Pint Sheets, Amer. Exchange, NY Stock Exchange etc are all listing services, it's just the type of stock that are listed are different. To me it's apples to apples.
As for how I became a Forensic Auditor! Well it started when I graduated College and applied to IRS and was interviewed by CID (criminal investigation division of the IRS). This dept. back in the early 1980's was really concerned with tax fraud and fraud concernig over billing the federal gov't. He I audited copies that provided military equipment companies to U.S. military (for 6 years). Then Regan became president and changed the mandate of CID to chasing drug dealers (part of reganomic in 1986. Thats when I left and went to public accounting (back then a big six firm). A new division was just created to help clients buying up other companies to see if the numbers shown were true and correct. We still do this, but not as much. Now were do more internal fraud & divorce cases and (looking for hidden assets - not as many take over now as there was back in the 1980's & 1990's). As for you, to prevent fraud, you must seperate the duties of your employees. Don't have the same person who writes checks also do the back rec's. Don't have Human Resources also do the payroll. Seperate the duties!
In Three cases where I found Fraud 1) (at a hotel, don't have front desk employee, GM or Assit. GM give out charge backs without OK from Owner, President, V.P. Sec or Treas. (GM had CB deposited into his personal Mastercard)). 2) The second case involved NYS no fault insurance and a physician. The physician had partners, and he was doing lots of no fault insurance surgrery, but little money coming in. He says he was waiting for no fault to use up the money for each accident on an individual (No fault assign x dollars for each accident, once any money is paid to a physician, that physician can't go after insurance company for diff. However if there is no money left in that individual no fault assignment, physician can get to go for full amount against insurance company. In this case he didn't bill no fault for two years, but was going to retire soon. Once he retired he would have billed no fault , found no money and go after the insurance company. Thereby defrauding his partners while he had benifited from his partners revenue when he was working with them. 3) The third Case. I was auditing a large law firm in NYC. I was double checking the payroll back rec of this 300 firm law firm. I noticed that all payroll checks were signed by one partner. However there was one check sign by a different name (another senior partner) however check was made out to his Secretary with a slighly different spelling. She was the one also doing bank rec.'s for the company. What she did was have new check printed, without firms knowledge and each pay period issue a second check to herself and sign the senior partners name on check.
This is Forensic Auditing and how I got involved with it!
AI
