May 1, 2015
In an online video interview entitled Preventing and Detecting Financial Fraud: Whose Job Is It?, Mr. Young discusses critical developments in the area of financial fraud.
Litigation partner Michael Young was recently interviewed by the Financial Management Network (FMN) on the topic of preventing and detecting financial fraud. In the online video interview, entitled Preventing and Detecting Financial Fraud: Whose Job Is It?, Mr. Young discusses critical developments in the area of financial fraud, including the SEC’s new Financial Reporting and Audit Task Force, new monetary incentives for whistleblowers under the Dodd-Frank Act, and the increasing prominence of earnings expectations in the current economic recovery. Mr. Young notes that the SEC is currently receiving an average of eight tips per day potentially implicating financial fraud. He highlights that with the recent financial crisis falling into the background, we can expect heightened attention on financial fraud matters, and that fortunately companies have made significant strides in improving internal controls. He explains that fraudulent financial reporting often begins with pressure for better earnings. He also discusses some of the growing challenges faced by audit committees in an environment of increased workloads and responsibilities.
Michael Young is the author of Financial Fraud Prevention and Detection (Wiley, 2013). FMN is produced in partnership with Financial Executives International and the Institute of Management Accountants.
View: Preventing and Detecting Financial Fraud: Whose Job Is It? (An interview with Michael R. Young)