Exchange Commission has charged Marrone Bio Innovations, a pesticide company, and its former chief operating officer, with inflating financial results to meet projections it would double revenues in its first year as a public company.

Under the Whistleblower Program, the SEC must make monetary awards to eligible individuals who voluntarily provide the Commission with original information about a violation of the federal securities laws that has occurred, is ongoing, or is about to happen.

An internal whistleblower could collect up to $24 million of the $80 million penalty imposed by the Securities and Exchange Commission against agribusiness giant Monsanto.