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Steven Randall shared thisA former Williams-Sonoma executive recently pleaded guilty to participating in a $16 million kickback and commission diversion scheme involving warehouse equipment purchases, logistics services, and real estate transactions. The executive used a shell company to receive kickbacks from vendors and diverted brokerage commissions that should have been paid to legitimate third parties. It is another unfortunate case of internal control and governance failures. Here are some risk indicators worth noting: 1️⃣Excessive authority concentrated in a single executive responsible for vendor selection, contracting, and project oversight 2️⃣Inadequate conflict-of-interest disclosures and monitoring 3️⃣Weak due diligence over third parties and vendor ownership relationships 4️⃣Insufficient review of large procurement and real estate transactions 5️⃣Lack of analytics designed to identify unusual vendor payments and commission arrangements (which is much easier these days with AI) 6️⃣Limited independent oversight of strategic sourcing and capital project expenditures For Boards and Audit Committees, this case serves as a reminder that fraud risk extends well beyond finance and accounting functions. Procurement, supply chain, facilities management, real estate, and vendor management activities often involve significant spending and can create opportunities for kickbacks, self-dealing, and undisclosed conflicts of interest. Strong governance requires periodic conflict-of-interest certifications, robust third-party due diligence, data analytics focused on vendor risk, and independent reviews of high-dollar sourcing and contracting decisions. Internal audit should also periodically evaluate procurement and vendor management controls. Fraud schemes of this nature rarely succeed because controls do not exist. More often, they succeed because oversight fails to challenge trusted individuals with significant authority. ❓❓❓What do you believe is the most effective control for preventing executive-level kickback schemes: vendor due diligence, conflict-of-interest monitoring, data analytics, or independent procurement reviews? #CorporateGovernance #InternalAudit #RiskManagement #AuditCommittee #FraudRisk #Procurement #ThirdPartyRisk #InternalControls #FraudEx Williams-Sonoma exec pleads guilty to $16M warehouse kickback schemeEx Williams-Sonoma exec pleads guilty to $16M warehouse kickback scheme
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Steven Randall shared thisCome join me on September 16 for a 3-hour cruise on Lake Michigan. The IIA Chicago Chapter's Career Advisory Committee warmly invites you aboard the Island Party Boat’s Enchantment for an unforgettable evening of professional connection, food, drinks, and skyline views — all while earning 1 hour of CPE! #TheIIA #IIAChi #audit #internalaudit #Chicago The Institute of Internal Auditors (IIA) - Chicago Chapter Thomas Caputo Tiffany N. McCoy, MSAA, CFE, CFSA, CSOE Rashmi Bharathan Nehal M. Giuseppe Biondolillo Margaret Honkisz, CPASummary - Fourth Annual Boat Cruise on Lake MichiganSummary - Fourth Annual Boat Cruise on Lake Michigan
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Steven Randall shared thisA former finance director was recently sentenced to 6.5 years in prison after embezzling more than $10 million from his employer over a 16-year period. According to prosecutors, he concealed the fraud by altering bank statements, paying personal expenses with company funds, awarding himself unauthorized bonuses, and directing company funds to personal accounts. While the dollar amount is shocking, the more important question for Boards and Audit Committees is: How did this go undetected for so long? Almost every case I post on LinkedIn reveal common control breakdowns: • Inadequate segregation of duties within the finance function • Lack of independent review of bank reconciliations and cash disbursements • Overreliance on trust in a long-tenured employee (Trust is important but it is not an internal control) • Insufficient monitoring of executive compensation and bonus payments • Failure to obtain bank information directly from financial institutions • Weak internal audit coverage of treasury, cash management, and disbursement processes Boards and Audit Committees should view this case as a reminder that #fraud prevention is not simply a management responsibility. Effective oversight requires periodic reviews of fraud risk assessments, independent validation of key financial controls, direct engagement with internal and external auditors, and ongoing scrutiny of areas where a single individual has the ability to both execute and conceal transactions. Fraud schemes rarely begin as $10 million thefts. They often start with a small control failure that goes unnoticed. This case started small and built steam over 16 years. Strong governance, independent oversight, and a healthy degree of professional skepticism remain some of the most effective defenses against financial misconduct. #InternalAudit #RiskManagement #CorporateGovernance #AuditCommittee #FraudRisk #InternalControls #ERM #auditScottsdale man sentenced to 6.5 years in prison for embezzlement - Scottsdale IndependentScottsdale man sentenced to 6.5 years in prison for embezzlement - Scottsdale Independent
