Employee Fraud and Purchasing Department There is a phenomenon in middle/small size companies in China that purchasing agents of the companies collaborate with vendors to create fake receipts‚ in order to receive more reimbursement from the company. This also happened in the hospital I used to work for‚ where the purchasing agent had to buy food from different vendors for everyday dinning purpose. The fraud got exposed when one day a vendor called us and revealed the fact that
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describes the fraud of the century. As a result of the Ponzi scheme‚ social attitudes toward the investment industry were lukewarm. I will describe the highlights of the case. First‚ Bernard Madoff started a stock trading business in 1960 that was highly successful. This business consisted of buying and selling stocks that were not on the New York Stock Exchange. Conversely‚ once Pete Madoff came into the business‚ Bernard created the investment management business‚ which is where the fraud occurred
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Director Seminar 7.1: Ethics‚ Fraud Risk and Communication Libby Jones – Chief Accountant Group 6 Marsee Weston – Fixed Asset Manager Overview Scott Smyth – Cash/Debt & Investment Manager Scenario 1 Cathy Elgin – Accounting Assistant (A/R) Scenario 2 Bob Thomas – Accounting Assistant (A/P) Scenario 3 Nora Stewart – Accounting Assistant (A/P) Scenario 4 Scenario 5 Chuck Sanchez – Accounting Assistant (Payroll) Past Fraud Cases 3 4 Combining
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Statement of Purpose Before graduating from SUNY Cortland‚ I knew I wanted an opportunity to study Political Science with greater depth than my undergraduate study coursework provided. I discovered the field of Political Science around the end of my sophomore year. With a dual major‚ I often had to balance one course over another in order to complete the requirements necessary for both my Communications major and my Political Science major. I was interested in Political Science over Communications
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COVENANT UNIVERSITY‚ COLLEGE OF DEVELOPMENT STUDIES‚ SCHOOL OF BUSINESS‚ DEPARTMENT OF ACCOUNTING COURSE: FORENSIC ACCOUNTING COURSE CODE: ACC 416 WEEK: 10 TOPIC: FORENSIC ACCOUNTING AND FRAUD AUDITING OBJECTIVE: To acquire the knowledge and skills about forensic audit‚ its reporting and documentation. THE CONTEXT OF FORENSIC AUDITING Forensic audit encompasses the examination of evidence regarding an assertion to determine its correspondence to establish criteria carried out in a manner
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Introduction: The past decade has been witness to some of the worst accounts of corporate fraud ever recorded‚ with multi-billion dollar companies such as Enron‚ Tyco‚ and World-com involved in serious financial scandals. CEOs and senior executives are often the driving force behind such unscrupulous activities by adopting shady accounting practices and other forms of short-termist actions for the purpose of increasing their firm’s stock price and their own personal wealth. The following paper will
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Fraud Prevention and Management Recommendations Paper CJR-334-Z1 Economic Crime Investigation October 29‚ 2012 Fraud Prevention and Management Recommendations The purpose of this Fraud Prevention Plan is to set out the approach to dealing with fraud risk within our organization. In order to prevent the types of frauds that have already occurred within our organization it will be necessary to create “a culture of honesty‚ openness‚ and assistance…..fraud prevention is where the big savings
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Accounting Fraud at WorldCom Vanessa Gail Woods Strayer University Connor-Green/ACC 576 March 21‚ 2010 Accounting Fraud at WorldCom The break up of AT&T opened the long distance service market to small companies during the mid- to late-1980s and 1990s. Long Distance Discount Service (LDDS) opened in 1983 with moderate growth until its stock went public in 1989. CEO Bernie Ebbers decided to grow the organization through acquisitions (70 companies over the course of its lifetime)
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profit and began his fraudulent activities. He was running false credit card charges on clients’ cards and check kiting. However‚ he was able to commit fraud on a large scale‚ when he gathered enough of a balance sheet built off fraudulent transactions. His major crimes were perpetrated against banks and investors by committing financial statement fraud. Such activities enabled him to obtain cash through bank loans and investment funds. Barry had fixed assets on the balance sheet that were fictitious
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The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate‚ there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources‚ time‚ and effort in order to comply with the requirements. It clearly improved the
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