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Listed companies
on the US Stock Exchange must have a confidential, anonymous
reporting or whistleblowing mechanism for employees. More
details here...
CLERP 9 (Corporate Law
Economic Reform) becomes law 1 July 2004 . More
details here...
Australian companies are not doing enough to promote sound
business practices. 83% of listed companies had no formal
oversight of bad business practices and 46% did not publicly
disclose policies protecting whistleblowing.
More
details here...
85% of all fraud
is committed internally or by those on the payroll. Notification
by employees is the next most effective detection tool to
internal controls More
details here... (PDF File)
APRA's new Prudential
Standard APS 510: Governance takes effect on 1 October 2006
s.42 the Audit Committee must have procedures which enable
employees to (confidentially) raise concerns about finance
related matters More
details here... (PDF File)
"Protecting
the Family Name" Generations Family Business Magazine
Dec 2004 (PDF File)
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The corporate watchdog
says a guilty finding against two former National Australia
Bank traders shows dishonesty will not be tolerated.
The
whistleblowing
on the phoney trades were carried out by another two traders
on the desk and the bank lost $326 million as it closed down
the losing positions. More
details here... (PDF File)
Whistleblowing ends
fuel price scam in Ballarat, Victoria, Australia. More
details here... (PDF file)
The Corporations
Act 2001 protects certain whistleblowing activities, and protects
whistleblowers from persecution. These protections are designed
to encourage people within companies, or with special connections
to companies, to alert ASIC and other authorities to illegal
behaviour.
Click
on this link to read ASIC information sheet "Protection
for whistleblowers"
Your-Call's
CEO Glenn Birrell in Online Opinion says its ime to take a
different approach to protecting whistleblowers and asks are
we equipping people with the necessary tools and protection
to speak up? More
details here... (PDF file)
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ACFE 2006 Report
to the Nation on Occupational Fraud and Abuse found "that
the most common method of fraud detection was by a whistleblower
or tip off.
The median loss
suffered by organisations with fewer than 100 employees was
$190,000 per scheme. The most common occupational frauds in
small businesses involve employees fraudulently writing company
cheques, skimming revenues, and processing fraudulent invoices.
One
reason small businesses suffer such high fraud losses are
that they generally do a poor job of proactively detecting
fraud.
Less than 10% of small businesses had anonymous whistleblowing
or fraud reporting systems, and less than 20% had internal
audit departments, conducted surprise audits, or conducted
fraud training for their employees and managers."
More
details click here.
A recent
CFO study of nearly 200,000 whistleblowing reports found almost
two-thirds were made externally. Phoning
It In John Mc Partlin CFO Magazine 27 February 2007
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