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Steven Randall shared thisInternal Controls help organizations reduce risk, improve financial reporting, strengthen compliance, ensure critical processes operate consistently, deter fraud, and create accountability across operations. Jesse M. Laseman, MAS, CIA, CRMA, CFE wrote this article, co-authored by Timothy Lietz and me. Give it a read and let me know what you think. #Audit #fraud #internalaudit #sikich SikichDesigning internal controls that reduce risk and stand up to audit - SikichDesigning internal controls that reduce risk and stand up to audit - Sikich
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Steven Randall shared thisJoin Jesse M. Laseman, MAS, CIA, CRMA, CFE and me for this free webinar on August 19. This session qualifies for YellowBook CPE credit. Designing and documenting effective internal controls Effective internal controls are more than a compliance exercise, they are essential to accountability, operational effectiveness, stewardship of public resources, and maintaining public trust. In this session, we will explore what strong internal controls look like in practice and discuss common control design and documentation challenges organizations face today. Using real-world examples and observations from internal control assessments, attendees will learn how to design controls that address risk, distinguish between routine activities and true controls, and create documentation that stands up to scrutiny. We will also discuss common obstacles organizations encounter, including staffing shortages, turnover, and evolving processes, and how these challenges impact control effectiveness. The session will conclude with practical guidance on preparing for an internal control assessment and strengthening an organization’s overall control environment. #Audit #internalAudit #CorpGov #Sikich Sikich
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Steven Randall shared this🚨 When the CFO Is the Fraudster: A $3 Million Internal Control Failure A former CFO of a Miami-based hedge fund recently pleaded guilty to a years-long scheme that allegedly embezzled more than $3 million from his employer. According to the Department of Justice, the CFO used fictitious consulting companies under his control, submitted fraudulent invoices for services never performed, authorized unauthorized payments, and charged personal expenses to company credit cards. He also allegedly misled the organization's external auditor to conceal the scheme. This case is a powerful reminder that fraud risks do not disappear simply because an organization has experienced finance professionals, external audits, or established processes. In many cases, the greatest risk comes from management override of controls. What internal control failures may have allowed this to happen? ✅ Insufficient independent review and approval of vendor payments ✅ Weak vendor onboarding and beneficial ownership verification procedures ✅ Excessive authority concentrated in a single executive ✅ Lack of segregation of duties within the finance function ✅ Inadequate monitoring of corporate credit card activity ✅ Failure to identify related-party transactions and conflicts of interest ✅ Insufficient scrutiny of unusual payments and consulting arrangements ✅ Inability to detect management override and misleading information provided to auditors This fraud reportedly continued for years, highlighting the importance of ongoing monitoring and independent challenge of executive actions. What should Boards and Audit Committees do? 🔹 Challenge management on how the organization identifies and mitigates management override risks. 🔹 Require periodic reviews of vendor master files, related-party transactions, and beneficial ownership information. 🔹 Ensure high-risk payments, consulting arrangements, and executive expenses receive independent oversight and review. 🔹 Leverage data analytics to identify unusual payment patterns, duplicate vendors, and transaction anomalies. 🔹 Confirm segregation-of-duties conflicts are identified and appropriately mitigated. 🔹 Meet regularly with internal and external auditors to discuss fraud risks, control weaknesses, and concerns involving executive management. 🔹 Encourage a strong speak-up culture and whistleblower program that allows concerns to be raised without fear of retaliation. The most important lesson from this case is that controls designed to prevent employee fraud are often ineffective when the individual committing the fraud is the person responsible for approving, overseeing, or monitoring those same controls. Strong governance, independent oversight, and a healthy level of skepticism remain some of the most effective defenses against executive misconduct. #InternalAudit #CorporateGovernance #AuditCommittee #BoardOfDirectors #FraudRisk #InternalControls #RiskManagement #Compliance #FinanceLeadershipEx-hedge fund CFO pleads guilty to $3M embezzlement schemeEx-hedge fund CFO pleads guilty to $3M embezzlement scheme
