Essays on Frauds

Benford's law also known as the first-digit law deals with the distribution of natural numbers in which it tends to major into their importance regarding significance. The law states that given any arrangement of natural numbers, the smallest number always seems to be the most significant while the largest number in the collection is always the least significant. Therefore, number 1 appears to be the most significant in any given combination of natural numbers 30% of the times. While on the other hand, number 9 appears only 5% of the times as the most significant number. The law states ...

Sicko is a documentary film that focuses the healthcare problem and insurance related frauds happening in the U.S. The documentary was released in 2007. During this time, 15 million Americans in the U.S did not have insurance. It was heart moving to see Fill having to choose among his two fingers, as he could not afford to have both the finger, even when healthcare has the ability to restore both the fingers. As Fill did not have the money to get both his finger attached following the accident, he let go of one. This documentary is an eye opener ...

Activity 1

In determining whether or not Don can set aside the contract with Evan, it is important first to determine whether a valid, enforceable contract ever came into existence or was formed between the parties. According to MacMillan and Stone (2012), the essential elements of a valid contract include offer and acceptance, consideration, capacity, intention to create legal relations, and legality. In the present case of Done and Evan, a contract came into being when Don unilaterally accepted Evan’s offer in the form of advice to invest in his (Evan’s) new consulting business and went on to sign ...

Is our election process fair to everyone?

Introduction The thesis of the paper is that despite the multitude of claims that the 2016 Presidential Election was rigged or unfair, America’s inclusive voter eligibility, the equal opportunity of citizens to run for office, and reliable ballot casting methods ensure that the election process in the United States is completely free and fair. The main purpose of the paper is to find a common ground among supporters and opponents of the basic research question. There are two different claims which support the fairness or unfairness of presidential elections in the United States, where the backing sides’ main ...

INTERNAL AUDIT AND FINANCIAL CONTROLS

Internal Audit and Financial Controls It is the ethical and professional responsibility of the auditing firm to maintain the high level of assurance and maintain an acceptable level of objectivity and independence as per the applicable codes of the auditing and assurance. Therefore, during or before performing audits, internal and external, the auditors must avoid any threat towards their independence and objectivity. However, in most of the cases, the auditors reduce the level of threats to assure that their reviews are objective and free from bias. ("Internal Audit's Relationship With External Audit") When the audit firm is providing the ...

Information System Security Plan for a Bank

Executive Summary The information security plan applies to AmeriBank, its auxiliaries, employees, information, system, processes, data, and networks collectively referred to as the Bank. AmeriBank is committed to protecting critical assets and securing information to ensure the confidentiality, integrity, and availability (CIA) of the information, preventing damage to the network and systems that are vital to the bank’s business to ensure business continuity, and minimize risk to the businesses. This is achieved by implementing administrative, technical, and physical controls such as information security policies, software, and hardware controls, which have to be implemented, monitored, and improved upon to ...

White collar crime is the subject that is not widely covered in mass media and is often made public only in cases when it is necessary for some political purposes. However, such little attention to it does not make white collar crime and its consequences less significant and less worth studying. Moreover, modern technologies and the Internet, in particular, have equipped white collar criminals with new and more effective means of achieving their ill-intentioned goals. A click of a button may not only allow criminals to steal millions or billions of dollars in a second, but it can greatly ...

Issue

The legal issue in this case is whether the proposed tenant (Newark & Co Real Estate Inc.) and the landlord of 2615 east 17 Street Realty LLC has violated the provisions under the Statute of Frauds by submitting counterproposals to the offers that they received from each other. For the record, both of the two parties submitted their respective counteroffers to the opposing party and it is presumed that no agreement has been made following the submission of each counterproposals.

Rule

A good example of a case wherein one party has been sentenced as a result of violating the Statute of ...

The 1920s was known as the Roaring Twenties in the American history because of changes in the social norms, and the country experienced a strong economic boom (Kennedy: 2). During the time of widespread economic gain, the application of fair value in accounting and lack of regulation in security markets left the investors at great risk. That is the reported figures of stock prices had no information justifying their values. Similarly, financial institutions such as banks were lending recklessly with no guarantees to their clients. Consequently, the gap between the rich and the poor in America increased steadily (pbs.org). ...

