Fraud - 9526 Words
Forensic Accounting in New Zealand: Exploring the gap between education and practice.
Auckland University of Technology, New Zealand
‘Accounting practice has always been concerned with fraud’ (Lehman & Okcabol, 2005)
The global business environment is rapidly changing and this has resulted in evolutionary changes in the skills accountants need to meet the requirements of their clients so they can continue to add value to their...
9,526 Words | 33 Pages
Fraud - 1427 Words
Can corporate fraud ever be eliminated from the workplace?
Corporate fraud has been a growing issue since Enron bankruptcy. The factors that contribute to the occurrence of corporate fraud are hard to control and methods used to prevent and detect fraud both by internal control and outside auditing have unavoidable weaknesses. Despite all the effort being made, it is highly unlikely that corporate fraud can be eliminated from the workplace.
After Enron scandal...
1,427 Words | 5 Pages
The Fraud - 443 Words
The Leslie Fay Companies, which is a manufacturer of women’s apparel, was founded by Fred Pomerantz. It was named after Fred’s daughter, Leslie Fay. The company is based out of New York, and Fred Pomerantz made the company public in 1952. Paul Polishan, who became CFO and senior vice president of finance, was hired personally by Fred Pomerantz. However, Fred Pomerantz ended up taking the company back to a private entity for a few years in the 1980’s due to a buy out from his son John Pomerantz....
443 Words | 2 Pages
Fraud - 650 Words
Billing and Coding Fraud
Ultimate Medical Academy
Before answering the questions “what are my responsibilities for billing on a procedure that was not performed but asked to do so anyway”, Let me explain a little on Medical Billing Fraud? It is an attempt to fraudulently obtain payments from insurance carriers. Fraud in medical billing cost tax payers and medical providers millions of dollars annually (all-things-medical-billing.com). In 1996, HIPPA established the...
650 Words | 2 Pages
All Fraud Essays
Fraud - 1250 Words
The main suspects at this time are Ben Hill, Michelle Shelton, Candie Harris, Sam MacCarty, and Phil Ackers. The red flags in this case deal primarily with a lack in segregation of duties. These suspects all juggle multiple roles, some of which are not listed in their job description. Some of these suspects actively seek out additional responsibilities and place themselves in roles where they probably do not belong. Further rationalization for choosing these suspects is outlined below.
1,250 Words | 3 Pages
Fraud - 3067 Words
Fraud is listed by the 2003 UK Threat Assessment issued by the National Criminal Intelligence Service as one of the seven most significant threats facing the world1.
What is a Fraud? A fraud is when one party deceives or takes unfair advantage of
another. A fraud includes any act, omission, or concealment, involving a breach of legal or
equitable duty or trust, which results in disadvantage or injury to another. In fact, in a broad strokes definition, fraud is a...
3,067 Words | 9 Pages
Fraud - 2610 Words
Table of Contents
The purpose of this paper is to explore fraudulent activities within the business environment. Trends observed indicate a need for increasing secure management. Review of scholarly journals, industry publications and text books were performed to gather data. Findings support that implementation of fraud reporting mechanisms assist in detecting fraud.
What is Password Hashing? 4
Hashing Methodologies 5
2,610 Words | 8 Pages
fraud - 452 Words
Charity fraud happens when an individual or group deliberately misrepresents its fundraising intentions or solicits charitable funds for phony causes. Throughout the year, and especially during the holiday season, you get appeals over the Internet, in the mail, or by telephone urging you to contribute financially to a good cause. And when disasters hit whether natural or man- made fraudulent websites pop up, supposedly collecting funds for...
452 Words | 2 Pages
Accounting Fraud - 654 Words
In criminal law, fraud is the crime of deliberately deceiving another person or company in order to damage them, usually for personal gain. Defrauding people of money is the money is the most common type of fraud. Some types of fraud include false accounting, check fraud, and Internet fraud.
Accounting fraud or scandals are business scandals that come from the tampered reports, usually by long time employees or trusted executives in either a large corporation or small business. In...
654 Words | 2 Pages
Fraud Paper - 318 Words
Assignment: R2-1, R2-3, R2-8
Fraud Homework #1
1. R2-1 : How is “skimming” defined?
- Skimming is defined by the theft of cash prior to its entry into the accounting system.
2. R2-3 : How do sales skimming schemes leave a victim organization’s books in balance, despite the theft of funds?
- They leave a victims organization’s books in balance because neither the sales transaction nor the stolen funds are ever recorded.
3. R2-8 : What are the six principal methods used...
318 Words | 2 Pages
Healthcare Fraud - 1833 Words
Fraud is a serious crime that should concern all parties of the U.S. health care system and is a costly reality that the government cannot overlook. While not all fraud can be prevented, by learning about the many different types of fraud, patients can be educated on how to protect themselves from fraud. If we use government programs to inform the public that they can be targeted, the dollar amount for these cases for fraud can be reduced. An informed public and a properly funded FBI will go...
1,833 Words | 5 Pages
Fraud Law - 406 Words
BVEV1103/BUEU1103/BXEX1111: LEGAL STUDIES
LECTURE 8: Void/voidable Contracts, Illegality and Termination of Contract
CONTRACTS MUST BE ENTERED WITH FREE CONSENT OF THE PARTIES (Section 10).
‘Free consent’ can be impaired by coercion, fraud, undue influence, misrepresentation and mistake.
Without free consent, the contract can be voidable or void, depending on the circumstances.
English | BM/Mandarin | Example | Effect on contract |...
406 Words | 2 Pages
Fraud Detection - 3042 Words
Fraud can be deﬁned as any activity that leads to the obtaining of ﬁnancial advantage of causing
of loss by implicit or explicit deception. It is the mechanism through which the fraudster gains an
unlawful advantage or causes unlawful loss.
