Essays on Fraudulent

In the case study of Guy Roberts, it is possible to recognize various stages of development when the group involved in fraudulent activities at Millard construction attempt to exercise control over him. Guy was favoured by his wife’s brother Neville to take on the job in Millard construction after he was left unemployed by the bankruptcy of his previous employers. The offer contained higher basic salary and petrol allowance but no annual bonus. It was a good offer, considering that Millard construction was a larger company than Fry Bras. Guy was yet to realize that there are groups ...

An Assignment Submitted by

Narrative Report After a thorough investigation, it was revealed that two individuals, namely Mr. Smith, the associate director of purchase and Ms. Bad, his administrative assistant, implemented a fraudulent scheme using the corporate funds for their personal gains. The analysis of the evidence determined that these two individuals managed to buy items for personal use instead of the planned corporate purchases. This activity resulted in the loss of $8,795.60 of corporate funds. The investigation came to the conclusion that the main culprit of the fraudulent scheme was Mr. Smith due to his status as the associate director, the ...

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Introduction

In 2000, the Chief Executive Officer (CEO) of Qwest, Joseph Nacchio, was charged civil and criminal liabilities after it has been found that he violated the provisions of GAAP against fraud and insider trading. He was sentenced to six years in prison in 2007 and was slapped with a $19 Million fine and a forfeiture order for proven illegal stock sales transactions worth $52 Million. In this memo, the author discusses the different aspects of Qwest’s case, emphasizing the role of GAAP and the PCAOB.

The Generally Accepted Accounting Principles (GAAP) refers to a standard framework of ...

Reducing Debts at Credit Solutions of America

Credit Solutions America (CSA) is a company that is headquartered in Richardson, Texas but has many branches in many other states. The company has several customers who are enrolled in debt reduction programs. The company helps those customers who do not want to file for bankruptcy, but they would wish to settle their debts. Despite its years of success, the company was sued in eight states after it was found to be engaging in fraudulent activities. Although the methods employed by the company in their debt reduction program puts the customers in a stressful situation, they are left satisfied ...

Almost every aspect of life has taken an online approach with the emergence of the computer error. The whole concept of globalization could not have turned into a reality were it not for the sake of computers and related technology. As a result, therefore, software engineering, which is the basis of technological revolution, has been largely embraced to enhance efficiency and reliability in most processes. In the current society, complex tasks and functions have been successfully broken down into extremely simplified processes with the use of computer programs. Software engineering refers to the use of computer programs to design ...

What is a 'Ponzi Scheme', how it Works and How does it Collapse?

A Ponzi scheme represents a fraudulent investment trick where the promoter pays return on investment to previous investors from the money invested by new investors instead of the money earned through profit or gain. Customers are promised to receive higher investment returns, compared to market averages, with no risk at all since they will be paid from the money provided by new clients. This investment scam requires an ample flow of clientele for powering the whole fraudulent system. A Ponzi scheme comes into existence when the promoter is able to cllect initial investment funds from a person. This scheme ...

Abstract

The Madoff Securities scandal was one of the biggest Ponzi schemes to hit America. This essay would examine the Madoff scandal from an audit perspective since it was the complacency (or collusion) of the auditors that encouraged the perpetrator of this scam. While the scam that was pulled by Bernie Madoff, was both large and difficult to spot, its detection also helped expose a crucial flaw that existed in corporate America at the time. This was the lack of regulatory oversight in the Securities business. While one could lay the blame for this scandal on the Regulator, another important ...

The aim of this paper is to discuss the fraud that took place in the Bayou Hedge Fund Group and its impact on the organization’s investors and creditors. The organization was established in 1996 as Samuel Israel III and a gathering of foundations and hedge funds were united as the originator encouraged them to in the long run bring $450 million up with the expectation that the fund would develop to more than $7 billion in a ten year time span. The way that the organizer utilized a portion of the cash for individual use alongside critical exchanging ...

