Dr. David P. Weber’s Post

Thrilled to Complete Forensic Accounting: Volume I Webinar! I am excited to share that I have completed the Forensic Accounting: Volume I Webinar conducted by Emir J Phillips. This informative session provided deep insights into forensic accounting practices and methodologies, which will be instrumental in my professional journey. Forensic accounting is a crucial field that involves investigating financial discrepancies, fraud detection, and providing litigation support. It combines accounting, auditing, and investigative skills to ensure transparency and integrity in financial systems. The webinar covered essential topics such as fraud detection and prevention, financial investigations, and corporate governance. Forensic accounting is a specialized field of accounting that focuses on investigating financial discrepancies, fraud, and other irregularities. It combines accounting, auditing, and investigative skills to analyze financial data for use in legal proceedings. Here are some key points about forensic accounting: 1.Fraud Detection and Prevention: Forensic accountants play a crucial role in identifying and preventing fraud within organizations. They scrutinize financial records to uncover suspicious activities and ensure compliance with regulations. 2.Litigation Support: Forensic accountants often work with legal teams to provide expert testimony in court. They help quantify damages, trace assets, and clarify complex financial issues for judges and juries. 3.Financial Investigations: This involves examining financial statements and transactions to detect illegal activities such as embezzlement, money laundering, and tax evasion. 4.Corporate Governance and Compliance: Forensic accountants ensure that companies adhere to financial regulations and internal policies, thereby promoting transparency and ethical practices. 5.Insurance Claims: They assess the validity of insurance claims by analyzing financial losses and verifying the accuracy of the claims. Forensic accounting is essential in maintaining the integrity of financial systems and supporting the pursuit of justice in financial crimes. The skills and knowledge gained through specialized training in this field are invaluable for both accountants and legal professionals. A big thank you to Miles Education for organizing this excellent webinar. #ForensicAccounting #ProfessionalDevelopment #MilesLearning #CPE #ContinuedEducation #LearningJourney #FraudDetection #CorporateGovernance #FinancialInvestigations #Audit #Accounting #CareerGrowth

In financial audits, independence is crucial to maintaining trust among investors, creditors, and the public. Long-term relationships between audit firms and clients can compromise this independence, creating familiarity threats that affect objectivity. Mandatory audit firm rotation addresses these concerns by introducing new auditors who bring fresh perspectives and reduce biases like confirmation bias or availability bias. While enhancing objectivity and public trust, mandatory rotation also presents challenges such as increased costs during onboarding and potential initial reductions in audit quality. Balancing these factors is essential for regulators considering the implementation of such policies to ensure robust, independent audits that uphold the integrity of financial reporting. For more information, head over to our blog https://bit.ly/4eS23Rk #axleyrode #trustedadvisor

In financial audits, independence is crucial to maintaining trust among investors, creditors, and the public. Long-term relationships between audit firms and clients can compromise this independence, creating familiarity threats that affect objectivity. Mandatory audit firm rotation addresses these concerns by introducing new auditors who bring fresh perspectives and reduce biases like confirmation bias or availability bias. While enhancing objectivity and public trust, mandatory rotation also presents challenges such as increased costs during onboarding and potential initial reductions in audit quality. Balancing these factors is essential for regulators considering the implementation of such policies to ensure robust, independent audits that uphold the integrity of financial reporting. For more information, head over to our blog https://bit.ly/4eS23Rk #axleyrode #trustedadvisor

In financial audits, independence is crucial to maintaining trust among investors, creditors, and the public. Long-term relationships between audit firms and clients can compromise this independence, creating familiarity threats that affect objectivity. Mandatory audit firm rotation addresses these concerns by introducing new auditors who bring fresh perspectives and reduce biases like confirmation bias or availability bias. While enhancing objectivity and public trust, mandatory rotation also presents challenges such as increased costs during onboarding and potential initial reductions in audit quality. Balancing these factors is essential for regulators considering the implementation of such policies to ensure robust, independent audits that uphold the integrity of financial reporting. For more information, head over to our blog https://bit.ly/4eS23Rk #axleyrode #trustedadvisor

