Customer Reviews

Essential Project Investment Governance and Reporting: Preventing Project Fraud And Ensuring Sarbanes-Oxley Compliance

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As a project manager, I was very interested to read this book. The consequences of unchecked fraudulent activity in the public and private sectors does more than affect the "bottom line." It erodes public confidence in the ability of managers to protect the assets assigned to their care.

Within organizations, fraud robs employees of the resources they need to fulfill their obligations. This book gives project managers, auditors, and fraud investigators a "blueprint" for taking effective collaborative action to both uncover and prevent fraud during the life of projects. Since so much business activity is project-based, it's a wonder we had to wait so long for it.

The book's organization makes it easy to follow the argument that fraud can be dealt with effectively. The Preface clearly states the purpose of the book. Each chapter is divided by important topics within. This is accurately reflected in the table of contents. Each chapter is also neatly summarized at the end. It has a helpful index at the back of the book as well.

The Appendices are helpful, too. They supplement the text by providing a "List of Sarbanes-Oxley Act Sections," "Decision Tree for Software Development Projects," and "Project Fraud Management Policy Template."

The authors have the necessary professional credentials and the extensive experience needed to synthesize the subject matter. They have the all-important credibility to support their contentions.

I thought the book brought together the best of project management and financial auditing to offer concerned professionals a "roadmap" to more control. It provides checklists and guidelines that enable project managers and internal auditors to work together.

The book should, of course, appeal to the above-mentioned professionals. It should also be read and understood by top-level corporate managers who want to make use of available professional skills to effectively fight fraud.

Steve's first book (Advanced Project Portfolio Management and the PMO with Gerald Kendall) transformed the perception of a PMO from a project cost management/efficiency cop to a potential profit center, raising the bar for most organizations. He (along with Richard Lanza) has pushed the envelope again making the case for the PMO as the best qualified entity for preventing financial losses to the corporation due to project fraud.

The term project fraud may at first seem a harsh characterization of the poor project success rates that most management accepts as the status quo. However, Rollins and Lanza do an excellent job of mapping the COSO Control Framework to the execution of project objectives and the performance of project personnel. They include diagrams, descriptions and questions to assist in the performance of a Project Fraud Risk Assessment. The underlying conclusions are that poor manmagement of project fraud can seriusly hurt corporate business objectives and that the PMO is best suited to perform this function.

This is must reading for PMO Directors struggling to get the visibility and executive blessing needed to effectively fulfill their mission.

This is a necessary reference for effective project management and Section 404 compliance under Sarbanes-Oxley. The book provideds an abundance of checklists and questions that will make this an ongoing well used reference for ensuring continued corporate governance. The reality of project fraud and its widespread impact is clearly spelled out. Rollins and Lanza accomplished their objective with well stated structures for breaking down the work steps needed to prevent fraud and establish effective internal controls for managing projects. You get your money's worth with this book.

Sub-Title: Preventing Project Fraud And Ensuring Sarbanes-Oxley Compliance

Sarbanes-Oxley is one of those things that you really wish Congress had to apply to themselves rather than just imposing it on the rest of us. It has certainly made life interesting. In terms of project management, it's intent is to ensure that a project proceeds to work on its stated mission, correctly utilizing the projects resources, and eliminate improper dealings with project vendors for personal enrichment.

A key problem is to distinguish between fraud and mismanagement, conspiracy and incompetence. An interesting project discussed in the book is the California State Welfare Automation Project where the project was so confused that they still can't say if fraud ocurred. From this example the reporting procedures that may prevent the reocurrance of such situations is developed by looking as many areas where fraud can at least be expected to occur.

This situation wouldn't be so critical if the law weren't written so that people can be put in jail for not instituting proper controls where proper controls are a matter of opinion. This book gives the best analysis of current thinking, subject to change of course as the courts deal with the problem.