There are many diﬀerent types of fraud, I would like to mention some of the well known fraud types in
the area of the Internet, which is an area where more than one billion peole are in touch with everyday.
3,042 Words | 13 Pages
Computer Fraud - 2607 Words
Computer fraud is the use of information technology to commit fraud. In the United States, computer fraud is specifically proscribed by the Computer Fraud and Abuse Act, which provides for jail time and fines.
1. Unauthorized access at North Bay
Abdulswamad Nino Macapayad, a former accounts payable clerk for North Bay Health Care Group, admitted to using her computer to access North Bay’s accounting software without authorization, and in turn issued various checks payable to herself and...
2,607 Words | 7 Pages
Fraud Auditing and Different Type of Fraud
Fraud Auditing and Different type of fraud
Over the years, the role of auditors become increasingly important especially in a capitalist economy as the process of wealth creation and political stability depends heavily upon confidence in processes of accountability and how well the expected roles are being fulfilled. An auditor has the responsibility for the prevention, detection and reporting of fraud, other illegal acts and errors is one of the most controversial issues in...
2,588 Words | 8 Pages
Fraud Triangle - 1142 Words
Memorandum to the File
Re: The Scott Rothstein Ponzi Scheme
Scott Rothstein was a prominent Fort Lauderdale attorney. From 2004 until 2009 Rothstein ran South Florida’s largest Ponzi scheme (Franceschina, 2010). His Ponzi scheme collected 1.2 billion dollars during the time it was in operation, and like all Ponzi schemes he relied on payments by new investors to pay the previous investors. When his scheme began to fall apart, Rothstein fled to Morocco....
1,142 Words | 4 Pages
Billing Fraud - 1005 Words
Medical Billing Fraud
What is Medical Billing Fraud? It is an attempt to fraudulently obtain payments from insurance carriers. Medicare and Medicaid are the most susceptible to fraud because of their payment arrangements. Fraud in medical billing cost tax payers and medical providers millions of dollars annually. In 1996, HIPPA established the Health Care Fraud and Abuse Control Program (HCFAC) to help combat medical billing and health care fraud. Fraud is an act done with the knowledge that...
1,005 Words | 3 Pages
Healthsouth Fraud - 1061 Words
HealthSouth Fraud Case Review
Michelle F. White
June 6, 2012
Intro to HealthSouth Fraud Case Review
In 2003, HealthSouth was accused of one the largest accounting fraud
cases in healthcare history and those involved are still being tried today, nine years later. HealthSouth was founded in Birmingham, Alabama in the year 1984 by a respiratory therapist name...
1,061 Words | 4 Pages
Nigerian Fraud - 346 Words
Nigerian, or "419", scams are one of the most common types of fraudulent email currently hitting inboxes. Nigerian scam messages can also arrive via fax or letter. The messages claim that your help is needed to access a large sum of money, usually many millions of dollars. The money that the message claims does not exist. Those who initiate a dialogue with the scammers by replying to a Nigerian scam message will eventually be asked for advance fees supposedly required to allow the deal to...
346 Words | 1 Page
Fraud Triangle - 802 Words
Discussion Topic #1
The fraud Triangle is a very important tool in seeking to understand why people commit fraud. In the examination of any fraud case according to the Fraud triangle there are three major elements, pressure, opportunity and rationalization. To illustrate the relevance of these three factors we can examine a recent fraud case i.e. the South Carolina Hospitality Association. In this case Rachel Duncan was the accountant for South Carolina Hospitality association, she is charged...
802 Words | 3 Pages
Health Frauds - 532 Words
CHAPTER 3 OUTLINE
FRAUDS & QUACKERY
THINGS TO REMEMBER
-Anecdotes & Testimonials are not reliable evidence that a product or service is effective.
-Spontaneous remissions and the placebo effect can make it difficult to determine whether treatments
-Quackery is far more widespread and pervasive than most people realize.
-The best way to avoid being tricked is to stay away from tricksters. Don't base your health-related
decisions on the advise people who exhibit the...
532 Words | 2 Pages
E Fraud - 4360 Words
An e- fraud is considered to be an electronic crime that affects not only individuals businesses and governments but also allows for very negatively intelligent people and hackers to use their intelligence to log into other’s accounts use their credit card numbers and banking password and transact huge amounts of trade and money . it has been seen that e fraud is on the increase and this is because of the low levels of awareness, the inappropriate counter measures that are...
4,360 Words | 12 Pages
Adelphia's Fraud - 1545 Words
And One Son
Are Found Guilty
Jury Remains Deadlocked
On Second Son, Acquits
Former Assistant Treasurer
By PETER GRANT and CHRISTINE NUZUM
Staff Reporters of THE WALL STREET JOURNAL
July 9, 2004; Page A1
Notching another victory against the corporate excesses of the 1990s, prosecutors won criminal convictions against the father-and-son team of John and Timothy Rigas, former top executives at cable company Adelphia Communications Corp. However, they...
1,545 Words | 5 Pages
cyber fraud - 341 Words
Introduction : We have seen a spate of cyber frauds in the recent past. The frequency and scale of the incidents has created a lot of concerns for the banks, regulators and customers. What do banks in India have to learn from these? Are they doing enough to ensure that we don’t end up as sitting ducks? What preventive measures to take to face this new menace? Before we consider these and other related questions, we need to understand the anatomy of cyber frauds. Cyber Fraud is a generic term...
341 Words | 2 Pages
The Auditor and Fraud - 1167 Words
EXPLAIN THE RESPECTIVE ROLES AND RESPONSIBILITIES OF MANAGEMENT AND AUDITORS IN THE PREVENTION AND DETECTION OF FRAUD.
