Tag Archives: fraud

How Tesla Prevents Corruption

Recently while researching material for one of my anti-money laundering (AML) training courses, I came across the 5 page anti-corruption policy of Tesla, the electric car company. It states in bold print…. ‘Boiled down to its essence, our policy is: Don’t offer any bribe to anybody, anytime, for any reason.’ Tesla’s brief and to the… Read More


Don’t Be a Money Mule

The term money mule refers to the transfer of illegally obtained funds between bank accounts on behalf of others. According to a recent report by FraudSMART in the first 6 months of 2021 alone, over 700 ‘money mule’ transactions totalling €5 million moved through several bank accounts. The majority of these cases involved accounts belonging… Read More


Challenges for Auditors During the Pandemic – Part 3

This is our third and final blog about the results of audit monitoring inspections during the Pandemic. In Part 2 last week, we looked at going concern (ISA 570), subsequent events (ISA 560) and the lack of financial statement disclosures regarding COVID. In Part 1 two weeks ago, we looked at stock attendance (ISA 501),… Read More


Challenges for Auditors During the Pandemic – Part 2

This is Part 2 of our series of three blogs about the impact that the Coronavirus (COVID-19) is having on evidencing of audit work. In Part 1 last week, we looked at issues like stock attendance (ISA 501), fraud (ISA 240) and accounting systems and controls (ISA 315). Here are some other problem areas seen… Read More


Challenges for Auditors During the Pandemic – Part 1

The Coronavirus (COVID-19) has caused auditors to develop new techniques in carrying out their audit work, mainly involving greater use of technology. In this, the first blog of our three-part series, we will look at some recent audit monitoring inspection reports that have highlighted the most common problem areas for auditors. Stock Attendance (ISA 501)… Read More


Monitoring Inspection Feedback

Recent feedback from professional accountancy body inspections which readers may find useful, has come to our attention. In no particular sequence, this selection of findings applies mainly to small/medium practices: Systems of internal controls – there is only a basic understanding on the file – a more complete understanding (with flow diagrams) could be used… Read More


Audit Update

Tax advocacy is now banned for all audit clients. True or False?  The answer is ‘False’. To hear why this is false and find out what exactly are the rules surrounding an auditor helping an audit client argue a case with the Revenue Commissioners, go see our online webinar entitled Audit Update where you may… Read More


The Solicitors Accounts Regulations Seminar

In our last blog about preparing the reporting accountants report under the ROI Law Society Solicitors Accounts Regulations, 2014, we mentioned that the work involved is a quite onerous and responsible task, and carries with it the requirement for compulsory professional indemnity insurance at a minimum of €500,000. Many accountants ask themselves the question –… Read More