WorldCom: Organizational Culture and Unethical Safeguards Organizational culture is one of four influences whether an ethical or unethical behavior will be made. WorldCom’s demise‚ deliberately overstating their income by $7 billion between 1999 and 2002; and their once valued stock of $180 million becoming nearly worthless‚ can attribute a significant amount of their failure on their “dis”organizational culture. Corporations worldwide who do not think this type of fraud can happen at the hands
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Differences among junk science‚ scientific fraud and mistakes in science 1. What is meant by junk science? Junk Science is typically used as a weapon against gullible people to obtain recognition and/or compensation for something that is not valid. Typically the media‚ politicians‚ lawyers and even government officials will use unfounded and skewed data to sensationalize a particular scenario to push an agenda for some ulterior motive. For example‚ a Pharmaceutical company might try to say that
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of the disclosure‚ including the consequences of non-disclosure. An insurance company who has no compiled with the section 22 of the Insurance Contracts Act may not exercise any rights in respect to non-disclosure unless the non-disclosure was fraudulent [S22 (3)]. Consumer`s Responsibility: According to the Insurance Contracts Act under the section 21‚a consumer is required to disclose all matters known to them that they know to be relevant to the
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according to Rob Douglas an identity theft and scam expert. It has a history of plaguing society with various social‚ economical‚ and financial problems that continues to persist individuals and businesses alike. Identity theft is defined as “The fraudulent acquisition and use of a person’s private identifying information‚ usually for financial gain”. Social security number‚ name‚ addresses‚ and employment history information are some of the private identifying information that identity thieves use
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Q1: The primary objectives that auditors hope to accomplish by confirming a client’s year-end accounts receivable is to check certain management assertions such as existence‚ rights and obligations‚ and valuation. Confirmations from clients and outside parties related to a transaction. Generally‚ the auditor sends to the client’s customer a confirmation stating the amount owed. The customers are requested to return a statement to the auditor indicating whether they agree with the amount‚ or providing
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Cited: Bouchillon‚ Kevin. "Ethics in Auditing." Price Waterhouse Coopers. Guest Speaker. Pullman‚ WA. 10 Apr. 2008. Gerard‚ Lange A. "Fraudulent Financial Reporting." Answers.Com. 07 Feb. 2008 <http://www.answers.com/topic/fraudulent-financial-reporting?cat=biz-fin>. Livingstone‚ Les. "Fraudulent Financial Reporting." Connexions. 2007. 02 Feb. 2008 <http://cnx.org/content/m14318/latest/>. Madura‚ Jeff. What Every Investor Needs to Know About Accounting Fraud. New
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Monday‚ July 27‚ 2009 Case study cyber law - Nasscom vs. Ajay Sood & Others In a landmark judgment in the case of National Association of Software and Service Companies vs Ajay Sood & Others‚ delivered in March‚ ‘05‚ the Delhi High Court declared `phishing’ on the internet to be an illegal act‚ entailing an injunction and recovery of damages. Elaborating on the concept of ‘phishing’‚ in order to lay down a precedent in India‚ the court stated that it is a form of internet fraud where
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fraud and abuse‚ in the United States is an ongoing issue and is costing the United States government billions of dollars. Every time a fraudulent act is perpetrated the insurance company passes the cost to its customers. Due to the high volume of health care fraud statistics shows that 10 cents to every dollar spent on health care goes toward paying fraudulent health care claims. The federal government’s action to fight healthcare fraud and abuse brought forth The False Claims Act (FCA) of
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1990s‚ F & C’s chief executive‚ Jon Fries‚ orchestrated a large-scale financial fraud that proved the undoing of the company and the family’s proud history in the flavor industry. This case examines the role of three F&C officials in Jon Fries’ fraudulent scheme. Those individuals include the company’s chief operating officer who became F&C’s president and chief executive following Jon Fries’ departure‚ the company’s chief financial officer‚ and a controller of F&C’s important Flavor Division.
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earn the respect of the wealthy elite. The most well know form of money schemes is embezzlement. An understanding definition of embezzlement comes from Global Legal Resources; it states: Embezzlement is a criminal offense which involves the fraudulent and secret misappropriation of money or assets by an agent to who the property has been entrusted. This occurs when a person obtains possession of the goods or money in legal‚ proper manner‚ but then appropriates them for his/her use without
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