Do you know…

Last year, Monsignor Nunzio Scarano , the Bishop of Salerno –  Chief Accountant of the Vatican was arrested on fraud and corruption charges.  The Bishop whose nickname was ‘Don 500 Euros‘  was indicted on charges of money-laundering, cash  smuggling and other charges.

Issues of fraud and corruption, within large well-known organisations highlights possible issues in internal controls, and reputation risks for the organisation, which may lead  to loss of revenue especially for  organisations such as the Vatican, where a significant percentage of revenue is from charitable givings. The Financial Times reports that this scandal should serve as prompt for the Vatican to comply with international money-laundering regulations.

This article is relevant to students taking ethics exams, in discussing the implications of unethical behavior and risks .

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© countingonaccounting and Nuan Moji, 2013. The unauthorised use and/or duplication of this material without express and written permission from this blog’s owner is strictly prohibited. Excerpts & link may be used, if full & clear credit is given to Nuan Moji (blog owner), and countingonaccounting, with appropriate and specific direction to the original content.



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