STOP! The Controls Madness . . . Part I

I saw this headline recently and it got me thinking . . . .

Many organisations have been encouraged, and in some cases required, to focus their financial risk efforts on controls, developing an internal control system, regularly assessing the efficacy of controls and reporting against that for audit and compliance purposes.

Any good internal control system is risk based, but the excesses

The 'Great Potato Fraud of 2012'

I wrote a few weeks ago of the pride and complacency of the middle management fraudster and the 'smartest guys in the room'

On a recent ski trip I had met a guy on a chairlift

Are we all better than average at risk management?

Who's fooling who?

CFO magazine recently published a fascinating article that is another example where executives all think their organizations are above average. The article observes that experts estimate that internal fraud costs companies 3% to 5%