Economic Impact of E-Commerce Payment Fraud

Abstract New technological tools and way of doing business B2C e-commerce have a considerable impact on the economy. There are diverse types of e-commerce applications; however, for this paper m-commerce, applications have been considered, and influence of the m-commerce payment frauds has been determined on the economy of the United States. It has been realized that the impact of m-commerce payment frauds is not large on the United States economy because m-commerce represents the very small amount of the economy, which account approximately 0.53 percent of the overall economy. The aim of selecting the m-commerce is that it is ...

Identity Theft

(Name of author)

Introduction

Identity theft is a type of scam where malicious attackers steal financial and personal information of their victims, assuming their identity and using it to hide from law enforcement and perform illegal financial activities. Identity theft was the most reported crime by consumers to the Federal Trade Commission (FTC). In 2014, over 12 million cases of identity theft cases were reported in the United Sates, costing the victims over $16 billion . Although this was a decrease from the previous year and issues of identity theft have been on declining since then, citizens are still advised to ...

Introduction

The advent of the Internet has revolutionalized the way companies and individuals conduct business, and have necessitated the proliferation of processes involved in honoring transactions through diversified payment methods. Mobile wallet denotes mobile technology that functions like a real wallet by facilitating online payments and purchases (Amoroso et al., 2012). The ease and convenience of operating a digital wallet have made the platform to attract wide spread interest. This paper is devoted to the usage of mobile wallets, their advantages and possible problems. The number of users with smartphones grows from year to year. In this case, mobile wallets ...

(Institution Name)

Summary

Cyber laws are established to ensure safe, fair and responsible use of the internet by all the users whether they are common internet using citizens or law enforcement agencies. These laws have been designed and have been evolving ever since because of the ever expanding canvas of the ethical considerations involved in the use of the internet. The law is confined to logic and debate, and anything that has not been debated on or legislated cannot be made a law and is hence the responsibility of the user as their ethical and moral duty. The common internet ...

Question 1. How do morality, ethics, and leadership play a role in shaping good and bad business?

Answer. With Enron and other similar scandals flummoxing the corporate world even now, the significance of morality, ethics, and sincere leadership automatically comes to the fore. There is no debating around putting the business into ethics or putting ethics into the business. Literature endorses that sustainable and fruitful business enterprises share values with the societies they operate in. The absence of this trait may put them under legal scanner or render them insignificant in the eyes of stakeholders. Statistically speaking, 59 percent of respondents, in a survey conducted in 2006, rated their school programs as good for integrating ethics ...

Define “contract” and briefly describe the four essential elements necessary for a valid contract to be executed.

A contract is an agreement between two or more parties that is enforceable in court. The four essential elements of a valid contract are capacities of the party involved, mutual agreement or assent, consideration and legality of subject matter.

Identify and describe the various ways that a contract can be classified.

Contracts can be classified broadly into three categories- 1) By type of formation, 2) By type of performance and 3) By enforceability. What is meant by a “mistake” within the context of a legal contract? Describe the different types of mistakes that exist. How do each of these types of “mistakes” impact the enforceability of the contract? In the process ...

Business Ethics

The current article on ethics is ‘Enron, Ethics and Today's Corporate Values’ which is available on the Forbes website. The main points of the article are the segregation of duties, implementation of ethical rules in detail, balance between the desires of stakeholders and the ethical demands and the importance of ethical practice to enhance the strength of the business. (Silverstein, 2013) The current article is very important for the understanding of the ethics because it is about the Enron’s ethical issues, which is the most important case study relevant to the ethical issues. In the bankruptcy of the ...

Management

2016-04-01

Introduction

This paper is devoted to the usage of mobile wallets, their advantages and possible problems. The number of users with smartphones grows from year to year. In this case, mobile wallets have quickly become popular technology. Nowadays, more than twelve percentages of users with smartphones make mobile payments. There are several main players in the mobile wallets arena. They are PayPal, Apple Pay, Goggle Wallet, Android Pay and Samsung Pay (Voo, 2013). There are some applications, which are available for both platforms (for example, Square Wallet). As a rule, retailers’ merchants and payment providers cannot track the buying ...

