FFR‚ I/P (7) FFR/ O (8) FFR‚ R (9) FFR‚ R (10) MA‚ I/P (11) MA‚ R (12) FFR‚ O 8.27 Fraud risk (a) Fraud risk factors ASA 240 - high degree of competition in the market - Domination by Rob Bigbucks (CEO&chairman) - Threatened employees with no pay rises - Significant portion of sales managers salaries are paid in bonuses - The industry is in a recession and it is starting to affect the company – Potentially leading to obsolete stock and overstatement of assets 6.27 Corporate governance
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coercion‚ fraud‚ undue influence‚ misrepresentation and mistake. Without free consent‚ the contract can be voidable or void‚ depending on the circumstances. English | BM/Mandarin | Example | Effect on contract | Coercion | | | | Fraud | | | | Undue influence | | | | Misrepresentation | | | | Mistake | | | | 3. Difference between fraud and misrepresentation: Fraud (Section 17 of Contracts Act) | Misrepresentation (Section 18 of Contracts Act) | Fraud involves intention
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HALAL / HARAAM ? What is Halal ? The following products are definitely Halal: 1. Milk (from cows‚ sheep‚ camels‚ and goats) 2. Honey 3. Fish 4. Plants which are not intoxicant 5. Fresh or naturally frozen vegetables 6. Fresh or dried fruits 7. Legumes and nuts like peanuts‚ cashew nuts‚ hazel nuts‚ walnuts‚ etc. 8. Grains such as wheat‚ rice‚ rye‚ barley‚ oat‚ etc. Animals such as cows‚ sheep‚ goats‚ deer‚ moose‚ chickens‚ ducks‚ game birds‚ etc.‚ are also Halal‚ but
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The Separation of Power – The US Federal Government Structure The United States created its federal government structure at the Constitutional Convention in 1787 with the separation of power in mind. The delegates wanted to make sure that no one person could have too much power. After being controlled by England‚ young America did not want to be overly regulated by a dictator or tyrant. However‚ they wanted the government to have enough power to effectively rule the nation. The delegates made
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a local disposal service company asked for help keeping itself afloat. Orinda-Moraga Disposal Services wanted to raise rates on its customers and needed the Contra Costa Sanitation District’s approval. However‚ the company had recently stated its desire to lower rates. The wary city manager hired forensic accountant Dan Ray to uncover the truth. After examining Orinda-Moraga’s records‚ Ray discovered that the company sent checks to non-existent people at several companies that had fake addresses
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“Drug abuse and addiction are major burdens to society; economic costs alone are estimated to exceed a half a trillion dollars annually in the United States‚ including health‚ crime-related costs‚ and losses in productivity. However staggering as these numbers are‚ they provide a limited perspective of the devastating consequences of this disease‚” (Volkow‚ 2007 P. 2). The cost of drug addiction and drug abuse can be staggering in today’s society. 14 percent of people brought to emergency
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US GOVERNMENT & TRANSPORTATION DEREGULATION 1 US Government & Transportation Deregulation Galang Pham Embry Riddle US GOVERNMENT & TRANSPORTATION DEREGULATION 2 The United States Government played a critical role in the regulation and deregulation of transportation. The US Government first played a role by establishing the Interstate Commerce Commission (ICC) to oversee the railroad industry in 1887. This led to a century of
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Any contract for the sale of goods that exceeds $500 falls under the statute of frauds and must be in writing to constitute an enforceable contract. The contract between Tidwell and Anthony amounts to $50‚000 and must be in writing to be enforceable‚ which presents the first issue in this problem. There are‚ however‚ alternative means of satisfying the Statute of Frauds. In this case‚ Tidwell provided Anthony with a good faith payment of $10‚000 when the oral contract was entered into on June
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When does employee fraud occur? It is commonly accepted that the presence of the three elements of the “Fraud Triangle” increases the risk of employee fraud: Motivation: The employee is somehow motivated to commit a fraud. Economic factors such as personal financial distress‚ substance abuse‚ gambling‚ overspending‚ or other similar addictive behaviors may provide motivation. The current national economic recession may serve to increase the incidence of such financial motivations. Opportunity:
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significant breach of accounting ethics to an accountant because it does not encompass direct operation of numbers or records. This is specifically why an accountant must remain ethically cautious to circumvent falling into such a trap. Accountants need to be educated on what forms of financial statements frauds can be committed and ways to prevent financial statement fraud. A strong system of internal controls helps companies deter employees from committing fraud. Financial Statement Fraud Categories Financial
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