The primary responsibility for fraud detection lies with management. This arises due to a contractual duty of care. Directors are able to discharge their duty toward prevention and detection of fraud and error in many ways, for example:
* Complying with the Combined Code on Corporate Governance
* Developing a code of conduct, monitoring compliance and taking action...
1,167 Words | 4 Pages
Occupational Fraud! - 1069 Words
Occupational fraud is said to be that fraud perpetrated by an employee of an organization against his organization. According to the Association of Certified Fraud Examiners (ACFE), “occupational fraud is the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.” (ACFE, 2006).
These perpetrators use deceit and or trickery to misuse and or steal the resources of the organization for their...
1,069 Words | 4 Pages
Healthcare Fraud - 1734 Words
On May 14, 2013 Attorney General Eric Holder and Department of Health and Human Services (HHS) Secretary Kathleen Sibelius announced “nationwide takedown” by Medicare Fraud Strike Force operations, in eight cities that resulted in charges against 89 individuals, which included doctors, nurses and other licensed medical professionals, for their alleged participation in Medicare fraud schemes involving approximately $223 million in false billings. In Chicago, seven individuals were charged,...
1,734 Words | 5 Pages
Parmalat Fraud - 374 Words
What specific audit procedures might have uncovered the Parmalat fraud earlier?
Parmalat went from recording annual sales of 7.6 billion euros in 2002 to being declared insolvent a year later. The collusion at Europe’s Enron made it possible for Parmalat to defraud its investors of billions.
The auditing procedures used by Grant Thornton and Deloitte were inadequate. Many of Parmalat’s assets were overstated and its liabilities understated. The auditors did not adequately test the Special...
374 Words | 1 Page
Fraud and Company - 898 Words
ACCOUNTING FRAUD AT WORLDCOM
WorldCom was the second largest long-distance company after AT&T before its bankruptcy. The company had a rapid growth by acquisitions of other companies just after it went public in 1989.
Starting 2000 the telecommunication industry had a downturn and their stocks were declining. But WorldCom started doing some accounting frauds to prevent its stocks falling. Also CEO Ebbers made WorldCom to provide him cooperate loans so he could cover his margin calls that...
898 Words | 3 Pages
Investment Fraud - 1304 Words
Charles Ponzi will forever infamously known as the con man of the 1920’s. Ponzi dealt with numerous amounts of investors who all trusted him to make them a profit on their investments. Unfortunately, Charles Ponzi was a crook from the start. He bought a total of $30 dollars in IPRC’s and stole about $30 million of his investor’s money. His brilliant idea that landed him in jail was to not buy IRPC’s at all, but to give...
1,304 Words | 4 Pages
The Fraud Triangle - 582 Words
One of the older and more basic concepts in fraud deterrence and detection is the fraud triangle. The fraud triangle is also known as Cressey’s Triangle, or Cressey’s Fraud Triangle. Cressey’s Fraud Triangle gets its name from Donald Cressey. Cressey was one of the “nations leading experts on the sociology of crime”. He authored a few books including Other People’s Money, Theft of the Nation, and co-authored Principles of Criminology with Edwin H. Sutherland. Cressey is honored by many...
582 Words | 2 Pages
Accounting Fraud - 272 Words
Accounting Fraud through Product Costing
Fraud is a malicious obtaining of money or property by deception then accompanied by concealment of theft and translation of stolen property or money into personal resources for private use. The costs of fraud are difficult to estimate because not all uncovered fraud is disclosed for correct action to be pursued. Most fraud is committed by the trusted and valued employees and it leads to shock and disbelief when such cases are discovered (Jones, 2011)....
272 Words | 1 Page
Corporate Fraud - 745 Words
a. Fraud in the accounting environment is on the increase.
b. Fraud takes place in different forms in the accounting environment.
II. The growing risk of fraud and corruption
a. Local problems, global pain
b. Awareness is crucial
c. Tailoring efforts to avert damage
III. Preventing Fraud
a. Background checks and enhanced due diligence
b. Monitoring and evaluating preventive controls
c. Continuous controls monitoring
IV. Can we eliminate fraud and...
745 Words | 3 Pages
Accounting Fraud - 424 Words
RM530 million Transmile accounting fraud – how Liong Sik is to assume responsibility as Chairman?
Former MCA President and Cabinet Minister, Tun Dr. Ling Liong Sik was quite active in the past month, as a search with The Star archives would produce eight news items featuring him, including one today at the ceremony at the Universiti Tunku Abdul Rahman (Utar) campus in Kampar yesterday planting a Blue Pine tree.
But he has been very reticent on what has been described as the biggest accounting...
424 Words | 2 Pages
Fraud Prevention - 1619 Words
Security and Loss Prevention
This paper is about the benefits of a comprehensive control program. It will also talk about what would be the benefits from a control program. It will also talk about what procedures should be taken into consideration for the controls, including independent checks, and a system for the documents and records. It will go into talking about a fraud hotline program to help detect fraud and also preventing...
1,619 Words | 5 Pages
Corporate Fraud - 403 Words
Corporate Fraud: Case Studies in Detection and Prevention
Fraudulent financial reporting, corruption, and misappropriation are often investigated by the internal audit department. Because these types of crimes can be the source of large losses, security professionals would do well to familiarize themselves with how they are carried out and how they can be detected.
Corporate Fraud provides a clear window into that world. Author John D. O’Gara was the director of internal audit at a Fortune...
403 Words | 2 Pages
Internal Fraud - 659 Words
The Global Fraud Survey not only provides information about different types of frauds schemes and characteristics of fraud perpetrators but also provide a deep insight into the red flags associated with it. According to Survey, Two thirds of frauds were committed by males, between the age of 31 and 45, and male perpetrators have caused twice the loss as compared to women perpetrators. According to the article, only 7% of fraud perpetrators had previously been convicted or charged with...
