Question 1: Name two cases in which companies have committed frauds by misstating inventory. Crazy Eddie and Goodner Brothers case are the good example for the inventory fraud cases. Question 2: What makes the intentional misstatement of inventory difficult to detect? When you have the most senior management of the company‚ particularly its financial management‚ consciously setting out to fool the auditors‚ to hide information from them‚ as they testified in the Monus trial‚ it’s very hard to
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social media. Their lives are not private and are mostly treated as celebrities. During the Presidential Campaigns‚ nearly the whole country watch the televised debates and take it seriously. The televised debates are one of the primary factors that affect the votes. The candidates speak for their campaign in order to be elected and they usually try to take each other down by propaganda or other methods. It is also in these Presidential Debates that the candidates express their patriotism and how that
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the prevention and detection of fraud rests with both those charged with governance of the entity and with management. ISA/HKSA 240 (Clarified) also provides expanded operational guidance for auditors to consider the existence of material misstatement due to fraud in a financial statement audit. It emphasizes the auditor’s increased responsibility for detecting fraud‚ and the auditor is now required to be more proactive in searching for fraud during the whole audit process
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resource department. This is due to this function make sure that the company under consideration selects the most skilful and talented person from a number of applicants at that time. This function involves the evaluation of ability and the potential employees in relation to what the company really needs. If Human Resource Department performs this function well then the value of organization will be increased and it helps the company to achieve their goals and targets in the given time. EXAMPLE:
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Uncovering Fraudulent Workers Compensation Claims One of the most common and popular fraud types is Workmans Compensation Fraud. This also happens to be the type of fraud that any employer is in the position to help and assist with uncovering the truth. Fraud is actually committed when an employee deliberately lies so that he or she will receive benefits. This usually happens when an employee claims a work-related injury when in fact‚ it isn’t. Another case is when he or she exaggerates a minor
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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Bernie Madoff Fraud Case Bernie Madoff Fraud Case Introduction One of the largest fraud cases of all times is that of the “Bernard Madoff Case.” According to Armstrong (2008)‚ “for a number of years Madoff managed to lure billions of dollars away from huge charities‚ as well as wealthy individuals in both the United States and Europe by getting them to invest in his hedge fund. This he did by offering extraordinary returns to investors‚ until his scheme eventually reached a staggering $50
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There are many different ways to accomplish this illegal activity‚ such as ballot stuffing‚ registration fraud‚ and voter impersonation. Obviously‚ submitting more than one ballot in the slot at a time‚ or ballot stuffing is the simplest and the easiest of the three. Even though registration fraud‚ or creating a fictional person and registering with the phony identity or without permission the identity of a real person is most commonly used. Without
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Accounting Ethics Accounting ethics is primarily a field of professional ethics‚ the study of moral values and judgements which are applied to the accountancy. “Accounting ethics can be defined as a set of distinct guidelines for a business to maintain clean balance sheets‚ accounting for their profits‚ losses and expenses incurred and prevent it from mishandling financial reports and statements” (Buzzle 2011). The nature of the work carried out by accountants and auditors requires a high level
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justice system. Retrieved April 20‚ 2012‚ from http://www.defending.com/embezzlement-cases Marquet‚ C. (n.d.). The Top 10 Embezzlement Cases in Modern US History. Marquet International. Retrieved April 20‚ 2012‚ from www.marquetinternational.com/pdf/top_10_embezzlement_cases_in_us_history.pdf US Code - Chapter 31: Embezzlement and theft. (n.d.). US Code. Retrieved April 20‚ 2012‚ from http://codes.lp.findlaw.com/uscode/18/I/31
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