Chapter 7 # 30 a. Give three examples of relatively reliable documentation and three examples of less reliable documentation. What characteristics distinguish the two? Examples of relatively reliable documentation are: vendor statements‚ bank statements. And signed lease agreements. Examples of relatively unreliable documentation are: copies of customer invoices‚ internal memoranda and other communications‚ and a listing of fixed asset additions. The difference between the two is whether they
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Types of ethic system frameworks: there are 5 types of ethical system frame work; Ethical frameworks provide guidance on how CFO can adopt in the decision making process when dealing with financial reporting decision based on the frameworks adopted. Various ethical frameworks may be used which include: 1. The non-cognitivism ethical approach argues that there are no objective ethics as moral statements are influenced by culture‚ beliefs and personal emotions. The concept of right and wrong are
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I – Company Background Alibaba.com was founded in 1999 by Jack Ma. It has become one of the world’s largest business-to-business platforms in the world‚ with more than 56 million registered users in more than 240 countries and regions‚ linking sellers of Chinese manufactured goods to millions of wholesalers overseas. The company is about 40% owned by Yahoo. Alibaba.com has four business-to-business (B2B) marketplaces. The company’s English language international marketplace (www.alibaba
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Financial Statement Fraud Schemes While evaluating Apollo Shoes‚ there are some areas of concern that are potential fraud schemes. Fraud can lead to the entire collapse of a company if not corrected‚ and will also affect share value and investor confidence. This paper provides an overview of the process of investigation along with recommendations for the company. As with any company‚ revenue recognition is an important part of operations for Apollo Shoes. Generally accepted accounting principles
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the company’s profit. In this case we should check if this high rate of returned products is caused by the not adequate quality of the products‚ in which case the salespersons deserve the commission of the sales activity‚ or it is caused by the fraudulent acts of the salespersons‚ in which case they don’t deserve it and actions have to be taken to stop this practice. We can also see some imperfections in the method of the expense reimbursements. The
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Nigerian Scams - 419 Scam Information 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 generally claim that your help is needed to access a large sum of money‚ usually many millions of dollars. In fact‚ this money does not exist. The messages are an opening gambit designed to draw potential victims deeper into the scam. Those who initiate a dialogue with the scammers
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Running head: Fraud Week 1 MBA 576 Fraud Management Week 1 – Principles of Fraud Examination Brenda Heinzen Concordia University As I develop in mind‚ body‚ and spirit‚ I pledge on my honor that I have not given‚ received‚ witnessed‚ nor have knowledge of unauthorized aid on this or any assignment. Brenda HeinzenWeek 1 – Fraud Basics Chapter 1: Introduction Chapter 2: Skimming 2012 Report to the Nations on Occupational Fraud and Abuse at ACFE.com Questions 1. Of the three
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Motives for the cheats The motives for fraud are clear‚ it’s a financial crime. People can not pay the bills. They figure stealing from an insurance company which is big and greedy is no great moral wrong and no one will miss the money. However‚ even if the company is big and greedy it is still wrong. How people get caught by an insurance company Fraud units at insurance companies are experts. But the reason people get caught are for obvious reason. People make stupid mistakes. However‚ as a word
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As the case of Excello Telecommunications is reviewed it can be seen that the CFO was facing financial difficulties due to increased competition. In 2010 the earnings estimate was not going to be met and this would have affected the bonuses‚ stock options‚ and the share prices of the Excello stocks. After discovering a large sale that was pending until the shipment could be made for the following year the CFO asked the company controller to find a way to capitalize on the sale in the current year
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from a misstatement or by mistake and was not intended by the company. On the other hand‚ there are chances that it was done by the company intentionally to avoid paying higher taxes on the income and increasing the tax expense of the company. For fraudulent omission‚ the company may have the intention of deceiving the tax department by making some material misstatements‚ or altering the financial statements to evade taxes. As has been mentioned before‚ it is difficult to know whether the misstatement
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