In a recent development, chiefs have passed a resolution to halt the forensic audit within the AFN. This decision underscores a significant moment and is a prime example of protecting the institution. The AFN has, in many ways, adopted operational forms reminiscent of the Crown's approach. The implications of this move are profound. It raises critical questions about transparency, accountability, and the future direction of the AFN. As we navigate these challenging waters, it is essential to remember the foundational values that guide our communities and institutions. It is critical to continue to advocate for integrity and openness, ensuring that AFN's actions reflect the best interests of the people they serve. They have created another top-down approach to the mechanisms of authority and processes. The systemic processes of colonial management and policies that should protect against mismanagement of funds are being used to seal them from the public. In a surprising turn, Cindy Woodhouse just saved Perry Bellegarde and his administration's financial track records from becoming public. (This is my opinion.) Does it make sense now why AFN ousted the former Chief and used internal policies to remove her before she got this audit off the ground? The former AFN Chief was using internal mechanisms through policies to make all financial records public because it benefited the people. The new AFN Chief stopped that inquiry using the exact same institutional mechanisms to stop the forensic audit, and BDO, a financial services firm, to support it. The systemic wheel, a metaphor for the cyclical nature of oppression, goes round and round as our people continue to live in the natural cycles of oppression. Personally, I am invested in this issue. I want to see those records. I want to know the worth of those contracts, who received them, the admin fees taken, and the relationships between the contract holders and vendors. Were they paid at industry rates? These are not just questions, but concerns. So many unanswered questions, so much frustration. It's time for change. Through experience, I know that it never lies when you follow the money. Why would AFN not want to be completely transparent about a corporation's spending? Is it protected by specialized regulations under federal law? (Similar to IOGC) AFN advocates for over 600 First Nations in Canada 🇨🇦, why would they not give the people what they want, Indigenously speaking? From a perspective of Indigenous ways of knowing, this is not a collective process that serves all Nations in Canada. It is Another controlled institution. Where are our leaders that truly care about people and are not blinded by money. Our leaders are leaving the most vulnerable of our people behind. Food for thought, indeed! #IndigenousLeadership #Accountability #Transparency #AFN #Governance #Colonialism #FinancialTransparency #IndigenousRights #ChangeIsComing #isc #cirnac #canada #indigenousrelations

2023 was an historic year for the FRC, issuing a record number of fines against audit firms in 2023, £33.2m in total. 2024 shows no signs of the FRC slowing down. Last week they issued fines against three audit firms following an investigation of the audits of London Capital & Finance Plc, totalling just over £9.5m. Is this another stark reminder of the need for audit reform to restore trust in audit and corporate governance? #audit #corporategovernance

In financial audits, independence is crucial to maintaining trust among investors, creditors, and the public. Long-term relationships between audit firms and clients can compromise this independence, creating familiarity threats that affect objectivity. Mandatory audit firm rotation addresses these concerns by introducing new auditors who bring fresh perspectives and reduce biases like confirmation bias or availability bias. While enhancing objectivity and public trust, mandatory rotation also presents challenges such as increased costs during onboarding and potential initial reductions in audit quality. Balancing these factors is essential for regulators considering the implementation of such policies to ensure robust, independent audits that uphold the integrity of financial reporting. For more information, head over to our blog https://bit.ly/4eS23Rk #axleyrode #trustedadvisor

Among the most essential things in a company’s finances is keeping accurate financial records. Forensic accounting is essential for companies who wish to keep their funds free from illegal activities. Learn more about Forensic Accounting: https://lnkd.in/dFg-aMbR #StartupFino #Forensicaccounting #Accounting #VCFOservices

The Public Company Accounting Oversight Board (PCAOB) has made significant efforts to improve fraud detection in financial audits. They have established standards and guidelines, such as AS 2401, which outlines the auditor’s responsibility to detect fraud in financial statements. However, the effectiveness of these efforts has been mixed. On the positive side, there have been improvements in auditors’ fraud risk assessment performance over time. The PCAOB’s inspections and reports have highlighted areas where auditors need to improve, such as performing adequate follow-up procedures and addressing identified fraud risks. Despite these improvements, there are still challenges. PCAOB inspection reports have found instances where auditors failed to adequately address fraud risks, such as not performing sufficient substantive procedures or failing to assess revenue recognition as a potential fraud risk. These findings suggest that while progress has been made, there is still room for improvement in detecting and addressing fraud effectively. Overall, the PCAOB has made strides in enhancing fraud detection, but continuous efforts are needed to ensure auditors consistently apply the necessary procedures and professional skepticism. https://lnkd.in/gSTqHnJa

Has your firm been following the #SEC charges against #audit firm BF Borgers CPA PC? Our new #JGAAdvisor examines the CF release, which includes helpful info for #auditors who are considering or have recently accepted an audit engagement with an affected entity. https://ow.ly/76Ol50RHS75