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Steven Randall shared this🚨Fraud Risks Are Not Limited to Finance Departments A former Senior Systems Administrator at a North Carolina hospice organization was recently convicted for embezzling nearly $1 million over a three-year period. The employee used a company credit card, created fraudulent invoices, routed payments, and used created a fictitious company to conceal the ultimate beneficiary of the payments. What internal control failures may have allowed this to happen? ✅ Inadequate review and approval of vendor invoices ✅ Weak controls over corporate credit card transactions ✅ Failure to verify vendor legitimacy and ownership ✅ Insufficient segregation of duties between purchasing, payment processing, and invoice approval ✅ Lack of monitoring over employee-controlled payment accounts ✅ Ineffective analytics to identify unusual spending patterns and duplicate or suspicious vendors ✅ Delayed detection despite the scheme occurring over multiple years This case highlights a common fraud scenario: an employee with specialized knowledge of systems and processes exploits gaps in oversight and vendor payment controls. These risks are easily prevented. What should Boards and Audit Committees do? 🔹 Require management to periodically assess fraud risks associated with procurement, accounts payable, credit cards, and vendor management processes. 🔹 Ensure independent reviews of new vendors, including validation of ownership, tax information, addresses, and banking details. 🔹 Request periodic data analytics over vendor payments, employee reimbursements, and purchasing card transactions to identify anomalies. 🔹 Confirm that segregation-of-duties conflicts are identified, monitored, and mitigated, particularly for employees with elevated system access. 🔹 Require internal audit to periodically test vendor master file changes, invoice approvals, and payment controls. 🔹 Establish reporting on fraud indicators and control exceptions, not just financial performance metrics. 🔹 Promote a strong ethical culture and whistleblower program that enables concerns to be reported and investigated promptly. Fraud schemes involving fictitious vendors and unauthorized payments continue to occur because organizations often trust long-tenured employees and fail to independently verify transactions. Effective governance requires challenging assumptions, monitoring high-risk activities, and ensuring key controls remain effective as business processes evolve. #InternalAudit #Audit #CorpGov #AuditCommittee #BoardOfDirectors #RiskManagement #InternalControls #Compliance #VendorManagement @GovernanceEmployee at Goldsboro non-profit found guilty of embezzling nearly $1 million in fundsEmployee at Goldsboro non-profit found guilty of embezzling nearly $1 million in funds
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Steven Randall shared thisThis is unexpected career advice from an unexpected source. Joe Rogan recently interviewed Mr. Beast on the JRE Podcast. Maybe you listened already? During the interview there were snippets of great career advice. This clip is one of them: "You can't be your own boss and also be a "terrible" employee." It is worth listening to and reflecting on your role as an employee, whether self-employed or not. #career #work #lifelessons
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Steven Randall shared this🚨 Internal Control Failures Can Be Costly: Alleged $5M+ Embezzlement at Cash Handling Vendor Federal prosecutors recently charged two executives of a New Jersey security and cash-handling company with allegedly embezzling more than $5 million from cash held on behalf of a bank. According to the indictment, the executives allegedly removed cash from company vaults over several years and used the funds for personal purchases, business expenses, vehicles, home improvements, and other expenditures. What control failures may have contributed to this? ✅ Inadequate segregation of duties over high-risk cash handling activities ✅ Insufficient independent reconciliations and verification of vault balances ✅ Lack of effective monitoring of executive access and transactions ✅ Weak governance over third-party cash custodians ✅ Failure to detect or prevent management override of controls ✅ Limited independent oversight of a high-risk, cash-intensive process One of the most important lessons from this case is that fraud often occurs not because controls do not exist, but because individuals with authority can override them. What should Boards and Audit Committees do? 🔹 Ensure management has implemented strong controls over cash, assets, and other high-risk processes. 🔹 Require periodic independent audits, surprise reviews, and reconciliations of critical assets. 🔹 Focus on risks associated with management override, especially where a small group of executives controls key processes. 🔹 Strengthen third-party risk management and demand independent assurance over outsourced services. 🔹 Review fraud risk assessments regularly and challenge management on how key controls are monitored. 🔹 Encourage a culture of accountability, transparency, and reporting of concerns without fear of retaliation. This case serves as a reminder that effective governance is not just about having controls on paper—it's about ensuring those controls are independently monitored, regularly challenged, and capable of detecting misconduct at every level of the organization. #InternalAudit #RiskManagement #CorporateGovernance #AuditCommittee #BoardOfDirectors #FraudRisk #InternalControls #ThirdPartyRiskManagement #ComplianceTwo executives charged with embezzling over $5M from N.J. security company vault, feds sayTwo executives charged with embezzling over $5M from N.J. security company vault, feds say
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Congratulations!!!
