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Phil Benvenuti '90 discusses issues of fraud with accounting students.

March, 2005—One day after former WorldCom CEO Bernie Ebbers was convicted of the biggest corporate fraud and bankruptcy in U.S. history and sentenced to a possible 85 years in prison, accounting professor Frank Marino welcomed Phil Benvenuti '90, a true-life Certified Fraud Examiner, to educate Fraud Examination students about how to prevent future corporate disasters.

Currently Manager of Internal Audit and Fraud Detection for the CPA firm of Sansiveri, Kimball & McNamee in Providence, RI, Benvenuti is a Certified Fraud Examiner, a Certified Internal Auditor, and a Fraud Claims Law Specialist. With 15 years of experience of internal audit and fraud investigation, he was a natural choice to speak to the undergrads taking Marino's Fraud Examination course.

Sharing a wealth of useful information with the 17 students, Benvenuti described his techniques for gathering critical information and interviewing employees suspected of fraudulent activity, skills he has honed throughout his career. He emphasized that all interviews should be conducted with respect. "If you have serious findings, you will need to make a decision that will have major impact on someone's life," he said.

Benvenuti also stressed the importance of personal character in the field of auditing. "As an auditor, you need to make sure that your own integrity is never questionable," said Benvenuti. "You have to hold yourself to a higher standard than everyone else. If your company allows an hour of personal Internet use during lunch, only take a half-hour. When you submit your expense reports, make sure they are crystal clear, with absolutely no ambiguity."

The course, which began in the spring of 2004, examines the subject of fraud from both management and accounting perspectives. Utilizing a variety of techniques, including text, lecture, case studies, and occasional training videos, the course seeks to familiarize students with the conditions that facilitate fraud, the profile of the fraud perpetrator, common types of fraud, and methods of prevention, detection, and resolution. Numerous historical cases of fraud are examined.

Benvenuti was thrilled to be a part of Marino’s syllabus, as he believes students should definitely learn about fraud as an integral part of their coursework.

“Studies have shown that fraud losses cost U.S. businesses an average of $660 billion per year,” Benvenuti said. “As fraud examiners, we have the opportunity to use our expertise and knowledge to help businesses prevent and detect fraud. The landscape of business has really changed since I was a student; fraud is more prominent and public now. It’s good for students to learn this now, to take that with them once they graduate and start working.”

“This is a very timely subject,” Marino said. “It’s good for students who are going out into the business world to know that this exists. You can’t assume that every company is operating honestly.”

The Business Studies Department at Assumption College is one of the College's largest departments, offering more than 40 undergraduate courses in Accounting, International Business, Marketing, Management, and Organizational Communication. Assumption also offers the MBA with seven areas of concentration, as well as a five-year BA/MBA option for Accounting majors. In addition, through its Center for Continuing Education and Professional Education, Assumption offers associate’s and bachelor’s degrees in Business Administration in Accounting and Management, as well as certificate programs in Accounting, Accounting with a CPA track, Business Communications, Graphic Design, Human Resource Management, and noncredit certificate programs in Medical Coding and Billing. Local companies can also contract with the College's Corporate Education Center for customized, on-site programs for their employees.