Introduction

Over the last few decades, there have been several changes in the roles of audit companies notably due to challenges that have affected the ethics and integrity of the institution of auditing. Traditionally, audit companies are mandated with the responsibility of analysing the financial systems, financial records as well as the compliance of companies’ financial reporting procedures with the specific national regulations. The effectiveness of audit companies in implementing these duties is extremely important in the public trust in business organizations around the world. Local and international investors rely on the accuracy of audit reports produced by audit companies ...

Embezzlement is a deliberate misappropriation of property by a fraudulent individual who is entrusted with the property. The fact that a legitimate office holder orchestrates the fraud makes it difficult to prevent its occurrence effectively. The success to deter such actions calls for a thorough recognition of the contributing factors that empower the embezzling officers, improvement of the control procedures, and a strict implementation of internal financial controls. The fraud triangle explains why people are lured into embezzlement and highlights three contributors of the vice; rationalization, opportunity and motive. This paper will examine the case for Baileys Books Inc. ...

Abstract

Fraud in the resume of job candidates is on the rise. This has been necessitated by stiff competition given that there are few jobs and many applicants. Misrepresentation of facts can have a negative impact on an organization. It can make or break it. There is a chance of an organization hiring a crook who could defraud it or steal using its facilities or name. Worse still, there is the issue of an organization’s reputation being tainted due to poor quality services or poor quality products made by its personnel. This can be nipped in the bud by ...

BUSINESS: UNETHICAL BUSINESS PRACTICES

L. Dennis Kozlowski, CEO of Tyco International Scandal A fish rots from the top down. This phrase sums up the scandal of Tyco International when its CEO, Dennis Kozlowski, was found guilty on many fraudulent accounts. His actions were in direct violation of the accounting ethics. Kozlowski was arrested along with many of his company officials as partners in crime. When the CEO of a company is involved in violating code of ethics and professionalism, the employees and subordinates find it convenient to follow suit. Former chief executive and chairman of Tyco International, Dennis Kozlowski and firm’s CFO ...

1) The word "corrupt" refers to a person’s act(s) of being dishonest and engaging in practices such as lack of integrity, crookedness, and bribery ("Definition of CORRUPT", 2016). It also refers to the destruction of integrity thus causing an individual to be dishonest and disloyal. In the case of Arthur Anderson, the prosecution noted that the accounting firm dishonestly encouraged Enron employees to exercise routine destruction of documents knowing that the government’s investigations into the acts of the accounting firm were imminent. The deliberate intention of the destruction and hence wrongdoing of Anderson was meant to ...

VOLKSWAGEN CASE STUDY

Executive summary: Volkswagen is the leading manufacturer of car products. This company holds Volkswagen group and produced a variety of models. Recently, Volkswagen has been involved in the emission scandals of their equipped vehicles. The company vehicles are equipped with software that was cheating on emission tests. Hence, Volkswagen is the top selling brand of Volkswagen group. Since 1975 the company has been treated as world largest automaker in the world. Volkswagen has the most cars of the automobile manufacturer which has multiple revisions of model names. In this, the crisis management of the Volkswagen emission scandal has been ...

Introduction

According to Trevino & Nelson (2011, p. 35), fraud does not happen as a coincidence. To be specific, fraud in organizations is usually premeditated and has to happen in the right conditions and members of the organization in authority often set these conditions. As such, identifying the root causes of fraud, which is called fraud deterrence, should be one of the priorities of corporate governance. Since fraud has been a common menace in the history of organizational management, various strategies, government regulations, and acts have been developed to prevent the occurrence of fraud (Giroux, 2013, p. 32). These procedures cover ...

Introduction

In the world of commerce, most individuals and organizations act on the basis of delegation. And delegation of authority leads to the formulation of an agency relationship. The agency theory is based on the view that a principal vests power in an agent to represent the principal in certain situations specified in the agreement. This creates a fiduciary relationship and the agent will have to act in the best interest of the principal. Fiduciary relationships mean an agent must act in the best interest of the principal. This include the provision of some parameters within which the agent can ...