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Thank you JMU Forensic Accounting Club, much appreciated as always. Keep up the good work!!!
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Steven Randall liked thisSteven Randall liked thisThank you to David T. Brown, Co-Chairman, Courtney Mayster, Managing Partner, Sterling Williams, M&A and Private Equity Attorney, and the entire Much Shelist, P.C. team for inviting me to join their leadership series yesterday for a thoughtful conversation about storytelling, strategic alignment and one of the most important responsibilities we have as leaders: helping people see a future that doesn’t yet exist and believe in their role in creating it. It was especially meaningful to have this conversation with Much Shelist, a valued partner and outside counsel to Navy Pier, whose team has helped us navigate important moments of change and opportunity. Our conversation gave me an opportunity to reflect on my own 32-year journey at Navy Pier and how it has shaped my approach to leadership. From helping tell the story of the Pier’s redevelopment and reopening in 1995, to leading its transition to an independent nonprofit in 2011, to developing and bringing the Centennial Vision to life as we approached our 100th anniversary, each chapter has taught me something different about navigating change, building trust and bringing people together around a shared vision. Those experiences have reinforced something I believe is fundamental to leadership — a vision only becomes meaningful when people can see themselves in it. As leaders our responsibility is not simply to communicate where an organization is going. It is to connect that direction to a shared sense of purpose, make it relevant to the people who will bring it to life, and give them the confidence and ownership to help build it. Perhaps the most rewarding opportunity as a leader is to then tell the stories of those team members, partners and communities who demonstrate what an organization stands for every day. Thank you to Maria Minor, Director of Attorney Recruiting & Professional Development, for organizing an enjoyable conversation and to the Much Shelist team for the opportunity to reflect on the stories we tell as leaders and the futures those stories help make possible.
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Steven Randall liked thisSteven Randall liked thisLooking forward to Amazon Web Services (AWS) Summit Zurich on September 2 🚀 This year I’ll be joining our Swiss partner Nuvibit at Booth B23. A big thank you to Christoph Siegrist, Philipp Holz, Stefano Franco and the whole NUVIBIT team for having me on the booth and for the trust 😊 NUVIBIT has built a strong AWS platform offering around NTC – Nuvibit Terraform Collection. Together, we can now also provide a managed AWS Landing Zone for customers who want a solid AWS foundation without having to build and operate everything themselves – especially relevant for SME customers. From the tecRacer side, I’ll be happy to talk about our current focus areas around AI, Amazon Connect, Migration & Modernization and, for universities and research organizations, our Secure Research Environment (SRE). Good to know: SRE gives researchers an easy way to access secure AWS research environments, while central IT keeps control over security, governance and costs. And together with TI Sparkle / OCRE, universities and research organizations can procure AWS and our related consulting services through the existing framework instead of running a separate tender process. If you’re at the Summit, come by Booth B23 and say hello 😊 See you in Zurich! 🚀 @Rachel Linnemann Eva Ramuschkat Sven Ramuschkat Torsten Hoepfner Walter Huber Sebastian Moehn Dr. Melanie Peschmann Christina Gäbler Jens Köhler Jörn Petereit Eike C. Frerichs Kai Fryder Axel Friebis Dino Schmid Nina Kunkel Melanie Stabauer Roger Brustio Paolo Perulli Rüdiger Scheumann Milan Vopalka Matthieu Stauth #AWSSummit #AWS #Zurich #AmazonConnect #AI #Migration #Modernization #SRE #HigherEducation #Nuvibit #tecRacer
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Steven Randall liked thisLooking forward to joining Steven Randall for this event!Summary - Fourth Annual Boat Cruise on Lake MichiganSummary - Fourth Annual Boat Cruise on Lake Michigan
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Steven Randall liked thisSteven Randall liked thisGreat day for the The Institute of Internal Auditors (IIA) - Chicago Chapter. Cornerstone Search Partners, Inc. has sponsored this event for years and it never gets old! This one raised real money for the chapter, including a record number of raffle tickets sold. Plus, it was our first time at hole #3, Beat the pro! It was the perfect weather, watched some good golf, and had a lot of great conversations with people I don't get to see nearly enough. Grateful for a community that shows up for each other like this. #InternalAudit #ITAudit