659 Words | 2 Pages
Fraud Examination - 4257 Words
1. Fraud always involves deception, confidence, and trickery. The following is one of the most common definitions of fraud:
“Fraud is a generic term, and embraces all the multifarious means which human ingenuity can devise, which are resorted to by one individual, to get an advantage over another by false representations. No definite and invariable rule can be laid down as a general proposition in defining fraud, as it includes surprise, trickery, cunning...
4,257 Words | 17 Pages
Insurance Fraud - 1713 Words
Prof. Robert I. Elan
The early warning signs of fraud are, usually, always ignored. There are warning signs for every type of fraud out there. To understand the warning signs of fraud, we must first know what fraud is. Fraud is the intent to trick someone or lie to someone in order to receive financial gain. This definition varies depending of the type of fraud used, but the person committing the fraud is always looking for...
1,713 Words | 6 Pages
The Nature of Fraud - 13633 Words
Chapter 1--The Nature of Fraud
1. One way that criminal law differs from civil law is that it:
a. | Provides remedies for violations of private rights. |
b. | Must yield a unanimous verdict. |
c. | Can have a jury of fewer than 12 persons. |
d. | Allows for various claims in one action. |
| Feedback |
A | Incorrect. This is a characteristic of civil law; criminal law deals with crimes against the public. |
B | Correct. Criminal trials must...
13,633 Words | 89 Pages
Accounting Frauds - 1208 Words
Proactive Fraud Auditing
End of Chapter 4 in Albrecht
Recognizing the Symptoms of Fraud
Identify Risk Exposures
Proactively Look for Symptoms & Exposures
1 2 Actg 537
Identify Fraud Symptoms for Each Exposure
Investigate Identified Symptoms
Symptoms of Fraud
What are some irregularities in source documents to look for?
Missing Documents Payee Names & Addresses = Employee “Stale Items” on Bank Items”
Reconciliation Excessive Voids or Credits...
1,208 Words | 9 Pages
Fraud Examination - 276 Words
Demonstrate an understanding of the types of fraud that can be perpetrated on individuals and organisations:
1- Employee Embezzlement
2- Vendor Fraud
3- Customer Fraud
4- Management Fraud
5-Investment Scams and other Consumer Frauds.
Critically analyse situations that lead to the perpetration of fraud in an organisational setting;
1- Why people commits Fraud
2- The fraud Triangle
3- The element of pressure
* Financial pressure
* Vice Pressur
* Work related pressures...
276 Words | 3 Pages
Bank Fraud - 956 Words
Bank fraud is a crime that has been around as long as banks themselves. Anytime there is a large amount of money floating around, there are going to be people trying to figure out ways to get to it. In the United States, and most other developed countries, bank fraud is a serious problem that causes billions of dollars in damages every year, and is considered a federal offense. In China bank fraud is even punishable by death. Bank fraud is defined as attempting to wrongfully take money or...
956 Words | 3 Pages
Healthcare Fraud - 1998 Words
Health Care Fraud
1. Types of Health Care Fraud
A. Health insurance
B. Drug Fraud
2. Entities involved in Health care fraud
b. Supreme Court input
3. Technology and health Care Fraud
A. Billing Procedures
4. Ethics involved with Fraud/Economic Impact
a. Effects on Health Care
b. Monitor outgoing monies...
1,998 Words | 7 Pages
Fraud Examination - 818 Words
Albrecht et al Chapter 2
2. People can be motivated to commit fraud because of financial pressures, vices, or because of work-related pressures. As well, perpetrators of fraud can be motivated by a perceived opportunity to commit fraud and the ability to rationalize that what they are doing is not wrong. Their motivations are usually combined into the fraud triangle of perceived pressure, perceived opportunity, and rationalization....
818 Words | 3 Pages
Fraud Investigation - 1128 Words
From the handouts, Ben Hill is the possible perpetrator I suspect most. The clue to make this conclusion is that he’s “all over” the TBC’s work. My following analysis is based on the fraud triangle.
As regards to opportunity, Ben is the office manager and he has multiple authorities over the company’s operations including transaction verification and cash handling. It’s easy for him to perpetrate a fraud. The most obvious opportunity for him to commit a fraud is in purchasing equipment. Because...
1,128 Words | 3 Pages
Healthsouth Fraud - 3596 Words
HealthSouth Fraud Investigation
Table of Contents
Table of Contents i
Introduction and Background 1
Why it occurred 2
Fraud Triangle 2
How it occurred 3
Red Flags of the Fraud 5
Why the Fraud Continued Undetected 6
The Auditors Roles and Responsibilities 7
Fate of Parties Involved 8
Effect of Fraud on HealthSouth 9
Appendix A 11
Appendix B 12
Appendix C 13
Appendix D 14
Appendix E 15
Appendix F 16
Works Cited 17
3,596 Words | 10 Pages
Organizational Fraud - 9724 Words
Amit Goel([email protected])
For many organizations, “getting it right” or “getting it wrong” is a matter of survival. This study talks about the issues like, ‘organisational fraud’, ‘ethics’ & ‘empowerment’ in an organisation and their relation to standards of good behaviour in order to explore various ways in which occurrences of ever increasing frauds can be checked. Organisational Fraud can be perpetrated by...
9,724 Words | 35 Pages
accounting fraud - 642 Words
The 10 biggest frauds in recent U.S. History
The energy company's bankruptcy in 2001 after allegations of massive accounting fraud wiped out $78 billion in stock market value and led to the collapse of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002. A class action settlement of $7.185 billion was the largest of all time. Former President Jeff Skilling is serving a 24 year sentence.
