In terms of fraud there is little written about asymmetrical information and whether or not it constitutes fraud. In my opinion it constitutes fraud if someone knows that the information leads to the detriment of someone else. So let’s break it down to make an argument for including asymmetrical information as a type of fraud. First of all we should define each independently and then observe their relationship. Fraud is the intentional misstatement of material fact to the detriment of…
So you have a great idea for a new product or service, or you have a novel way to revolutionize an industry, great, but remember not every great idea always succeeds just on it’s novelty or uniqueness. Some of the best businesses have gone under during their first iteration, and often it’s solely based on not understanding some simple accounting principles. This blog will help you understand how to think about your burgeoning business from an accounting standpoint to help…
Amateurism rules were defined by the NCAA as far back as 1916 and have been held up by multiple court decisions throughout the years. Yet it continues to be a very contentious and divisive topic among fans of college athletics. Should we pay college athletes? At the heart of the debate is couple different arguments; does a full ride scholarship not qualify as a form of compensation; what happens to the smaller schools if we start paying them; and how…
Is it time to reconsider how we pay aging, loyal baseball players?
Getting the right audit team can make all the difference in detecting fraud.
Not all financial losses are the same.
How maintaining a strong tone at the top of an organization can help protect it from fraud.
Why every organization should insist on having strong internal controls.
Learning an obscure mathematical law can (easily) discover fraud, if you know how to use it.
Some best practices for preventing and detecting fraud within an organization.