Ransomware Update

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Techrepublic.com, cybercriminals have attacked hospitals and other healthcare organizations with double-extortion ransomware attacks during the COVID pandemic. Questions: What is a double-extortion ransomware attack and how many different ransomware variants are now using the double-extortion plot? Why are cybercriminals focusing on hospitals and other healthcare organizations with these even bolder types of attacks?… Read more »

Cyber Security Breaches increase 300 percent for CPAs during Pandemic

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

With many accounting practices rushing to provide access for remote employees and clients (without fully understanding security implementations), cyberattacks on CPA practices of all sizes has increased 300 percent during the COVID pandemic. Questions: What do the cybercrimals do as part of a ransomware attack? Why are firewalls and antivirus software no longer enough to… Read more »

What a Heist!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting.

Swift — the Society for Worldwide Interbank Financial Telecommunication — is billed as a supersecure system that banks use to authorize payments from one account to another. However, last week, Swift announced that hackers had captured $81 million from Bangladesh’s central bank in February and that other similar heists have been attempted. Questions: 1. According… Read more »

Tax Fraud in South Florida? Surely you jest?

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

In North Miami, Josue Pierre took a shortcut into the easy-money underworld of tax fraud by using an “electronic filing identification number” — EFIN for short, and stolen IDs to file hundreds of fabricated online tax returns. Questions: 1. Why does Assistant U.S. Attorney Michael Berger say that using EFINs is like “tax fraud on… Read more »