RM530 million Transmile accounting fraud – how Liong Sik is to assume responsibility as Chairman? Former MCA President and Cabinet Minister‚ Tun Dr. Ling Liong Sik was quite active in the past month‚ as a search with The Star archives would produce eight news items featuring him‚ including one today at the ceremony at the Universiti Tunku Abdul Rahman (Utar) campus in Kampar yesterday planting a Blue Pine tree. But he has been very reticent on what has been described as the biggest accounting and
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Corporate Fraud Foxconn Technology Group Background Foxconn Technology Group‚ subsidiary of Hon Hai Precision Industry Co.‚ Ltd.‚ which is the manufacturer targeting on electronic products like PC components‚ is founded by Terry Gou. First founded in Taiwan‚ Foxconn started to establish factory in Mainland China in 1988 and then expands its business very quickly. As the world’s largest manufacturer targeting on contract electronics‚ its clients are all over the world‚ including American‚ European
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The accounting fraud is frequent‚ widespread and familiar in many countries and organization. It brings a loss to firms and investors. But there is no research trying to explain factors comprehensively influencing it. The obyectives of the research are to test and explain the effect of the internal control effectiveness‚ suitability of reward‚ compliance to accounting rules‚ information asymmetry‚ management morality toward unethical behavior and intention to accounting fraud. More particularly
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company. “In February 2003‚ Peregrine Systems restated its financial statements for eleven quarters during the years 2000‚ 2001 and 2002‚ decreasing incomes formerly reported of 1.34 billion by more than$ 507 million.” The center of Peregrine’s fraud consisted in recording revenue on the inappropriate basis of non-binging contracts with resellers (channel partners)‚ a complete violation of Generally Accepted Accounting Principles‚ – these resellers would purchase Peregrine’s software for resale
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3.How to detect the fraud? There are many ways to detect the fraud .They can simply be divided into two categories One is quantitative analysis‚another is qualitative analysis. In quantitative analysis‚the sample is fifty thousand investment company which issued form ADV ‚ form ADV is required to issue to SEC when the investment company’s client number more than 15 people or the size of asset under management is larger than $ 25 million ‚ if you did not issue the document or it is not correctly
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Bernie Madoff was a successful businessman‚ who built his business with an investment of five thousand dollars and ran his business using Ponzi schemes. His Ponzi schemes are what made him acquire so many investors and make billions. As crooked and illegal as Bernie Madoff’s actions might’ve been he found a way to still strike as an iconic and incredibly successful business man. Bernie Madoff made it seem like if you didn’t have a connection to him then your name was unheard of. The only way you
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SHAKESPEARE IS A FRAUD January 25th 2012 Shakespeare is a Fraud One cannot write thirty-six plays‚ one hundred and fifty-four sonnets and two long narrative poems if they were ordinary. But unbelievably‚ William Shakespeare did just that from 1564 – 1616. People have questioning how Shakespeare achieved writing such great pieces of literature‚ when the behind the scenes story does not add up. There are no records to prove he wrote anything and there is proof
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The Prison – Bernard Malamud Theme : Twenty nine year old Tommy Castelli‚ who was Tony as a boy is now a man who is defeated in life‚ his main aim in life was to get out of the slum he grew up in. Life does not work that way for him and he ends up trapped in an unfulfilling way of life. A 10 year old girl is caught by him stealing from his shop and then he decides to save her life by showing her the right way so that she does not end up having a futile and banal life like his own. He makes a few
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inflated to meet forecasts by Wall Street analysts. (2004)‚ “Corporate scandals are now staples of front-page news as shareholders demand accountability for billions of dollars lost. Still‚ the U.S. government says the Rigases ’ case is one of the worst ever of financial fraud” (para. 3). Adelphia scandal consisted of six members‚ John Rigas‚ Timothy Rigas‚ Michae; Rigas‚ James Rigas‚ James R. Brown and Michael Mulcahey. These members of the scandal committed many crimes based on selfishness‚ greed
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1. Compose a summary of the case. Include how the fraud was perpetrated‚ the characteristics of the perpetrator(s) who committed the fraud‚ the role the auditor(s) had in the case‚ and the direct and indirect effects the incident had on the organization’s stakeholders (customers‚ vendors‚ employees‚ executive committee‚ and board of directors). Comerica is being sued by Experi- Metal’s for a $560‚000 phishing attack to their bank account. Experi- Metal‚ a custom auto- parts maker‚ was hit by phishing
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