this project‚ you will be expected to apply what you have learned in this course and should include several of the following course objectives: 1. Review‚ detect‚ and investigate possible financial statement fraud 2. Use various techniques to identify financial statement fraud 3. Explore substantive analytical procedures Main Elements Background: 1. When did the SEC file charges against some senior executives of Waste Management? 2. Who was charged relevant to the above
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journalofaccountancy.com/Issues/2001/Aug/IrrationalRatios... FRAUD The numbers raise a red flag. BY JOSEPH T. WELLS AUGUST 2001 inancial statements tell a story‚” says accounting professor W. Steve Albrecht‚ “and the story should make sense.” If not‚ it’s possible the story is a fake. By standing far enough back from the numbers to get a good picture of the client’s business‚ auditors frequently can detect signs of financial statement frauds. Because the balance sheet‚ income statement and statement
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Medicare Fraud | Ms. Iris Hobson- Introduction to Logic | Atinuke Adumatioge | Medicare Fraud Healthcare today is one of the most lucrative businesses in America and many people are trying to take advantage of that. One of the reasons in the transition of street crimes is how much safer it is compared to the drug business. If we take a look at South Florida‚ we can see hundreds of people living the “high life”. The truth is rarely anybody sells drugs and more than half of those people
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Case study on WorldCom THE WORLDCOM FRAUD:- Presented By: Pratik WorldCom’s Background • Awoke the sleeping giant by leading the telecom industry into profitability in the 90’s. • During the 1990’s‚ WorldCom was deeply involved in acquisitions and completed several “mega-deals” • Purchased over 60 firms in 2nd half of the 90’s • WorldCom moved into Internet and data traffic • Handled 50% of US Internet traffic • Handled 50% of e-mails worldwide WorldCom’s Background (cont.) • Purchased MCI for
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AICPA‚ “Forensic Accounting is the application of accounting principles‚ theories and discipline to facts or hypothesis at issues in a legal dispute and encompasses every branch of accounting knowledge.” According to The Accountant’s Handbook on Fraud and Commercial Crime‚ Forensic Accounting is the application of financial skills and an investigative mentality to unresolved issues‚ conducted within the context of the rules of evidence. Forensic Accounting borrows knowledge from Accounting‚ Finance
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3D Fraud Risk Assessment Model Dinev’s SMARTGuide INSTITUTE OF EXPERT FRAUD EXAMINERS First Edition - 2012 Foreword .......................................................................................6 Part I: Navigating Fraud Risk Assessment Terminology ..............8 1.1. What The Dinev’s SMARTGuide Isn’t and Is? .............................................8 1.1.1. The Dinev’s SMARTGuide Isn’t ... ..........................................................................8
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There were several situations that lead the executives and managers of WorldCom to "cook the books." Acquisition of other companies drove WorldCom to spend beyond their means; managers were told to spend whatever was necessary to increase revenue‚ even if it meant that long-term costs would outweigh the short-term gains. This fiscally unhealthy mentality led to a very bad decision to enter into long-term fixed rate leases for network capacity with extensive punitive termination provisions. Once the
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planning‚ fraud red flags‚ risk assessment and financial reporting research. Flash Technology is based on an actual company (Centennial Technologies‚ Inc.) that committed a large accounting fraud from 1996 to 1998. When the instructor outlines the details of the fraud the students can compare the risks they identified with the areas containing fraud. To illustrate that “incredible” intentional accounting manipulations that still take place today (many famous high profile accounting frauds included
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devices‚ consumer appliances and smart mobile devices. • The company is based in Austin‚ Texas‚ and has design‚ research and development‚ manufacturing and sales operations around the world. Regulatory bodies that are involved to eliminate Financial Fraud 1. COSO And Tradeway Commission: The Bodies are very much involved in establishing an integrated internal system for companies‚ their managements and their auditors. They are designed to provide reasonable assurance that the company achieve its objectives
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Introduction A white collar crime is a category that includes embezzlement‚ insider trading and bank fraud just to name a few. These crimes are committed for monetary gain and are highly illegal. Martha Stewart known for her creative decorating‚ her craftiness and her multi-million dollar business was convicted in 2004 for what many call securities fraud or insider trading. In 2001 she sold all of her stocks of ImClone Systems‚ Inc after being tipped off by her stockbroker.
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