From the Journal of Accountancy:
“This is more than a story about six men, all of them admitted white-collar criminals. It is more than a story about their fraud schemes, which resulted in total combined losses of nearly $4 billion.
“This is the story of what CPAs can learn from these men—from their motives and methods, from how they were caught and how they could have been stopped earlier. This is a story of fraud’s impact and the role CPAs can play in spotting and preventing it.
“The AICPA Fraud Task Force, a group sponsored and supervised by the Institute’s Forensic and Litigation Services (FLS) Committee, provides fraud detection, investigation, and prevention information to AICPA members. As part of this mission, the task force located and interviewed a half-dozen perpetrators of significant accounting fraud. The task force summarizes the interview responses in a new report designed to help CPAs implement controls or other measures to prevent similar fraud.
“The six individuals who agreed to talk to the task force did so with the understanding that their names would not be revealed. The information they provided paints a broad picture of who they were at the time each fraud took place—and how they have changed since then.”
Click here to read the full article from The Journal of Accountancy.