To the Point - SEC highlights the need for companies to focus on controls that prevent cyber-related fraud

31 Oct 2018 PDF
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Publications To the Point


The SEC issued a report that highlights the need for all companies to focus on their procedures and internal controls over the authorization of transfers of cash, given the growing trend of frauds perpetrated using emails to obtain inappropriate payments. Although the SEC report focused on the internal control requirements in federal securities law, management at all entities should be aware of the risks and should consider whether their controls related to the authorization of the transfer of funds and changes to vendor master files would prevent fraud.

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