Crimes occur every day throughout the whole world, and sometimes it is hard to identify the motives and the reasons for committing this or that crime. There is a wide range of crimes starting from small robberies and non-substantial financial frauds and finishing with mass murders, terrorist attacks and huge fraudulent activities that lead to serious consequences. Different motives drive criminals to commit terrible things: whether a greed for money, a desire of revenge, a need to become famous no matter for what, pure anger, psychological problems, etc. It is often a challenge for the investigation team from special ...

What is Card Not Present fraud? This is a kind of fraud that involves the unauthorized use of a debit or credit card details to perform a transaction in a non face-to-face setting. This unauthorised activities are usually done without the knowledge of the actual owner of the card. Today, majority of the CNP fraud occurs via the internet while a few occur via call centers operations and through mail. The fact that the merchant doesn’t have the opportunity to inspect the credit or card physically is the reason while it is named “card not present”. Who bears the risk of loss ...

Introduction

Physicians, health care centers; other health providers conduct their businesses of medicine provisions in a more efficient, and effective manner through engaging and managing their businesses and health care data documents to inform them of everything they do. When health care businesses engage their business using the information, technology they make their business operation more efficient and effective. Through use of health care It solutions, the health care providers make their health provisions quality. The results of using IT solutions in health care include improvement access to patient health care data. The data concerning patients such as their personal history ...

Fraud and Abuse in Managed Care in America: An Introduction

The American government significantly knows more about health care reforms, and what requires to be put into practice to resolve the poor health care system. The major trouble the government is trying to deal with the considerable rise in health care expenditures that are creating a large number of patients that are registered all over the USA. There exist various factors that are linked to ...

FBI & CIA

Intelligence-gathering is an integral part of a country’s security exercise, and the FBI and CIA are the U.Ss security agencies. “The FBI, as a law-enforcement agency, apprehends wrongdoers, while the CIA, the other security agency, monitors and keeps suspicious people under surveillance, rather than arrest them,” says Stephen (2012). It would be hard to distinguish their predominant working styles, but in a nutshell, the Federal Bureau of Investigation (FBI), is the law agency that works within the country to gather intelligence information and fight federal crimes, while the Central Intelligence Agency (CIA) is the intelligence agency that collects information ...

Five different types of frauds are:

 Employee embezzlement - Vendor fraud - Customer fraud - Management fraud - Investment scams

Employee embezzlement fraud means that the employee of the firm uses his power or authority to manipulate the assets of the company for personal gain. In this case the victim is the employer or the firm. Employee can steal the assets of the firm which is called direct fraud. In case of indirect fraud, employee can use third party by asking for a bribe or hidden commission from suppliers.

In Vendor fraud, the manufacturing or selling companies charge their customers more ...

Currently, over 80 percent of business transactions are governed by contractual agreements. In recent years business contracts have become significantly more complex with complicated legal language and a numerous of terms and conditions governing the terms of the contract. Contracts is an agreement binding two or more people. The agreement can be on behalf of persons or companies they represent. There are certain legal requirements that must be adhered to for a contract to be enforceable, but they are seldom an issue in business contracts. The business contracts do not have to be written because they are enforceable in a court of ...

Criminal Law

1. Parol evidence rule refers to the evidence of previous or simultaneous oral rule that written contracts may not be varied, contradicted, or changed by any previous or contemporaneous oral declarations. Parol evidence is admitted when a written contract does not include or contradicts the oral understanding reached by the parties. Under the parole evidence rule, when the court finds that that written contract has represented the final and complete statement of the parties to an agreement, it will no longer allow either party to submit parole evidence (Miller, 2011, p.187).

2. The statute of frauds refers to the requirement ...

Sarbanes-Oxley Act was enacted in the year 2002 in response to financial malpractices among the corporations in the United States of America. The Act led to significant changes in corporate governance and financial practices as a way of reducing frauds prevalent in the financial sector. There were a myriad of factors that interacted to form a culture and suitable conditions, which led to a series of corporate frauds between the year 2000 and 2002. These factors were closely analyzed, and their root causes necessitated the enactment of Sarbanes-Oxley Act in 2002. This paper analyses the pre-Sarbanes-Oxley Act and post- Sarbanes-Oxley Act to analyze ...