New York money manager Bernard Madoff's $65 billion Ponzi scheme,...
642 Words | 3 Pages
Internet Fraud - 1347 Words
Today we live in a modernized society that is dependent on computers and the internet like the human body is dependent on its brain and heart for ordinary daily function. In 1973, the U.S. Defense Advanced Research Projects Agency (DARPA) initiated a research program to investigate techniques and technologies for interlinking packet networks of various kinds. The objective was to develop communication protocols which would allow networked computers to communicate transparently...
1,347 Words | 4 Pages
Adelphia Fraud - 6688 Words
1.)Essentials of Committing Fraud:
Position Equals Power
The amount of money lost to an internal corporate fraud is most significantly influenced by the perpetrator’s position in the organization. When we look at various characteristics of those committing fraud, this makes sense, because access creates opportunity. Typically, the higher a person moves in a company, the greater access she or he is granted to information, assets, data, and people. That creates more opportunities to commit...
6,688 Words | 18 Pages
Consumer Fraud - 1020 Words
Major Issue Paper
When consumers engage in fraud, they attempt to deceive businesses for their personal gain or when a consumer intentional deceives an organization by taking an economic advantage over them (insert bibliography 1 ). There are multiple ways a consumer can deceive a business. Some examples include identity theft; check fraud, credit card fraud and shoplifting. Employees, consumers, and businesses can do fraud in many ways. Consumers have achieved consumer...
1,020 Words | 3 Pages
Airline Fraud - 262 Words
Fraud is defined as "any action, which deprives a carrier of the reveneu to which it is entitled, undertaken without the carrier's knowledge or consent." by IATA (International Air Trasportation Association) and the cost of fraud to the commercial aviation industry is estimated around 1,5 billion USD every year. This estimation comes from IATA Fraud Prevention Group's (FPSG) The Annual Fraud Loss Survey among airlines.
Airline industry is a labor intensive service sector as much as...
262 Words | 1 Page
Consumer Fraud - 2428 Words
Consumer fraud is a purposeful, unlawful act that deceives, manipulates, or provides false statements to damage others. Fraud is described in the dictionary as “deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage (fraud). Consumer fraud is usually associated with a person or group of people manipulating something to deceive...
2,428 Words | 7 Pages
Fraud Triangle - 1080 Words
Jan. 24, 2011
When evaluating this case using the three elements of the fraud triangle I have concluded that the potential pressures for Chris to commit fraud are greater than for others. The pressure is from Chris himself because he wants what others have or what he doesn’t have. This is due to the fact that Chris is young and impressionable may feel as though he doesn’t make enough money to obtain the material possession he desires or see others with. He may also be...
1,080 Words | 3 Pages
Auditors and Fraud - 6065 Words
Annales Universitatis Apulensis Series Oeconomica, 11(1), 2009
FRAUD AND ERROR. AUDITORS' RESPONSIBILITY LEVELS
ABSTRACT: Are auditors responsible for detecting fraud in the companies they inspect? Most of
the public thinks they are. Auditors often demur. The auditors' duties for the prevention, detection
and reporting of fraud, other illegal acts and errors is one of the most controversial issues in
6,065 Words | 28 Pages
The Fraud of the Century - 602 Words
The Fraud of the Century: The Case of Bernard Madoff
Bernard Madoff was a creditable man that people trusted him with their money because “he created an image of power, trust and responsibility.” (Ferrel, 2013, p. 416) He was able to scam and scheme his investors from the early 1990s up until December of 2008 when his Ponszi scheme was discovered. Over the course of a decade he was simultaneously running a legitimate business and earned his investors’ trust because he didn’t...
602 Words | 2 Pages
Mortgage Fraud - 2792 Words
Table of Contents
Mortgage Fraud 4
Mortgage Fraud Statistics 4
Reports of Fraud 5
Key players in a real estate & mortgage transaction 5-6
Factors for Mortgage Fraud 7
The Fraud Triangle 7
Common Mortgage Fraud Schemes 8
Who are victims of mortgage fraud? 9
How to avoid becoming a victim of Mortgage Fraud 10
How to report fraud 11
Mortgage Fraud Indictment...
2,792 Words | 8 Pages
And the Fraud Continues - 2690 Words
And the Fraud Continues
Forensic Accounting & Fraud Examination
Professor Timothy Brown
1.) Discuss the Internal control weaknesses that existed at MCI that contributed to the commission of this fraud:
MCI biggest internal control weaknesses at was Pavlo. Pavlo was able to manipulate MCI account receivable system which he helped to create and develop. When the same employee is able to receive and update...
2,690 Words | 9 Pages
Internet Fraud - 2352 Words
Philip A. Agre says that, “Computer networks have a tremendous capacity... to bring people together by extending the already diverse and complex ties that people have among themselves.” The Internet technology connects almost everyone, but it also has its complications. This paper focuses on one main problem Internet users may encounter. It is limited through certain books, dictionaries, and internet sources that are accessible. The writer used books for facts and figures, dictionaries for...
2,352 Words | 7 Pages
Securities Fraud - 2226 Words
Major decision makers of any company or corporation employ the accountant’s ability to keep accurate day-to-day record keeping by way of double entry bookkeeping. Accountancy is “the occupation of maintaining and auditing records, and preparing financial reports for a business” (dictionary.com). According to Wikipedia, “financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded,...
2,226 Words | 6 Pages
The Worldcom Fraud - 3286 Words
AVOIDING INVESTMENTS IN FRAUDULENT COMPANIES:
THE WORLDCOM FRAUD
The purpose of this report is to investigate and discuss the accounting fraud that occurred at WorldCom in order to recommend improved strategies to Berkshire Hathaway’s management for avoiding investments in companies with fraudulent financials. Accounting fraud is a crime committed by high level employees at an organization to manipulate the organization’s financial statements and intentionally disguise...
