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Who's Allegedly 'Cooking the Books' and Where?
As the economic downturn and financing challenges continue to put many organizations under heightened pressure, financial-statement fraud remains
a concern to lenders, investors and regulators. In a poll conducted during an April 23, 2009 Deloitte online seminar entitled “Managing Fraud Risk: Insights and Practical Strategies,” 72% of the 2,123 respondents indicated a belief that the number of accounting frauds uncovered would increase over the next two years.
When asked which type of financial-statement fraud was of greatest concern to them in the current economic environment, in second place after the usual answer ' manipulation of revenue recognition, chosen by 41% of respondents ' was manipulation for debt covenant compliance purposes. This scheme is not usually brought up in studies of common financial-statement frauds, but in this seminar it was selected by 18% of respondents. These results suggest that financial-statement fraud continues to be an important business risk for organizations to guard against.
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
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The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.