http://dealbook.nytimes.com/2015/02/03/s-p-announces-1-37-billion-settlement-with-prosecutors/?_r=1

Posted by Joel CHUA Yong Sheng, Year 4 undergrad at the School of Economics, Singapore Management University

S.&.P. Announces $1.37 Billion Settlement With Prosecutors

By BEN PROTESS FEBRUARY 3, 2015 8:40 AM February 3, 2015 8:40 am 84 Comments Updated, 10:08 a.m. | 

Nearly a decade after credit rating agencies fed a subprime mortgage frenzy that imperiled the global economy, one of the industry’s biggest players now faces a costly reckoning. Standard & Poor’s, a rating agency accused of inflating its assessment of mortgage investments that spurred the 2008 financial crisis, said on Tuesday that it had agreed to pay $1.37 billion to settle wide-ranging civil charges from the Justice Department as well as 19 state attorneys general and the District of Columbia. S.&P. also signed a statement of facts that outlined its role in the mortgage crisis, but the ratings agency did not admit to wrongdoing, securing a major concession from the government. Continue reading →

http://www.straitstimes.com/news/business/more-business-stories/story/singapore-shipping-fuel-scandal-sends-traders-scrambling-2

Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University

SINGAPORE (Reuters) – Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of US$550 million. Continue reading →

Posted by John SOH Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University

Almost 13 years after the enactment of the Sarbanes-Oxley Act, this much is clear: it’s not going anywhere. Arguments from detractors have largely quieted down, and firms have settled into a compliance routine, almost treating the act as an afterthought. Attention has gradually shifted toward newer headline issues like insider trading, leaving Sarbanes-Oxley compliance as a simple checklist item. But, in the same way that the development process accelerates when children hit their teen years, the “terrible teens” for Sarbanes-Oxley compliance might be right around the corner. Continue reading →

http://www.wsj.com/articles/chinas-antigraft-drive-turns-to-financial-sector-1422881708

Posted by CHUA Sing Nee, Year 3 undergrad at the School of Social Science, Singapore Management University

http://articles.economictimes.indiatimes.com/2011-01-05/news/28432924_1_corporate-governance-double-digit-growth-barrier-window-dressing

Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University

NEW DELHI: Finance minister Pranab Mukherjee has asked the country’s auditing fraternity to be vigilant against “window dressing” of financials by companies, and highlighted the need for stringent disclosure norms on complex financial instruments. Continue reading →

Click to access combat-credit-card-fraud-with-big-data-whitepaper.pdf

http://www.sap.com/bin/sapcom/he_il/downloadasset.2013-09-sep-17-10.detect-prevent-and-deter-fraud-in-big-data-environments-pdf.html

Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University

Abstract: More than 50% of fraud cases are detected by accident, after loss has occurred. Many tools
require excessive effort by fraud analysts to generate useful information, or the tools generate
too many false alarms.The cost of using these tools is high, and the return is low.

For effective fraud management, you need an approach that detects and prevents fraud –
as it happens. The right solution will help your organization keep pace with ever-changing,
increasingly sophisticated criminal tactics. Then if fraud occurs, your analysts can investigate
it efficiently and thoroughly check transactions without negatively impacting operational productivity.

http://fortune.com/2011/06/15/how-to-encourage-the-right-kind-of-whistleblowers/

Posted by GOH Shu Qi, Year 3 undergrad at the School of Accountancy, Singapore Management University

FORTUNE — Following in the footsteps of other agencies with successful bounty programs like the IRS, the Dodd-Frank Act has required the SEC to implement protections for whistleblowers and payments of what could be large sums for valuable information related to corporate fraud. While the SEC has been offering these protections and rewards since the Dodd-Frank Act’s passage, on May 25, the SEC established rules that will govern these procedures going forward. Continue reading →

http://www.ft.com/cms/s/0/6b5049fe-9a7b-11e4-8426-00144feabdc0.html#axzz3QYoT9FH4

Posted by SEAH Hui Ting, Year 3 undergrad at the School of Accountancy, Singapore Management University

The number of fraud cases coming to trial in the UK rose 25 per cent in 2014, driven by large numbers of investment scams . A total of £717m was lost to fraud in cases that came to court during the year, of which £216m went into fake investment schemes, the biggest single category, according to a twice-yearly fraud barometer survey by KPMG, a professional service firm. This compared with £168m the previous year. Continue reading →

http://basehitinvesting.com/buffetts-petrochina-investment-finding-large-gaps-between-price-value

Posted by Joel CHUA Yong Sheng, Year 3 undergrad at the School of Business, Singapore Management University

Joel: This article is about Warren Buffet’s investment in Petrochina, his thought process and due diligence when selecting in a stock to invest to avoid the lemons and frauds.

Buffett’s PetroChina Investment: Finding Large Gaps Between Price & Value

By John Huber On August 4, 2014 · 13 Comments

“You don’t have to know a man’s exact weight to know that he’s fat.” – Ben Graham

I was reading through some notes from the 2008 Berkshire Hathaway Annual Meeting and one of the questions grabbed my attention. The question was pertaining to Warren Buffett’s decision to purchase stock in PetroChina back in 2002. Basically, the questioner was surprised that Buffett made such a sizable investment after a seemingly small amount of due diligence saying “all you did was read the annual report… Wouldn’t you want to do more research?”

Here is the question along with Buffett’s response: Continue reading →