3,286 Words | 12 Pages
Fraud in AIS - 2849 Words
WEEK7 ASSIGNMENT 3
FRAUD IN THE AIS
JERRY S. KOLEH
PROF. DANIEL ACHEAMPONG
ACCT564 (ACCOUNTING INFO SYSTEM)
MAY 26, 2013
Embezzlement of $19.2 Million at Citigroup and the failure of its AIS to prevent the fraud
As alluded to by the Security Director's Report (2011), it seems internal auditor were not thoroughly reconciling or analyzing statements relative to payments made to contractors and money transfers. Or still, they probably did not even have...
2,849 Words | 8 Pages
Accounting Fraud - 2205 Words
Accounting Fraud: A White Collar Crime
Accounting Fraud: A White Collar Crime
The CEO and CFO of a Swiss security systems company named Tyco, stole 150 million dollars from their company before being caught in 2002. At the height of the scandal, the CEO threw a 2 million dollar birthday party for his wife on a private island with guest performer Jimmy Buffet. After being caught, the CEO and CFO were sentenced to 8-25 years in prison and Tyco had to repay its investors 2.92 billion...
2,205 Words | 7 Pages
Fraud at WorldCom - 1019 Words
M1. Case Study Assignment: Fraud at WorldCom
1. Who were the major characters in WorldCom?
There are a couple of major characters that played their roles in the downfall of WorldCom. Mr. Bernard J. (Bernie) Ebbers, one of the founders of the original small long-distance carrier, was asked to take charge of the company during its early struggles. It was under his tenure that WorldCom began its expanding pursuits and aggressive acquisitions. Although Mr. Ebbers was he head of the company, their...
1,019 Words | 3 Pages
Investigation of Accouting Fraud - 839 Words
Unit 8 Essay
Fraud Examination and auditing are very much related, but is not the same thing. Because most occupational frauds are financial crimes, there is necessarily a certain degree of auditing involved. A fraud examination involves a lot more than just a review of financial records. Other than a review of financial information a fraud investigation involves interviews, statement analysis, and also public record...
839 Words | 3 Pages
Executive Compensation and Corporate Fraud
The past decade has been witness to some of the worst accounts of corporate fraud ever recorded, with multi-billion dollar companies such as Enron, Tyco, and World-com involved in serious financial scandals. CEOs and senior executives are often the driving force behind such unscrupulous activities by adopting shady accounting practices and other forms of short-termist actions for the purpose of increasing their firm’s stock price and their own personal wealth. The following paper...
1,095 Words | 3 Pages
Online Fraud and Identity Theft
Identity theft is one of the fastest growing crimes statistically according to the Federal Trade Commission. Roughly 27.3 million Americans have fallen victim to this form of theft/fraud. According to last year the loss of money for businesses and financial institutions are in the billions and with consumers out of pocket expenses has been about 5 billion dollars. "Identity theft" refers to crimes in which someone wrongfully obtains and uses another person's personal data (i.e.,...
3,646 Words | 10 Pages
Impact and Prevention of Inventory Fraud
Impact and Prevention of Inventory Fraud
The root of this problem lies within the organizations’ employees. Honest employees are a valuable asset, since the theft of inventory costs US companies a great deal of money every year. Perpetrators of this act may rationalize their behavior as not being criminal, so where does it begin or where does it stop? There is no easy solution or one way to combat inventory fraud, but companies can take measures to prevent this from occurring. Also,...
517 Words | 2 Pages
Role of Auditors & Directors in Fraud
Impacts and Losses Caused By the Fraudulent
and Manipulated Financial Information on Economic Decisions
Nowadays the effects of the fraudulent and manipulated financial information
have been more controversial. We should take into consideration that the financial
losses caused by fraudulent or manipulated financial information are remarkable.
Preventing the fraud in the financial information has been an important issue by
auditors all over the world. As the...
4,003 Words | 16 Pages
Elements of the Fraud Triangle - 1570 Words
Case 1.9 ZZZZ Best Company, Inc.
Delta. Describe the elements of the Fraud Triangle that apply to this case. Assume you are the perpetrator. Is there a better way to perpetrate this fraud? If there is, describe your method. Specify practical recommendations for the client to prevent this fraud from occurring in the future.
The first element of the Fraud Triangle in the case of ZZZZ Best, case 1.9 is Incentives/Pressure.
As a result of the pressure placed on a...
1,570 Words | 4 Pages
Fraud and Highest Embezzlement Case
Embezzlement: Attempting to Find the Easy Way Out
Envy and greed has existed since the beginning of time. Maybe we are born with those traits or maybe we are taught through life’s lessons. The rich are perceived as having a carefree un-stress-filled life. The reality shows and news stories of the wealthy buying yachts, taking lavish vacations with their Barbie doll mate, summer homes that are actually castles and extravagant parties. The rest of the world seems to be the...
1,930 Words | 5 Pages
chapter 3 fighting fraud
FIGHTING FRAUD: AN OVERVIEW
1. Fraud prevention is important because it is the most cost-effective way to reduce losses from fraud. Once fraud occurs, there are no winners.
2. Creating a culture of honesty and high ethics helps to reduce fraud in various ways. Management through its own actions can show that dishonest, questionable, or unethical behavior will not be tolerated. By hiring the right kind of employees, management can select people who...
