1. Where does the Madoff fraud fit into the ACFE taxonomy of occupational fraud and abuse: asset misappropriation‚ corruption or fraudulent financial statements? Which specific type(s) of fraud does it exemplify? (Primary author: Yeseul Jeong) Madoff was one of the biggest and most trusted firm in Nasdaq traded stocks. Many people trusted his firm and made investments to it. Madoff’s firm was called “BMIS”: “Bernard L. Madoff Investment Securities LLC” (Gregoriou‚ and Lhabitant 89). Madoff made
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loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract‚ called the insurance policy‚ which details the conditions and circumstances under which the insured will be financially compensated. 1.2 History of insurance In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies:
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CONCERN FOR PEOPLE AND CONCERN FOR WORK IN MANAGEMENT One of the most recent challenges of a typical manager in many establishments is the trouble of determining how much of attention should be given to production and the need of workers. A manager who concentrates on the various flimsy excuses of his workers is not likely to be a productive manager. Likewise a manager whose attention and focus is mainly on the work to be done‚ would also be a bad leader even though he attains a productive result
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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 fraud. Men and women
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1) Concerns Today • Advertisment and its impact Advertising or advertizing is a form of communication for marketing and used to encourage‚ persuade‚ or manipulate an audience (viewers‚ readers or listeners; sometimes a specific group) to continue or take some new action. Most commonly‚ the desired result is to drive consumer behavior with respect to a commercial offering‚ although political and ideological advertising is also common. In Latin‚ ad vertere means "to turn the mind toward." The
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Welfare fraud refers to various intentional misuses of state welfare systems by withholding information or giving false or inaccurate information. Some common types of welfare fraud are failing to report a household member‚ claiming one or more imaginary dependents‚ failure to report income‚ or providing false information about not being able to work. There have been cases of people feigning illness in conjunction with welfare fraud. Welfare fraud seems to be a big and expensive problem
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controls during the 2008 financial crisis using exhibit 6-6 with Lehman Brothers. Control Environment Lehman Brothers has a long history. Fuld led the company tide over the difficulties several times and achieve remarkable results when he was the CEO‚ which makes his power be sharply amplified among the Board of Directors. Form his criticism of Joseph Gregory Lee‚ the president and chief operating officer of Lehman Brothers‚ or his $34 million salary even in the turbulent year 2007‚ we can observe that
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example an ethical statement like‚ “Love thy neighbor”‚ has neither an intrinsic-reason giving power‚ nor motivates us unconditionally to really love our neighbors. Here‚ in order to clarify‚ Mackie uses Immanuel Kant’s idea of hypothetical and categorical imperatives.
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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 500
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The global Concern By Shadi Badawood The global warming phenomenon is one of the most controversial global issues in globalization era‚ and it has changed the world’s agenda‚ it has made scientists and many others to predict‚ undertake research and explore facts which might be inconvenient. Marlo Lewis‚ a Senior Fellow at the Competitive Enterprise Institute‚ wrote a critique of “An Inconvenient Truth”‚ which states that Al Gore‚ former vice president of the United States of America‚ has exaggerated
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