Financial Research – The Xerox 1 Financial Research Xerox Financial Fraud Case Analysis This paper was prepared for Auditing Procedures Financial Research – The Xerox Abstract On April 8th‚ 2002‚ the Xerox Corporation ("Xerox") announced its willingness to accept the U.S. Securities and Exchange Commission (SEC) to reach a settlement with the conditions. Thereafter‚ its financial fraud became surfaced. On June 28th‚ Xerox Corporation in accordance with the requirements of the settlement
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And the Fraud Continues Tiketa Heard Strayer University Forensic Accounting & Fraud Examination ACC571 Professor Timothy Brown [pic] 1.) Discuss the Internal control weaknesses that existed at MCI that contributed to the commission of this fraud: MCI biggest internal control weaknesses at was Pavlo. Pavlo was able to manipulate MCI account receivable system which he helped to create and develop. When the same employee is able to receive and update payments
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Fraud Auditing and Different type of fraud Introduction Over the years‚ the role of auditors become increasingly important especially in a capitalist economy as the process of wealth creation and political stability depends heavily upon confidence in processes of accountability and how well the expected roles are being fulfilled. An auditor has the responsibility for the prevention‚ detection and reporting of fraud‚ other illegal acts and errors is one of the most controversial issues in auditing
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1. Background Harrison Brothers Corporation is one of the largest traditional department stores in the United States. The goal of the company is to become the leading chain of department stores that sells high quality clothing to middle-class and fashion-concerned customers. Like other companies in the retail industry‚ Harrison Brothers are experiencing various changes in customers’ buying preferences. In addition to that‚ the problem of retention of well-trained‚ highly motivated salesman and managers
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ORGANIZATIONAL FRAUD [pic] Submitted by: Amit Goel(amigoel@gmail.com) Mohit Goel Executive Summary For many organizations‚ “getting it right” or “getting it wrong” is a matter of survival. This study talks about the issues like‚ ‘organisational fraud’‚ ‘ethics’ & ‘empowerment’ in an organisation and their relation to standards of good behaviour in order to explore various ways in which occurrences of ever increasing frauds can be checked. Organisational Fraud can be perpetrated by those
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The Rise and fall or Lehman Brothers Introduction The Lehman Brothers‚ an investment bank dating back to 1850‚ filed for bankruptcy in 2008. An institution that managed to survive the Great Depression‚ two world wars and even all calamities in more than 158 years is no longer in business. On September 15th 2008‚ the Lehman Brothers‚ which was once know as one of the biggest investment banks‚ provided that it was going to file for bankruptcy protection (Mamudi). This news was received by the
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that almost half of the Asia-Pacific companies are confident of their internal fraud controls (Singapore Press Holdings Limited 2005). But here’s the fact: Only 16 per cent of economic crimes in the region were detected by risk-management systems. In fact‚ the vast majority of incidences of economic crime were detected by accident‚ tip-off‚ and internal and external audit (PriceWaterhouse Coopers 2003). Here in the case study of Informatics Group (Singapore) Private Limited was the 84 per cent where
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Adley – Week1 DQ1 Follow up Reply Financial reporting fraud cases typically involve “fictitious revenues‚ overstatement if assets‚ capitalized expenditures‚ misappropriation of assets‚ premature revenues‚ and understatement of expenses and liabilities‚ “according to Lawyers Connect (n.d). As a result‚ such intentional misstatements are fraudulent and illegal‚ and most likely material. Manipulation of accounting equation‚ Assets = Liabilities + Stockholder’s Equity (Rich‚ et al.‚ 2012‚ p. 9)‚ characteristically
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seldom happened. Eventually‚ the brothers were considered suspects. The media reported on the abnormal luxuries Erik and Lyle were purchasing. As well as releasing that the men inherited 14.5 million dollars. The case became controversial when Erik and Lyle admitted to being sexually abused by their father‚ therefore being able to use the self-defense plea. The media aided the prosecution by painting them as money hungry‚ affluenza gone wrong and liars. This case also sparked the debate if males
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In December 2013‚ Target learned that hackers had entered their data system‚ gaining access to 40 million customer’s credit and debit card information. While undergoing investigation‚ Target determined that certain guest information was also stolen. The information consisted of names‚ email/mailing and phone numbers. There is much speculation and claim that Target could have prevented the cyber-security breach‚ had they not ignored the warnings. The CIA and the Pentagon has the same security system
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