thesis‚ the main purpose is to identify some of the reasons why auditors have not detected financial statement fraud and to suggest possible solutions for improving the audit process in these areas. In order to achieve this target‚ some cases of the fraudulent financial statements of revenue recognition will be analysed. The main reasons why auditors did not detect financial statement fraud from the technical side were application of analytical review procedures as “sufficient audit evidence;” weaknesses
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Data Mining DM Defined Is the analysis of (often large) observational data sets to find unsuspected relationships and to summarize the data in novel ways that are both understandable and useful to the data owner Process of analyzing data from different perspectives and summarizing it into useful information A class of database applications that look for hidden patterns in a group of data that can be used to predict future behavior. DM Defined The relationships and summaries derived
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Learning Objectives 1. What is the difference between an employee and an independent contractor? Independent contactor works for‚ and receives payment from‚ an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent. Seven criteria to be a contractor include: Worker can exercise control over details of work. Worker’s occupation is distinct from that of employer. Worker does not follow employer’s
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THE FALSE CLAIMS ACT Proprietary education dates back to the late nineteenth century where institutions focused on professional training in teaching‚ medicine‚ and law (Breneman‚ Pusser‚ &ump; Turner‚ S.‚ 2000). The 1972 Higher Education Reauthorization Act included for-profit institutions in federal financial aid programs and changed the vernacular of higher education to postsecondary education (2000). This piece of legislation along with new technologies along with increased demand for higher
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or cash disbursement accounts and can manipulate them. Misstatement arising from fraudulent financial reporting- the perpetrators generally doesn’t seek personal gain‚ but want to make the company look better or avoid bankruptcy. They accomplish this by falsely altering account records‚ omission of events or transactions‚ and intentional misuse of accounting principles. 26. Three common ways that fraudulent financial reporting can take place are: Manipulation‚ falsification‚ and alteration
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Livent‚ Inc. is a company that is very involved in the entertainment business‚ mainly in live theatrical productions. When dealing with a company in the entertainment industry‚ there are many risks that can be involved in auditing situations. A big risk that can be common is working with the higher officers of the company who are not strongly educated in the financial field. They are only familiar with the entertainment part of it and do not pay attention to a lot of the finances. It is common for
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company loans included: Kozlowskis $ 18 million Manhattan apartment‚ $ 2 million birthday party for Kozlowskis wife in Italy‚ $ 6‚000 shower curtain‚ $ 2‚000 trash can‚ $ 13 million worth of art work PWC chief auditor for TYCO‚ Richard Sculze‚ issued fraudulent audit reports and was aware of the interest free loans. Embezzling funds as a financial fraud which causes an act of conflict of interest. In order to fulfill self-interest (luxurious life) the leaders embezzled the company funds that should be
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choose based on personal preferences. Types of common online payment methods such as credit card and debit card have been the main form of online payment. Likewise‚ the security in online payment somehow has been challenged due to fraudulent transactions. Therefore‚ fraudulent protection is vital for online payment by implementing Secure Socket Layer (SSL) and Secure Electronic Transaction (SET) for data security (Acosta‚ 2008). According to Whitaker (2017)‚ the online
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Catch Me If You Can is a film which was released in the year 2002‚ leading to a gross earning over 150 million. The actors in the film had earned multiple awards and the film itself earned Critics’ Choice Movie Award for Best director and BMI Film Music Award. Three major roles in the film were Leonardo DiCaprio who played the main character of Frank Abagnale‚ Jr.‚ Tom Hanks as Carl Hanratty‚ the FBI agent‚ and Christopher Walken as Frank Abagnale‚ Sr. The story of the film was quite accurate for
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Rogue Trader Introduction: A rogue trader is a market professional who is basically involved in different unauthorized trading activities. Most people are highly familiar with the rogue trading activities‚ as there have been several instances of huge losses incurred under the rogue trading. Recently these rogue trading activities causing huge losses attracted the media and many films have been based on such rogue trading activities. The rogue trader movie has been highly famous as it portrayed
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