1,192 Words | 7 Pages
Fraud Case Study - 1502 Words
Freddie Mac Fraud
PME604 Project Financial Management
December 18, 2012
Freddie Mac Fraud
The definition of fraud is “an intentional deception or deceit, perpetrated for profit or to gain some unfair or dishonest advantage” (dictionary.com). Fraud is a breach of law and can be punishable by law. Mortgage fraud is one of the financial crimes where a company materially misrepresents or omits information on its mortgage loan documentation in order...
1,502 Words | 5 Pages
Corruption: Fraud and Good Morning
Good morning everyone. The year 2011 is already being called the ‘year of scams’. Almost daily, we hear news of cases of money laundering, embezzlement, nepotism, fraud etc involving people who occupy the highest tenets of power and are ironically the representatives of the dreams of the people. Today corruption is to say the least, an acute problem, which almost every citizen, poor or rich suffers from.
Today’s motion that states – ‘Minimization of human wants is the only way to reduce...
344 Words | 1 Page
Accounting Fraud at Worldcom - 476 Words
SUBJECT: Accounting fraud at WorldCom
WorldCom penetrated the largest accounting fraud in U.S history by overstating its tax income between 1999 and 2002. The main players in WorldCom's accounting fraud included CFO Scott Sullivan, the General Accounting and Internal Audit departments, external auditor Arthur Andersen, and the board of directors. While individuals did have their own sins, employees cowardice and self-interested, the board passive and ineffective, external...
476 Words | 2 Pages
Computer Fraud and Crimes - 1013 Words
Computer Fraud and Crimes
In the world of computers, computer fraud and computer crime are very prevalent
issues facing every computer user. This ranges from system administrators to
personal computer users who do work in the office or at home. Computers without
any means of security are vulnerable to attacks from viruses, worms, and illegal
computer hackers. If the proper steps are not taken, safe computing may become
a thing of the past. Many security measures are being implemented to...
1,013 Words | 3 Pages
Financial Statements Fraud - 1978 Words
1,978 Words | 22 Pages
Asc - Fraud Risk Memo
Fraud Risk Memorandum
This memo is to determine potential fraud risks that may exist within our client, Apollo shoes. There are reasons to believe that potential fraud risks do exist, however these risks are only hypothetical, but will be tested to assure users that Apollo’s financial statements are fairly stated. First, the client’s prohibition of contacting the predecessor auditor is considered a red-flag. The importance of the predecessor’s working papers and comparative work would make...
561 Words | 2 Pages
Occupational abuse and fraud - 1277 Words
Occupational Fraud and Abuse
What is abusive conduct? How does abusive conduct apply to occupational fraud and abuse? What if anything can be done to eradicate the behavior? Are there any methods that can be put in place to deter or prevent this conduct?
What is meant by fraud deterrence being a “modification of behavior through the perception of negative consequences?” Do internal controls have an impact on deterring or...
1,277 Words | 4 Pages
Preventing Fraud: Solutions and Methods
1. Three factors are crucial in creating a culture of honesty, openness, and assistance: hiring honest people and training them in fraud awareness; creating a positive work environment; and providing employee assistance programs (EAPs).
2. Five methods that companies can use to reduce actual or perceived opportunities for fraud are as follows:
a. Install good internal controls.
b. Discourage collusion, and alert vendors and contractors to...
4,229 Words | 16 Pages
Fraud Case Sutdy - 619 Words
The case study provides a not so colorful picture of a popular magazine and large direct-mail publishing house company that fell victim to a fraudulent billing scheme that resulted in a $4 million lost. A billing scheme is a fraud aimed at the payments system of a business. Its main purpose is to manipulate that system and cause the business to make a fraudulent payment to the employee. Though it is a payment to an employee, the business still records it as a...
619 Words | 2 Pages
crazy Eddie fraud case
Crazy Eddie, Inc. financial fraud case
Crazy Eddie was an American retail store chain run by the Antar family, which was established as a private company in 1969 in Brooklyn, New York by businessmen Eddie and Sam M. Antar. The fraud at Crazy Eddie was one of the longest running in modern times, lasting from 1969 to 1987. Crazy Eddie became a known symbol for corporate fraud in its time, but has since been eclipsed by the Enron, Worldcom and Bernie Madoff accounting scandals.
1,860 Words | 6 Pages
Fraud Examination Individual Case
The City of Bradford has undertaken the construction of a new airport. The airport is projected to be completed in 2014. When completed, the airport will be the fifth largest in the world and will serve the entire greater Dallas Metroplex. The total cost of the airport is budgeted to be in excess of $487 million.
When the real property for the airport was acquired, the cost of the real estate was substantially over-budget. The majority of the land was purchased from Krandall Development...
1,524 Words | 6 Pages
Life & Health Insurance Fraud
Insurance Fraud is a felony. Claims are either false or exaggerated, and most times certain information are held back in order for the claimant to obtain the benefits that the insurance company has to offer and to avoid certain penalties. In this event, the claimant can be fined $150,000 or 10 years in prison. (Associated Content, 2007). It has been stated that at least %10 of all insurance claims has been fabricated and in North America the insurance industry pays out more than $30...
876 Words | 3 Pages
Garage Fraud and How to Prevent It
Garage Fraud and How to Prevent It
Have you ever wondered why it cost you hundreds of dollars to get a belt changed on your car? The answer is simple: Auto-repair fraud. According to Norris and Engel's book Auto Repair Fraud, the number one consumer complaint in the country is auto repair fraud. Americans pay more than 29 billion dollars a year to service and repair vehicles. According to a three year U.S. Senate sub-committee investigation into the auto repair industry, one-third of all...
581 Words | 2 Pages
Expectation Gap and Corporate Fraud
Expectation Gap and Corporate Fraud: Is Public Opinion Reconcilable with Auditors’ Duties?