Business Ethics

Business Ethics

The managers are responsible to the prevalence of ethical misconducts due to their extent of authority. Managers ensure that employees do not incorporate any unethical practices and understand the organization’s ethical conducts. The prevalence of ethical misconducts among the employees is observed by the managers due to which the managers take necessary actions in order to ensure that the occurrence of such misconducts is hindered. The employees are observed in accordance with the organization’s ethical standards and these standards help in the shaping the organizational behavior and hence, ethical conducts are set (Crane & Matten, 2007). ...

Introduction

Multinational corporations across the world usually consolidate and present their operational results in financial and non-financial terms at the end of every term, usually a year. The financial aspect of reporting is supposed to comply with a clearly prescribed set of regulatory standards. The adoption of the International Financial Reporting Standards and GAAPs was meant to ensure that all compliant firms across the world produce financial statements that conform to the industry specific reporting frameworks and thus achieve a degree of uniformity in reporting. Different firms in operating in multiple locations operate under the strict guidelines of the specific ...

Introduction

The case of Bernie Madoff is a good example of unethical practices can lead to corruption. Madoff, which is the former investment and a stock broker, is introduced around the globe as the only operator in the largest Ponzi scheme ever on record. This is because he turned its financial management firm into a huge Ponzi scheme that defrauded a lot of money from thousands of his investors. The paper will determine the regulatory oversight that was existing while the Ponzi scheme was operating. It also speculates on the main reasons why such plans were not discovered while investing ...

Part A - The impact of accounting on the IT Development 4

Part B – Question 1 - Introducing or Upgrading Computerized Accounting Systems 5 (a) Advantages and Disadvantages of using a Computer Accounting System 5

Advantages 5

Disadvantages 5 (b) Considerations when setting up a Computerized Accounting System 6

Completion of an Accounting Cycle 6

Recording all Transactions from Manual Trial Balance 7 Running a Trial or Testing Phase 7 Verification of the Computerized Accounting System 7 (c) Chart of Accounts and Coding Structure is Followed by Impetus Limited 8

Part B – Question 2 - Accounting Packages 8

(a) The Features of an Accounting Package 8

Security 8

Reporting 9 Interdepartmental Operations 10 (b) ‘Module’ in an Accounting Package and its Purpose 10 (c) ‘Integrated’, ‘Semi-Integrated’ and ‘Non-Integrated’ Modules ...

Importance of Titles in Real Estate Financing

Abstract Acquisition of real estate is not an easy process because it involves outlay of huge amount of financial resources. Due to the high investment requirement, prospective owners often involve financiers through a loan, which is risky and prone to fraudulent activities. This risk requires a protection against imminent losses through insurance companies. Real estate is one of the properties that require title as a proof of ownership and evidence in case of transfer. The party seeking to extend a loan facility should do a thorough background check through a process called title qualifying. In this process, the lender ...

Introduction

The CFOs have a lot to deal with as their strategic responsibility in business continues to grow and become more complex. Owing to their extensive duties, the cash compensation of the financial officers continues to increase with each passing year so much that the officials are starting to bridge the gap between CEOs and them. The financial market appears to be more inclined towards a skill-driven workforce as compared to the traditional approach of leadership provided by the CEOs. This essay attempts to develop an understanding concerning the issue of the rising salary of CFOs by using three primary ...

Abstract

Digital forensics is a critical component of forensic discipline that includes crimes and misconducts with respect to computer systems. The use of computers to investigate online crimes led to the development of this new field known as Digital forensics. The field provides new ideas for understanding and betterment of concepts and directing future concepts in Digital Forensics. Over the last few years, with the advent of latest electronic devices such as mobile phones, tablets and laptops, the concept has gained popularity over the span of few years. This has resulted in a shift of thefts from real time to ...

INTRODUCTION

Martha Stewart was indicated for Securities Fraud. However, she was acquitted of the charges, but instead found guilty of obstruction of justice and making false statements. As a result of the finding of guilt, she served five months in federal prison. There are many opinions concerning the evidence presented in the case against Martha Stewart for violation of the Securities Act. Some legal scholars claim that she was guilty of insider trading while others claim the court properly found the evidence lacking and her actions not in violation of the securities law. Presented in this paper are two scholarly ...