1. Reason for the Agency Securities and Exchange Commission Agency plays an important role in providing regulations which govern securities market functioning as well as protecting investors’ welfare in these markets. Nevertheless, this agency monitors the corporate takeovers in the United States. In general, Securities and Exchange Commission is the U.S overall agency whose main agenda is to enforce laws and regulations related to federal securities, stock and options exchanges. This agency was established by the congress in 1934 following the crash of the stock market crash which saw the American economy decline in 1929 (Graham, 1993). Following its ...

1. Reason for the Agency Securities and Exchange Commission Agency plays an important role in providing regulations which govern securities market functioning as well as protecting investors’ welfare in these markets. Nevertheless, this agency monitors the corporate takeovers in the United States. In general, Securities and Exchange Commission is the U.S overall agency whose main agenda is to enforce laws and regulations related to federal securities, stock and options exchanges. This agency was established by the congress in 1934 following the crash of the stock market crash which saw the American economy decline in 1929 (Graham, 1993). Following its ...

Part A: Forensic Accounting:

1. Describe what is meant by the term forensic accounting, including the possible work that might be undertaken by forensic accountants (Note: you should discuss examples of the work undertaken by forensic accountants, possibly from media reports etc.)

Forensic accounting is also known as financial forensics which describes involvements of accountants in matters subsequent to forecasted financial disagreements and/or legal issues. It is called forensic due to its results and processes in the courts being recognized as legally valid. Forensic accountants are also generally known as forensic auditors who mostly provide financial legal proofs of some event in a court ...

Business

Question 1

Product life cycle has 4 stages namely; the introduction stage, growth stage, maturity stage and decline stage. In the introduction stage, the product of a company is in its early stages where it has just been launched. In this stage, the company has not yet started to receive any profit from the product which has been introduced or launched. The product is usually promoted, marketed and distributed during this stage and it faces no competitions from similar products of different companies. During this stage, the company which has introduced the product in the market or launched the ...

Introduction

Workers' compensation is a state-mandated insurance program providing compensation and medical benefits to employees who have been injured or disabled during the course of work at the place of employment. In exchange for the compensation, the employees need to relinquish their right to sue their employers for negligence or for the damages caused by the injury (CULS, 2014). Workers' compensation laws also provide monetary benefits to the dependents of those workers who have died due to work-related accidents or injuries. Though the workers' compensation programs vary among states and jurisdictions, the common provisions include wage replacement monetary benefits in the ...

Accounting 101

Deciding on Accounting Major If I had to decide on the accounting major to pursue, I would choose to be a forensic accountant. This major of accounting deals with the investigation of potential frauds within a company, or prevention of fraudulent activities from occurring. Forensic accountants are also commonly known as fraud investigators, investigative accountants, forensic auditors, or fraud auditors. Of all possible accounting majors, this one attracts me the most due to a number of reasons, including the history of this major, the variety of potential employment places, the nature of the job itself, and the knowledge and skills commonly ...

INSURANCE FRAUD

EXECUTIVE SUMMARY Insurance fraud is the term used for explaining the misrepresentation that the individuals or a group of people make so that they can avail more benefits from the insurance companies to which they are actually not entitled too. The transparency in the representation is important for securing the rights and overburdening the company from the claims which have actually not taken place. The insurance companies take different measures for protecting the rights and ensuring that they are protected from the insurance fraud. For this the rules and regulations are implemented using which they sometimes protect themselves from ...

Capstone Project

What second topic have you selected for this assignment? Explain. I have selected corporate or white collar crimes for the second topic. The last few years witnessed the scandals in the global corporate scene among the U.S. and European companies and their counterparts in the other parts of the world. Corporate crimes are synonymous to “Corporate frauds,” “corporate breakdown,” “accounting scandals,” “corporate scandals,” among others, have been tagged to these corporate controversies (Ball, 2009). One of the best and most popular examples of corporate crimes is the case of Enron. This happened some years ago and such type ...

