Free Webcast**: Deterring Financial Fraud: What Else Can Be Done?
Event Date: July 16, 2015
Event Time: 1:00 PM - 2:30 PM Eastern
Recommended CPE Credits: 1.5
Recommended NACD Skill-Specific Credits: 1.5
Field of Study: Auditing (AU)
Prerequisite: A basic understanding of Corporate Management, Risk Management and Corporate Governance
** Earn free CPE or NACD Skill-Specific Credit
These days, most people understand the importance of the "tone at the top" and realize that a company's financial reporting environment and culture can act as a strong deterrent to fraudulent financial reporting.
But beyond the right "tone," what else can be done? What additional steps can be taken to deter fraud or, if fraud should get a foothold, to stop it in its tracks?
Identifying these additional steps is a tough challenge, but an analysis of recent SEC enforcement proceedings yields clues about fraud deterrence and detection that go right to the mechanics of a company's internal control over financial reporting.
Join a panel of experts as they discuss lessons learned from recent SEC enforcement proceedings, and provide concrete, action-oriented steps that governance professionals can take. All participants in the financial reporting supply chain are encouraged to register. Audit committee members, internal audit, external audit, and financial executives, as well as legal counsel can benefit from this discussion, which can help answer that sometimes challenging question: "So what do we do differently tomorrow to combat fraud?"
Gain insights into how actual financial reporting frauds may have been detected sooner or deterred altogether if the internal controls had been designed correctly or were working effectively. Panelists will provide actual examples of frauds investigated by the SEC and share perspectives on what organizations can do to mitigate the risk of frauds in their companies.
Center for Audit Quality
Cindy Fornelli is Executive Director of the Center for Audit Quality (CAQ), a position she has held since the CAQ was established in 2007. In 2014, Fornelli was honored for the sixth time by Directorship magazine as one of the 100 most influential people on corporate governance and in the boardroom. Accounting Today has named her one of the 100 most influential people in accounting for eight consecutive years.
Chief Audit Executive
Mary Ludford is the Chief Audit Executive at Exelon and reports directly to the Audit Committee of the Board of Directors. Mary executes the annual internal audit and financial control plans focused on the adequacy of internal controls, effectiveness of governance and operational processes, and Sarbanes Oxley compliance activities. She was promoted to CAE in 2010.
SEC Financial Reporting and Audit Task Force
Margaret McGuire is Vice Chair of the Financial Reporting and Audit Task Force and Senior Counsel to the Director of Enforcement at the Securities and Exchange Commission. McGuire co-leads the division’s efforts to identify and investigate violations of the federal securities laws involving misconduct related to the preparation of financial statements, issuer reporting and disclosure, and audit failures.
Deloitte & Touche LLP
Dan Sunderland serves as Deloitte’s National Leader – Audit and Assurance Services. Dan leads the group which is responsible for developing our policies and methodology (on a US and a global basis), engaging in standard setting, and consulting with the field. In addition, the group has significant interaction with those responsible for technology, learning and innovation. Dan also serves on the Research Advisory Board for the Center for Audit Quality.
Michael R. Young
Willkie Farr & Gallagher LLP
Michael R. Young is a litigation partner at New York’s Willkie Farr & Gallagher LLP where he chairs the firm’s securities litigation and enforcement practice. His practice concentrates on the representation of companies, audit committees, officers, directors, accounting firms, and investment banks in United States and international securities class actions, SEC proceedings, and special committee investigations. His trial work includes the landmark jury verdict for the defense in the first class action tried to a jury pursuant to the Private Securities Litigation Reform Act of 1995.