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 ...

Organizations that behave ethically are more apt to earn the trust of their customers, employees, and stockholders and to have a reputation as successful, competent and responsible professionals. It is important that organizations follow strict guidelines aimed high standards of quality, reliable services, high professionalism, social responsibility and ethical behaviour it their activity – only that way they can bring benefits to their clients, staff members and shareholders. The main ethical principles that each organization must follow in its activity are decency (avoidance of illegal and unethical practices), honesty (the urge to be honest with themselves, team members, customers and ...

[Accounting]

Publicly traded firms are the main object where financial statement fraud takes place. ACFE Fraud tree includes 51 various sorts of fraud schemes, 20 of which cover 80% of the fraud accomplished. Fraudulent financial statements are executed by an executive manager. The level of frequency is 7, 9%. There are several signs of fraud schemes: flows of cash and A/R that have no connection to do with earnings, allowances that do not correlate with A/R, reserves that do not correlate with Balance sheet items, purchasing without an apparent corporate aim, earnings that regularly and precisely cover expectations. The ...

Abstract

The Sarbanes-Oxley Act changed the ethical nature of accounting for publicly traded companies. The Act requires new forms of ethical behavior from companies, such as creating and maintaining a code of conduct that all employees, even executives, must follow. It also requires that they honestly and accurately report financial reports and maintains that the executive officers of a company have the most responsibility in reporting and certifying that the information is correct. The Act also changes the auditor-client relationship by making auditing more independent of the client, establishing an auditing committee overseen by the SEC, and ensuring transparency. The ...

Introduction

Banking is a major part of most modern nations. This is because they form as the point for an organized financial sector and allow for regulations to be applied and carried out. In spite of this, banks have been used as a tool for capitalism and the pursuit of personal interests and this has led to serious consequences for the economy. However, Parramore indicates that the idea of bailing out banks during financial crisis is a fraud on the taxpayers and this is akin to robbery. The purpose of this paper is to critically analyze the position of Parramore ...

Abstract

The paper will explore the business environment and the fraud scandals that prompted the need for more comprehensive and stringent regulations on financial disclosure by all public business entities operating on U.S. soil. The primary financial issues that the Sarbanes-Oxley Act was meant to address will be addressed, with a specific focus on how to restore investor confidence by imposing more strict rules on companies in terms of recording investments, cash flows and periodic profit/loss statements . Through an analysis of the basic provisions of the Act with regards to assigning personal responsibilities on officers of the company, as well ...

Abstract 3

Auditors’ Responsibilities and Potential Liabilities 4 Types of Audit Reports and Underlying Reasons for Their Issuance 5 Unqualified Opinion 6 Qualified Opinion Report 7 Adverse Opinion Report 7 Disclaimer of Opinion Report 8

References 9

Abstract This research paper is dedicated to make an important discussion about the different types of reports issued by an external auditor to form an opinion or judgment about the reliability and accuracy of the financial records and statements of the audit client. Generally, auditors issue four types of auditor reports depending on specific situations. Also, different responsibilities of an external auditor are also highlighted while ...

Crimes against Persons

Crimes against persons are those criminal conducts punishable under penal law and which are mainly committed against individuals as the victims (Gardner & Anderson, 2014, p.25). In such categories of crimes, the perpetrator or offender normally has the intention to cause the victim actual grievous bodily injury and harm. Examples of crimes under this category include rape, assault and murder.

Crimes against Property

These are a category of crimes in which the offender intends to take another person’s property with the intention of permanently depriving the owner of the property without necessarily intending to use force against them. Examples of these crimes ...