Literature Review:

Reverse Logistics has been gaining importance of all sorts of businesses all across the globe. Tremendous research activities are coming up daily, suggesting new frameworks and models suitable for each business type and situation. Warehousing and Reverse Logistics are important to each other as they are in the direct relationship. The major issues in this regard are the lesser dedicated space for the returned items, too much paper work involved in getting the items back to the warehouse and from the warehouse to the production units, too much extensive process for tracking the reasons of return to the warehouse, ...

Audit is an independent inspection of the accounts of an organization. Accounts include all the financial statements maintained by the organization. An audit will give an independent and professional view if the accounts are maintained properly or not. The people qualified to conduct an audit are known as auditors who are generally chartered accountants qualified to review the financial statements. Auditors are required to follow the standards and regulations set by the Board. They prepare an audit report which includes all the necessary details about the organization and presents it to the manager of the company. An auditor who ...

The statistics regarding social media usage are quite interesting to observe. The results published by Pew research center shows that social media usage in the year 2005 stood at 1 % to 9% between age groups of 18 to 65. In the year 2013, the usage has increased to 46% to 90% between the same age group. These astounding number show the bursting trend of social media in users. According to leading statistics website Statista.com, the number of social media users in the world is estimated at more than 1.65 billion users. Similarly, in United States alone, more than 65% ...

Roll Number

The world is now a global village; with increased connectivity, we have an increase in a number of theft threats, abuse and frauds. Number of organized frauds is increasing day by day; we all have to play a role as it is our prime responsibility to make the world safer, secure and resilient . Computer crime defines to any crime that includes networks and computers, and since everything is computer based, about every crime is computer crime nowadays. Computer crimes are one of the largest growing illegal activities nowadays. Technology has brought everyone closer, but everyone includes criminals too. Nowadays everything, every ...

1.0 Overview 1.1 Introduction 1.1.1 Brief description of technology and associated Science Wireless mobile payments rely on the technology of wireless internet connection as one of the emerging technologies. Mobile devices are used to affect various transaction payments ranging from paying bills, bank withdrawal and deposits, sending and receiving of funds, debt payments among others. All these transactions can be settled by the mobile handset holder irrespective of his or her geographical locations and irrespective of time. It is thus more efficient and reliable in reducing congestion of queues in banks, improving the speed of operations ...

Executive Summary

Globalization and technology have transformed the business environment. Organizations are competing with each other on a global platform to attract customers. There is a need to create strategies that allow organizations to continuously adapt themselves towards the changing business environment for a sustainable growth and development. The current report presents a strategic analysis of company Ebay that has established itself as the world’s leading online marketplace for buyers and sellers across the world. The report analyzes the internal and external business environment of Ebay and also provides recommendations for future business strategies for Ebay. The external environment analysis includes PEST analysis ...

Fraud is an intentional action to do something that is illegal or unethical. It is done to cause damage to the receiving party. Many a times fraud is also done to gain something which could be money or inside information or knowledge. Fraud is a criminal offence. It cannot be justified. Many companies have gone through the fraud and there have been cases where the fraudster has been punished. Revenue fraud is a type of fraud which affects the revenues of a company. It is done to manipulate the accounts and earn profits. Simply overstating or manipulating the revenues can cause a revenue ...

Sarbanes Oxley Legislation

Sarbanes Oxley Legislation The impact of Sarbanes Oxley Act in the financial markets of the United States of America is playing an important role in the progress of financial growth of the overall economy. The Sarbanes Oxley Act was introduced in the year 2002 and the main reason of the Sarbanes Oxley Act was to implement the corporate governance codes and ethical standards for the listed and the non listed companies all over the United States of America. The main reason behind the Sarbanes Oxley Act is that the government of the United States of America wants to ...

Business Law

1. List and explain the four (4) requirements of a valid contact and the two (2) defenses to the enforceability of a contract. Cite and explain two cases from the textbook that discuss contract law.

Agreement (Offer and Acceptance).

When one party proposes something to another, he is said to make an offer. If a party agrees to the proposal without any change in it, he is considered to have made the acceptance of that offer. An offer is always confused with an invitation to treat. Advertisements and displays in shops are the examples. They are not offers, but an invitation to treat. An acceptance must ...