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Steven Randall liked thisSteven Randall liked thisThe excitement is building for Oracle AI World 2026, and Peloton Consulting Group is getting ready for an exciting week in Las Vegas! As a Platinum Sponsor, we’ll be hosting a series of exclusive customer experiences throughout the conference, bringing together industry leaders, Oracle executives, customers, and our Peloton team for opportunities to connect, collaborate, and celebrate. From VIP experiences and industry gatherings to networking events designed to spark meaningful conversations, we’re looking forward to creating memorable moments with our customers and partners throughout AI World. We’re looking forward to connecting with the Oracle community in Las Vegas. Will we see you there? Let us know if you're attending: https://lnkd.in/gD5tC8jC #OracleAIWorld #AIWorld2026 #AI #Vegas #PlatinumSponsor #Oracle #PelotonConsultingGroup #BetterTogether
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Steven Randall liked thisSteven Randall liked thisIt was great spending the day with The Institute of Internal Auditors (IIA) - Chicago Chapter, Valerie Goldenberg, and Melanie Mui, CIA, CFE! After attending several conferences from #IIA to #FEI, one thing is clear. #Cyber is top of mind for all business leaders today, well beyond the #CISO. Grateful to be apart of the Sikich team with the capabilities necessary to drive real impact for our clients.
Experience & Education
Volunteer Experience
Publications
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How better IT governance builds trust in not-for-profit operations
Sikich
A not-for-profit that jeopardizes trust will find itself significantly compromised. Donors, grantors, board members and regulators all expect accurate, secure and transparent financial information. Weak IT controls can lead to financial misstatements, data breaches, operational disruptions and irreversible reputational harm. Yet many not-for-profits have small IT teams or outsourced providers that struggle to maintain the IT controls needed for real security.
Other authorsSee publication -
2024 Study on the Strategic Role of Internal Audit
Sikich
See publicationWith a heightened demand for information security and shareholder assurance, understanding the pivotal role of internal audit functions has become imperative for both private and public companies, regardless of industry.
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Jiggle the Gate: Continuously Monitoring Internal Controls
Sikich
See publicationInternal controls are all around us, whether we are aware of them or not. Take parents of toddlers, for example. Gates are set up around staircases, plastic covers are placed around doorknobs and protective covers are inserted over electrical outlets. Not to mention the baby monitors – because you can’t leave a child alone – technology to the rescue! How about pet owners? They know a thing or two about internal control systems and monitoring, from puppy gates to strategically placing their…
Internal controls are all around us, whether we are aware of them or not. Take parents of toddlers, for example. Gates are set up around staircases, plastic covers are placed around doorknobs and protective covers are inserted over electrical outlets. Not to mention the baby monitors – because you can’t leave a child alone – technology to the rescue! How about pet owners? They know a thing or two about internal control systems and monitoring, from puppy gates to strategically placing their favorite slippers out of reach. These are all forms of internal controls. And this, in fact, translates into business.
Just like it’s important for parents or pet owners to continuously monitor their systems of internal controls and their effectiveness – like jiggling a gate to ensure it’s locked – it’s crucial for organizations to test their processes as well. Performing internal controls and continuously monitoring those controls helps business leaders avoid operational setbacks. From a fundamental breakdown to an employee circumventing or a failure to monitor the control, internal controls are the due diligence that help prevent breakdowns from occurring.
Projects
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Corporate Reorganization
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Worked with the President of a Chicago-based not-for-profit to evaluate organizational effectiveness. Redesigned corporate structure, created new roles and responsibilities, and drafted policies and procedures to enhance the services delivery capabilities.
Honors & Awards
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IIA Chicago Chapter William C. Anderson Member of the Year
Institute of Internal Auditors Chicago Chapter
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Roy C. Start High School Hall of Fame
Roy C. Start
Languages
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English
Native or bilingual proficiency
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French
Elementary proficiency
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Spanish
Elementary proficiency
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