Alexander (2007) tells us that duty ethics, or deontology, is a normative theory regarding what people should do, rather than what they should be. Hence, duty ethics is chiefly concerned with actions people take, rather than the consequences stemming from those actions. Deontology, in broad strokes, posits that if an action is right in principle, then there is no moral obligation forbidding that action – it need not be avoided, regardless of consequences. Deontological theories are best understood in contrast to their consequentialist counterparts (Alexander, 2007). Consequentialism dictates that actions or intentions ought to be judged by the state of ...

Preventing Embezzlement: If You Make It Easy For People to Steal From You, They Will

Summary The aim of this assignment is to review the article “Preventing embezzlement: if you make it easy for people to steal from you, they will” written by Frank. W. Abagnale. The KPMG conducted a survey of 1000 top international firms in the United States and asked them to give ranking to the issues that hurt their organization most. The survey revealed embezzlement as number one crime that hurt organizations most.

Background

The overall paper discusses the prevention measures from fraud and advises organization the ways that can be used to detect fraud. The focus of the paper is on ...

Introduction

Corporate executives are required to maximize shareholder revenue while avoiding agent-principal conflicts, enhancing the reputation of the companies, and conforming to the regulatory standards. The situation in Enron indicates the corporate irresponsibility and managerial negligence that resulted in investor outrage and multiple lawsuits. The shareholders demanded legislation reforms, managerial accountability, and corporate power. The scandal in Enron encircled unethical and illegal activities punishable by law. This essay attempts to evaluate the virtue ethics that apply to the case of Enron.

Body

When it comes to the concept of virtue ethics, the postulates shift from individual, agent-centered, and action-oriented. The theory ...

Response to an Audit Report Inquiry

Dear Dominique, I am writing this email in response to your request for clarification and explanation on the different types of audit reports. Generally, audit reports give an appraisal of a company or business’s financial performance and status during a specified period of time. These reports are usually completed by an independent accounting professional (internal or external), and cover the company’s assets and liabilities. Audit reports represent the auditor’s assessment of the company’s financial position and future status. In many countries, audit reports are required by law if the company is publicly traded or operates ...

Audit and Internal Control

Question 1 - Relationship between the Concepts of ‘Business Risk’ and ‘Financial Statement Risk’ The business risk and financial statement risk tend to have a direct relationship with one another because occurrence of business risks, if not addressed by the internal management of ABCDE Company in a timely and wise manner, will potentially result in material misstatements of the figures in financial statements of ABCDE Company. For instance, due to increase in competition, the demand for cleaning equipment sold by ABCDE Company to commercial cleaning contractors decreases which itself is identified as a business risk for ABCDE Company. Due ...

How to Reform Corporate Ethics in American Business Today

Corporate ethics is an important sphere of American business the regulation of which is of utter importance. It comprises the rules how the company operates: its management, control and responsibility for improper actions. The regulations of corporate governance and implementation of effective corporate ethical standards affect the situation of the economy of the state. Inefficient regulations may lead to huge problems, such as the Great Depression of 1933, ENRON case of 2007, global financial crisis of 2008, because of which the whole world economy was negatively affected, a lot of investors were defrauded, money stolen and etc. Scholars believed ...

1. What governance practices could have prevented the demise of Barings Bank? Barings Bank was founded in 1962. It is previously known as Baring Brothers & Co. It was the oldest merchant bank in England and collapsed on February 26, 1995. The bank had been faced bankruptcy for the second time because of this reason. There were several issues that it had been processed. It changed the regulatory of the development of worldwide financial transactions, indoor trading, executive remuneration and misuse of pensions fund made it strengthen through those changes. As per Hurst and Wood (1993) report, there were many ...

Ethics in accounting is a high profile issue due to the numerous corporate scandals that have taken place in many organizations resulting to massive damages to the economy. In particular, these scandals question the morality of accountants. Many reports have argued that accountants have the main responsibility for ensuring continued ethical standards in business. The state of ethics of accountants today is in a critical position because of the numerous audit failures that have been there in various organizations. Recently, there have been a number of financial scandals facing organizations from all over the world. Among the most recent ...

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). ...