1 Introduction This research paper discusses the history of financial auditing. Studies indicate that financial auditing has been evolving through many stages. In the 18th century, the practice of financial auditing was a traditional conformance to the role of auditing. It is clear that the auditing paradigm has been changing and will continue shifting into the future. Financial auditing originated from checking procedures in ancient civilizations such as Greece, Egypt and China. The industrial revolution period established the role of financial auditing. The Institute of Certified Public Accountants in America and The SEC (Securities Exchange Commission) play a critical role ...

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Enron was believed to be one of the leading, innovative corporations of the world. The company that received the “America’s Most Innovative Company” award for six years in a row by Fortune magazine saw a sudden fall in 2001 and shocked the entire industry. The fall of the giant corporation did not only affect the industry but also shattered the dreams of the employees and stockholders of the company who had been bedazzled by the great profits. The factors behind the fall of this huge corporations were never identified before ...

Introduction 2

What could have saved the financial crisis? 8

Bibliography 10

Introduction The following paper is a movie review for the movie “Inside Job” used as an example to discuss various aspects of business ethics. The paper will discuss what ethical or unethical business decisions were taken into account in the movie along with the stance of the movie maker or characters about those ethical or unethical practices. The paper will also analyze the rationales behind those decisions and what lessons can be learned and what steps can be taken to ensure more ethical business decisions by an organization. The movie “ ...

Differences

Similarities - Both companies failed because of poor internal management controls. - Both companies had poured governance structure that oversaw the operations of the firm. The chairmen who controlled the management of the two companies were in people with high reputation2.

PFG

- Peregrine Financial Group offered an online trading platform that is fully staffed throughout the day and night. - Increased customer base and customer assets gave it a good public image - It had a large number of operating and independent brokers throughout the United States. - The chairman was given good reputation in the ...

Introduction: Need for regulatory environment

It was the time of early 2000’s when the headlines of major newspaper were full of corporate fraud and the companies filing for the bankruptcies. Most of the companies were involved in the accounting restatements, i.e. major corrections of their financial statements and the count of such companies were growing everyday and were also posing a major impact over the stock market performance. Although the list was exhaustive, but the major corporations, that were found to be involved in the financial scandals were: - Enron - Worldcom - Xerox - Sunbeam - Adelphia ...

The Fraud Diamond Framework was an improvement on the earlier ‘Fraud Triangle’ used by forensic accountants to detect accounting fraud. David Wolfe and Dana Hermanson proposed the change to the Fraud Triangle by adding a fourth element of ‘capability,’ rechristening it “The Fraud Diamond.” The first element in the framework is ‘Incentive’ which arises from the greed to commit fraud. The second element of ‘Opportunity’ could be a potential weakness in the system that the precise person could exploit. The third element of ‘rationalization’ happens when a perpetrator convinces his/her own self that such deceitful behaviour is worth with the risk taken.The ...

Organized crimes are violent criminal activities by a centralized group of criminals for illegal monetary gain. White collar crimes are nonviolent activities of criminals, who work like a white collar official rather than a typical criminal for unethical monetary gain through financial scams, frauds etc.

Comparison of organized crime and white collar crime:

Differences between organized crimes and white collar crimes: Illegal monetary gain is the ultimate target of the offenders in both the crimes, but, organized crimes are mostly violent. Trafficking of human, weapons, narcotics, kidnapping, robbery, fall in the category of organized crimes. Whereas the white collar crimes are unethical financial gains, through nonviolent crimes. Financial frauds, ...

Executive Summary

Online banking is growing immensely in the modern days. It is a convenient way favored by customers because it enables them to transfer money, pay bills, and access their financial information online. On the other hand, financial institutions favor this industry because it is cost effective. However, online criminals who try to steal firms’ and client information, as well as their money have plagued online banking. Pharming and phishing are the most common attacks experienced by online account holders (Singhal & Padhmanabhan, 2008). Therefore, using an online account has become a risky endeavor that has resulted into serious loss. As a result, clients ...

