Cecilia Locati

Internal Control Coach, Consultant, Podcaster, Founder @IC_Toolbox and @FraudFence, #internalcontrol expert, passionate about #fraudprevention

[Cecilia Locati @CeciliaLocati]

Insightful research on Risk Management by Deloitte

"Risk management is growing in importance, but challenges persist"

The research shows that "Organizations that invest in risk management typically achieve higher relative growth."

#riskmanagement #CRO
https://t.co/QWJynwyWMW

[Cecilia Locati @CeciliaLocati]

I am looking forward to speaking at the upcoming ACFE webinar on March 28th. I will be talking about how Pareto rule can be used to prevent fraud. I will go through the step-by-step process I use to build anti-fraud programmes.
#internalcontrols #fraud
https://t.co/AhLO50BTqO

[Cecilia Locati @CeciliaLocati]

Revlon shares slide 6.9% after report of material weakness in financial controls. The weakness stems from problems Revlon has faced in implementing a new enterprise resource planning system, or ERP, in the U.S.

#internalcontrolweaknesses

https://t.co/5TxqFE1x3o

[Cecilia Locati @CeciliaLocati]

“South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion (£5.5 billion) accounting fraud involving a small group of top executives and outsiders.
#internalcontrolfailure #fraud

[Cecilia Locati @CeciliaLocati]

Extremely interesting and innovative experiment co-authored by the MIT on how a movie, “Water of Gold”, could incentivize people to report corruption.
#corruption #fraudfighting
https://t.co/v3WRFQ1twv

[Cecilia Locati @CeciliaLocati]

“Companies need to take a much broader view of what internal control should do.
When participating on the board as a whole a compliance officer can also frame corporate strategy questions in the context of ethical conduct.”
#internalcontrols #ethics #compliance

[Cecilia Locati @CeciliaLocati]

"After establishing several overseas entities on his own, he was responsible for directing and approving Cisco contracts with those companies.
Cisco wired roughly $6.5 million to one of the entities, and $2.8 million to another.”
#internalcontrolfailure https://t.co/8aKJfgLun2

[Cecilia Locati @CeciliaLocati]

"The only sure-fire way a company can be certain it is properly addressing fraud risks is to put fraud risk assessment and response on the board’s agenda."
#internalcontrols #fraudprevention https://t.co/cwyxzF1vTJ

[The ACFE @TheACFE]

Of late, smart cameras, CCTV devices and drones with intelligent cameras are amassing vast expanses of video data at extraordinary scale and speed.

Here's how we can use it to fight fraud. 👉 https://t.co/FR0Ubafjsm

[Cecilia Locati @CeciliaLocati]

The alleged “corporate corruption” involved “senior executives”.
The total amount involved in the alleged fraud, which occurred between 2013 and 2017, is some $40m.”
#internalcontrolfailure #corruption #fraud https://t.co/uPOkMMDrVJ

[Cecilia Locati @CeciliaLocati]

“But not just South America. Miami itself, it's an economic center. It's a big flow of money in and out of Miami.
It's a city where we see individuals hiding their money, through shell companies, through real estate, through boating.”

#FCPA #corruption https://t.co/fDCBgrsAZD

[Cecilia Locati @CeciliaLocati]

Alta Mesa Resources struggles to survive with layoffs and $3B asset writedown because of admitted failures in its financial reporting.

#internalcontrolfailure https://t.co/PVjPldHqoq

[Cecilia Locati @CeciliaLocati]

HR audits are more than an audit activity that solely collects and presents evidence of compliance.
This article highlights the importance of the Employment-Labor Law Audit (ELLA) and its 5 critical components.
#HRAudit #internalcontrol
https://t.co/prUhdAD9n4

[Cecilia Locati @CeciliaLocati]

Internal controls had failed to detect the $630K stamp thefts because he used another supervisor's password to access the computer system.
#internalcontrolfailure #fraudprevention
https://t.co/B3K0xlV8Kt

[Cecilia Locati @CeciliaLocati]

Internal control is a key area of focus for Boards in 2019. Audit committees can expect their company’s financial reporting, compliance, risk and internal control environment to be put to the test in the year ahead #internalcontrol #2019 #auditcommittee https://t.co/h6r1LgsBIU

[InternalControlToolbox @IC_Toolbox]

Internal Control To Prevent Procurement Fraud https://t.co/d3nD5i8wDH

[InternalControlToolbox @IC_Toolbox]

Four Tips For Achieving Clean Internal Control Audits #fraudprevention #internalcontrol https://t.co/nmVS76cyxu

[Cecilia Locati @CeciliaLocati]

Sign the petition to protect Whistleblowers in the EU.
Let’s tell the EU to secure strong protections for whistleblowers.
#internalcontrol #whistleblowing
https://t.co/ykVO2srM6Y

[Cecilia Locati @CeciliaLocati]

““Around the world, only 34 governments have enacted national whistleblower protection laws. Only 10 EU countries have comprehensive legislation in place but enforcement is often inadequate.” #internalcontrol #whistleblowing https://t.co/sb3JKuKyO0

[Cecilia Locati @CeciliaLocati]

I have seen this mindset in a lot of companies... “The core management teams at mid-tier companies trust each other so implicitly that they tend to dismiss the need for internal cybersecurity controls.” #internalcontrol #cybersecurity https://t.co/zp050eDLju