Project Name

Introduction According to Biegelman and Bartow (2012), business entities after the Great Depression have streamlined their efforts towards identification and seizure of any potential business opportunity in a bid to emerge stronger and resilient. Some employees in these companies have however opted to engage in some fraudulent activities and this has stimulated the regulation authorities to beef up their investigations and enforcement mechanisms to curb the increasing rates of corporate fraud cases. Adelphia Communications Corporation was a successful business in the US founded by John Rigas, a son to a Greek immigrant. He was assisted by his two sons ...

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 ...

Cases of fraud usually take place in both huge firms as well as small firms, and in this case, we will focus on Mamtek, which was a small firm. There are various reasons that usually led to cases of fraud in the various firms. Most of the fraud cases usually involve manipulating the various stakeholders for personal gain. Such decisions to commit fraud are usually for personal gains or to achieve performance within short durations rather than following the right procedures which would bring positive results in the long run. Mamtek was a Hong Kong based manufacturing firm that ...

Introduction

In his case, Ferrell (2012) discusses Enron Corporation from when it was formed, when it collapsed and all that followed after its collapse. Enron Corporation is an American company headquartered in Houston, Texas. This company was formed in the year 1985 through the merging of two gas pipeline companies. Enron Corporation deals in products and services such as natural gas, and also electric power generation and distribution. However, in the year 2001 when Ken Lay was the Chief executive officer and at his time of his stepping down, Enron was faced with financial problems which eventually led to its ...

Management of Information Techniques

Executive Summary E-business is the current normality in modern day business activities owing to advancements in technology. Firms have thus integrated their activities to the internet; the result has ignited competition in the various industries attributed by integration of ICT in business. E-commerce is currently ranked as among the most revenue generating sector. The aim of this report is to identify the role of using IT to generate competitive advantage of firms against one another. The report was drafted by using an example of the Amazon Company to identify the role of incorporating IT in the operations of a ...

Undeniably, ethics is the core pillar of any organization. Business organizations that do not observe business ethics are highly prone to collapse mainly due to poor performance. Ethics entails the principles by which organizations execute their functions. Appropriate professional skills, high level of integrity, prudence, and practical management are essential for the organization’s success (Gross, Negus, and Ceng, 2000). Business managers require a high level of commitment to help them create and foster a favorable business environment necessary to maintain prudence in conducts. Also, such an environment should promote ethics and discourage fraudulent activity. However, unscrupulous managers exist ...

Company and situation

According to Biegelman and Bartow (2012), WorldCom Group began in 1983 following the breakup of AT&T. It began as Long Distance Discount Services (LDDS) offering telecommunication services to local retail and commercial customers in the Southern States where the two major telecommunication companies – Sprint and MCI had little presence. The company grew by acquiring other companies and in 1993 it was declared the fourth largest long distance carrier in the US (Biegelman & Bartow, 2012). It was officially renamed WorldCom in 1995 and continued a period of great acquisitions of more than 60 companies. However, between 1999 and 2002, the ...

Accounting refers to the activities of recording, summarizing, maintaining and publishing financial statements for public, etc. These activities play a vital role not only for internal users of the information but also for the external users who might raise issues and concerns to the work being carried out. It is essential for the investors to get the correct picture of the business before taking the risk of investing in the venture. The ethical practice also enhances the performances and procedures of the organization. Ethics relate to segregating what is good or bad for the consideration of the moral duties ...

Data Mining has created a great deal of controversy in the business world due to the fact that it violates many principles of privacy. Where we run into issues with protecting privacy is a result of the strict confidentiality laws that exist in the United States. Consumers ideally do not want companies having access to information about their purchasing patterns. Essentially, customers do not want the hassle of receiving more advertisements than they already do. Data Mining has been seen as the enemy to the consumer because in the modern age that we live in, there is not a ...

