Identify situations in this scenario which indicate inadequate segregation of duties. Explain why these situations are an issue for the business. Discuss how the problem may be solved. Romney & Steinbart (2006) states that‚ Good internal control requires that no single employee should be given too much responsibility over business transactions or processes. An employee should not be in a position to commit and conceal fraud.’ Segregation of Accounting Duties In accordance to Romney & Steinbart
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defrauding of investors‚ examining the accounting practices performed by Arthur Andersen‚ and the alleged shredding of important financial documents. Citigroup‚ Morgan Chase‚ Andersen Accounting‚ and Enron are the organizations that were involved in the fraudulent activity. Citigroup and Morgan Chase are the companies that were responsible for providing the funds needed to commit the fraud. While Andersen and Enron shredded financial documents that would
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States” (Horngren‚ Harrison Jr.‚ & Oliver‚ 2010‚ p. 380). Without hesitation and in response to public outburst‚ the Sarbanes-Oxley Act (SOX) of 2002 was born. Senator Paul Sarbanes and Representative Michael Oxley acted upon the need to combat fraudulent accounting practices by enhancing standards for all U.S. public company boards‚ management‚ and public accounting firms. The Sarbanes-Oxley Act of 2002 consists of eleven titles: Title I – Public Company Accounting Oversight Board; Title II – Auditor
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determine if reporting the fraudulent activity or remaining silent will be the best outcome for him and Empress. The two other ethical approaches Justice and Moral-Rights‚ may influence Antonio’s final decision in part. However‚ Travis (2013) believes “many situations fall in between these two easily recognizable ends of the spectrum. To surmise‚ Antonio can choose from the following actions: 1). To report the fraudulent insurance claim to Empress’ CFO; 2) To report the fraudulent insurance claim to
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& Jenkins‚ J. G. (2003). The Relation of Information Technology and Financial Statement Fraud. Journal of Forensic Accounting‚ 4‚ 217232. Bell‚ T. B.‚ & Carcello‚ J. V. (2000). Research Notes‚ A decision aid for assessing the likelihood of fraudulent financial reporting. Auditing: A Journal of Theory and Practice‚ 19(1)‚ 169175. Benish‚ M. (1999). The Detection of Earnings Manipulation. Financial Analysts Journal‚ 55‚ 2436. Black‚ J. (2002). Public Records in Public ViewOnline?. Business Week Online
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legislation is a congressional attempt to ensure patient ’s privacy is protected. The HIPAA consists of five sections or titles. The first title "provides for insurance portability‚" (Austin‚ 2012 Page 25). The second title regulates abusive and fraudulent acts of medical obligations. It also standardizes administrative transactions. This title covers additional security precautions and demands electronic data interchange (EDI). The third title pertains to taxes. The fourth and final title incorporate
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We take no pleasure in calling out a lawyer‚ but sorry if this lawyer takes Marc Ching’s case that is so fraudulent and frivolous then we must. Marc Ching and his little angry cult members are running around the Internet with there lie and are doing great harm to all animal activist‚ Jeffrey Beri and Deborah Hall when all they did was basically save all the dogs that Marc Ching abandoned in China. It’s easy to sue anyone as long as you show the minimal amount of proof and pay the filing fees. The
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the physical inventory will misstate the costs of goods sold‚ gross profit‚ and net income. If the losses from fraudulent are covered up‚ the organization will be misleading the government by not abiding by the fair disclosure responsibility‚ and basically guarantees unreliable and false information within its financial documents. Prevention is the key to deter this type of fraudulent behavior. Strong controls‚ policies that communicate theft will be prosecuted‚ and a hotline can be introduced
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King and he still intends on lying on the stand‚ can Doe withdraw from the case? III. Can Doe make a false statement of material fact or law to a court and fail to disclose a material fact necessary to avoid assisting King in a criminal or fraudulent act and offer false evidence? RULE The first relevant ABA Model Rules of Professional Conduct (RPC) is Rule 1.6 (Confidentiality of Information). Rule 1.6(a) prohibits a lawyer from revealing information relating to the representation of a client
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regulations and requirements of billing as well as the time frame for submitting health care claims and receiving payments from insurance companies. The Medical Office Specialist has a tremendous responsibility‚ since they are the liable party for any fraudulent billing. They are typically the first person that can be legally prosecuted for their actions‚ if fraud is proven. There are joint efforts by several task forces like Health Insurance Portability and Accountability Act (HIPAA) and the Office
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