Welfare fraud and abuse involves the use of vast amounts of the federal money for various activities and programs without accounting for the value attached to those amounts of money. The transactions and programs where the money of taxpayers are channeled led to many cases of fraud and abuse of such funds by the responsible agencies and administrators. The money and funds used in the government grants and subsidy programs are subject to fraud and abuse. The people responsible for handling and management of such funds ending up misusing and abusing the money by channeling to their personal activities ...

1.0 Introduction In the 1980s, serious corporate scandals were witnessed forcing scholars, researchers and other stakeholders to wonder whether the existing regulations were adequate to maintain the stability of companies. The need to reconsider the manner in which companies are regulated was further enhanced by an increase in the number of corporate scandals between 2001 and 2002. Due to corporate scandals involving highly esteemed companies like Enron and Arthur Andersen made regulatory agencies among other stakeholders to come up with regulations that would be affective in curbing such scandals. The Sarbanes-Oxley Act was signed in 2002, and the ...

Introduction

Faking it until you make has become the daily invisible tactic for new and developing businesses to easily gain a larger share of the market. The legalities and rules set by business corporations have made it seem to be impossible for Small and Medium Enterprises to enter the competitive world of business. Due to this challenge, the SMEs shift to the cheaper and most effective way which is gaining fast grip of the consumer’s attention which involves working against the law. Fraud on competition has of late increased in the business world. Businesses tend to add ghost positive ...

1. At what point, if ever, did the parties have a contract? Big Time Toymaker and Chou had a contract; evidence available is in the email communication and the sent fax.2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Chou failed to draft the contract that would memorialize their agreement within the agreed time. This can be as evidence against their willingness to corporate. Evidence supporting their contract can be got from the email communication between the two parties. Secondly, the sent fax by Chou is evidence that ...

Introduction

Accounting scandals are business and/or political scandals that arise with disclosure of the financial offences by the trusted executives of governments or corporations. These misdeeds normally involve complex means of overstating revenues, misdirecting or misusing funds, overstating value of the corporate assets, understating expenses or underreporting liabilities existence, sometimes with collaboration of the officials in other affiliates or corporations. This essay focuses on the financial scandal by McKesson & Robbins, Inc. One of the key financial scandals of 20th C is McKesson & Robbins, Inc. scandal. Philip Musica took over McKesson & Robbins, Inc. Company presently known as McKesson Corporation in ...

Works Cited 9

Preface Enron Corporation was American based energy, commodity and service organization that was established in 1985 by Kenneth Lay in Omaha. The company was formed by merging Intermorth organization and Houston Natural Gas. Over a period of time after its formation company shifted its focus from energy trader to energy bank by giving guaranteed quantities at fixed prices for long-term. The company was bankrupted on 2nd December 2001. Before its bankruptcy the company was one of the major operators in energy sector. It owned energy plants, gas distributors, water organizations and other subsidiaries to provide various services to customers ...

Abstract

All parties involved in worker’s compensation have the desire to eliminate fraud. A recent research shows that, fraudulent compensation of workers cost over $5 Billion annually. In California, over 25% of compensation claims are usually falsified, yet an average claim in California goes for almost $65 000. Therefore fraud needs to be avoided because it costs the state a huge amount of money which could have been spent on development projects. Fraud units have been put in place, but they have not been able to eliminate fraud. Worker compensation frauds can be eliminated by putting in place tougher compensation ...

Introduction

Quality Audit refers to examination of quality system of a company or organization by an internal or external quality auditor or an audit team. It is an important process as it tests the quality work of an organization. Audit should be done as per the provisions of ISO 9001.It is done in order to check the frauds in a company or an organization. Quality audit is done at predefined time in time intervals either at the quarter of the year, at the mid of the year or yearly. It is done in order to ensure whether the company or institution has ...

Book Review No One Would Listen: A True Financial Thriller

Summary of the Book Harry Markopolos introduces the book to the reader on the accounted date of December 11, 2008. December 11, 2008 was a crucial day Bernie Madoff was arrested. Madoff was arrested for creating and running a Ponzi scheme. The Ponzi scheme was the largest in history of United States. Markopolos makes sure that the reader comprehends the revelations by incorporating a short story of a man in a plane. The man is shocked by the streaming exposures on the CNBC. The man reveals to his wife that they have lost millions of dollars they had invested with Madoff. However, the ...