Jeffrey Cohena, Yuan Dingb, Cédric Lesagec,* and Hervé Stolowyc
Carroll School of Management at Boston College, USA China-Europe International Business School (CEIBS), Shanghai, China c HEC Paris, France
This draft – October 28, 2010 – Please do not cite or circulate without permission – Comments welcome Acknowledgments. Cédric Lesage and Hervé Stolowy acknowledge the financial support of...
14,423 Words | 52 Pages
Fraud Risk Management - 31285 Words
Fraud risk management
A guide to good practice
This guide is based on the fi rst edition of Fraud Risk Management: A Guide to Good Practice. The fi rst edition was
prepared by a Fraud and Risk Management Working Group, which was established to look at ways of helping
management accountants to be more effective in countering fraud and managing risk in their organisations.
This second edition of Fraud Risk Management: A Guide to Good Practice has been updated by Helenne Doody, a...
31,285 Words | 132 Pages
Fraud Triangle paper - 487 Words
Real Housewife of New Jersey
Criminal of Fraud
The TV series “Real Housewives of New Jersey” super star Teresa Giudice and husband Joe have been accused of more than 39 counts of Fraud. The Fraud accounts range from mail and wire fraud, bank fraud, making false statements on loan applications and bankruptcy fraud. Teresa is obviously a woman that has money and has fame and an image attached with her name. The question is why would she commit fraud with so much going for her? The...
487 Words | 2 Pages
Insurance Fraud Detection - 3660 Words
3 innovative methods and a
10-step approach to kick
start your initiative
Sathyan Ramakrishna Mani
If you’ve been used to thinking about analytics in terms of
sales or marketing, think again. Today, analytics can reinvent
your enterprise technologies — social networking, big data,
CRM — to crack down on financial offenders. Giving you
more than an insight a day, to keep the fraud away.
3,660 Words | 18 Pages
Accounting Fraud at Worldcom - 739 Words
Accounting Fraud at WorldCom
LDDS began operations in 1984 offering services to local retail and commercial customers in the southern states. It was initially a loss making enterprise, and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the company profitable. By the end of 1993, LDDS was the fourth largest long distance carrier in the United States. After a shareholder vote in May 1995, the company officially came to be known as WorldCom.
739 Words | 3 Pages
Fraud in the Business World - 2690 Words
Fraud in the Business World
Sean P. Dixon
Business 670: Legal Environment
Instructor: Jennifer Stephens
April 4, 2011
Americans lose hundreds of millions of dollars each year to fraud. Billions more are lost world-wide to con artists touting the next great investment idea, guaranteed loans and diets that can't fail. These con artists do not discriminate between the rich and poor, the young and old, nationality or race. They target the well-educated, so-called smart individuals...
2,690 Words | 8 Pages
Synthesis On Effects Of Accounting Fraud
This paper objectify and evaluate the events that occurred prior (causes) and subsequent (outcome) to the fraud, and the accounting schemes employed to get the fraud done. It presents examples of companies who have used inappropriate accounting practices.
Enron, WorldCom, Tyco, HealthSouth and Adelphia were selected for analysis because of the availability of information regarding specific events occured before, during and after the fraud period as well as the ethical...
7,226 Words | 21 Pages
Fraud Study Guide - 1542 Words
* ACFE= Association of Certified Fraud Examiners; conducts comprehensive fraud studies; Report to the Nation on Occupational Fraud & Abuse
* Fraud - deception that includes: a representation, about a material point, which is false, and intentionally or recklessly so, which is believed, and acted upon by the victim to the victim’s damage. Fraud is an act of dishonesty with the intention to deceive or cover the truth to gain an advantage. Most critical element: confidence. Fraud can be...
1,542 Words | 5 Pages
Accounting Fraud at Worldcomm - 3682 Words
By June 2002, it had become evident to the SEC that WorldCom had engaged in a significant corporate accounting fraud scheme which had overstated pretax income by about $7 billion since 1999. At the time, this was the largest deliberate misstatement in US corporate history. Although there are many interesting elements and players involved with this incident, for the purpose of this case study I will focus on the role played by Betty Vinson, the Director of Management Reporting...
3,682 Words | 10 Pages
Financial Fraud- Qwest Communications
Financial Fraud- Qwest Communications
In the late 90’s, early 2000’s, Qwest Communications International Inc. (Qwest) was a rapidly growing telecommunications company that provided global internet and telephone services. At their pinnacle, Qwest was one of their industry’s top leaders, reporting revenues of $16.7 billion in 2001 (Anonymous, 2013). Through continued expansion and acquisitions of other large telecommunications companies, it seemed things were only headed in a...
6,773 Words | 19 Pages
The Bible & Accounting Fraud - 1175 Words
The Bible & Accounting Fraud
Accounting is an information and measurement system used by mainly all businesses and organizations to provide relevant, reliable and comparable information about its business activities, (Wild, & Shaw, & Chiappetta, 2011, p.272). Accounting Information Systems is a fundamental part of determining the success of an organization. An effective information system provides...
1,175 Words | 4 Pages
Financial Statements Fraud - 56762 Words
University of South Florida
Graduate School Theses and Dissertations Graduate School
Detecting financial statement fraud: Three essays on fraud predictors, multi-classifier combination and fraud detection using data mining
Johan L. Perols
University of South Florida
Follow this and additional works at: http://scholarcommons.usf.edu/etd Part of the American Studies Commons Scholar Commons Citation
Perols, Johan L., "Detecting financial statement fraud: Three essays on...
56,762 Words | 171 Pages
The Factors of a Good Fraud Examiner
The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud
After the Enron and WorldCom business climate, there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources, time, and effort in order to comply with the requirements. It clearly improved...
941 Words | 3 Pages