At a time when the corporate financial sector was faced with issues of malfeasance, Sarbanes-Oxley Act was enacted in a bid to restore the confidence of the public in corporate financial statements. Before this period, the public disclosures had suffered massive misappropriations characterized by inaccuracy, and inadvertent unreliability. It thus became essential for the government to act so that there would be a proper end to the rising cases of accounting fraud (Lee et al. 733-74). Many stakeholders in the industry had become part of a broad scheme that thrived in the unaccountable corporate segments that spewed fraudulent activities ...

The role of the auditor including legal and professional requirements, its importance, benefits and limitations

The Role of an Auditor An auditor is a professional who has an authority to independently examine, verify and confirm the accuracy as well as fairness of financial records of a business entity. The role of auditors can be classified as internal and external auditing activity. Internal auditors are those accounting experts who examine the accuracy and reliability of financial statements of their own employer. In contrast, external auditors are independent auditing/accounting entities who pass their professional judgment and form an opinion concerning the fairness of financial statements . Under the Companies Act, the role of an auditor is to ...

In October 2015 the United Nations faced another bribery scandal. New York federal authorities arrested John Ashe, who had been the UN General Assembly president in 2013-2014. He was charged with tax dodging and getting bribes worth $1.3 million from Ng Lap Seng, a business from China. Mr. Ng was also charged in the case. Ng Lap Seng, promoting the construction of UN Center in Macau, donated $1.5 million to the South-South Cooperation Office, the official UN body focused on evolution of the relationships between southern countries. The United States authorities recognized this transaction as suspicious, because it was ...

There are different levels of inherent risk in the different business process in Helecom. Inherent risk that could be caused as a result of the organizations’ management structure are low. The structure is well defined with the normal managerial positions of a telecommunications company. No added questionable positions that could be a means of carrying out fraudulent activities are added upon the organizational structure. The possibility of inherent risk is average when it comes to the financial analysis. The financial statements have been prepared according to the normal accounting standards and there is a good chance they were done by a professional. This further ...

It is with deep regret and disappointment that I have to write this letter on the above named subject. My dealings with Honda Plaza started when I leased a 2011 Honda, which I was to buy at the end of the lease. However, before the expiry of the lease period, I lost my car keys and had to go back to the dealer to have my door locks fixed. This was the beginning of my woes with the company, and the beginning of my experience with their fraudulent ...

Introduction

The importance of the legal environment in business is not only paramount to functioning as a watchdog for unethical, and harmful behavior by big corporations and governmental figures today, but also serves as setting the climate to reduce or deter felonious operational practices. In other words, persons in positions which gives them easy access to abuse funds, lie in accounting records, or devise fraud schemes involving illegal acts, laws help accomplish order and administer proper conduct. Everyone remembers the insalubrious case of the Enron Corporation. This case involved gross ...

The problem of identity theft has become a popular crime in the United States and other countries in the last decade. More individuals are losing their personal information because of cyber criminals who source the innocent victim’s social security number, bank account numbers, names, and credit card numbers. This personal information is then used for different reasons. But, despite the number of reasons for engaging in identity theft, it is the victims who suffer the consequences as they lose their identity in a number of ways. This growing white collar crime is popular among criminals who seek to use the ...

Introduction

Several past decades have been characterized by a rapid increase in availability and the level of development of computer technology. The increased availability of both computer technologies and information about them called forth the development of such forms of criminal activities as computer fraud and computer crime. Rapid developments in new technologies call forth difficulties related to defining the terms “computer crime”. According to C.Franklin (2006), computer crime is the one, which uses or focuses on a computer for the purposes of criminal act. (p.8). Such synonyms as digital crime or cybercrime can be also used. The list of cybercrimes’ types ...

Introduction

Fraud waste and abuse are always a big issue in the healthcare sector across the world. According to the research carried out by centers for Medicare and Medicaid services, taxpayers lose billions of dollars annually due to fraud waste and abuse. The estimated amount lost within CMS ranges between three and ten percent. The private sectors are not spared by this menace either. Private players such as self-insured companies and managed care organization are struggling in trying to find out an effective way of managing fraud waste and abuse. The effects of fraud, waste and abuse in the health sector ...

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 ...