664 words - 3 pages
Medicare fraud is becoming a huge problem in today’s society. Medicare is a health insurance program for personnel paid by taxes the American population contributes to for personnel 65 years or older. When a health care provider, health suppliers, and private health companies deliberately bill Medicare for supplies or services that were not given is considered Medicare Fraud. To include, when a person uses another person’s Medicare card to receive health care for which the person does not qualify for. An individual, company, or a group can commit a Medicare fraud scheme.
Medicare Fraud Scheme
A physician, office manager for the physician’s medical practice, and five owners of health care
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How Computer Fraud and Abuse Evolved
Before 1984 there was little that could be done about computer fraud. In 1984 the Counterfeit Access Device and Computer Fraud and Abuse Act was the first legislation on computer fraud. The act made it a misdemeanor to illegally retrieve financial and credit information by computer. Also, the act made it illegal to cause harm to other computer systems. Around this time, what constitutes computer crime was still an ongoing discussion. As a Federal Act, only half of the states passed similar statues. (History of Computer Crime)
The Computer Fraud and Abuse Act can be violated in two ways, either by an outsider trespasses into a computer or by
3171 words - 13 pages
Medicare Fraud: The History, Incidence, Costs and Institutional Remedies
In 1965, President Lyndon B. Johnson signed the Medicare Act into law. The purpose was to provide healthcare to individuals the age of 65 or older or individuals under the age of 65 diagnosed with specific medical conditions (Center for Medicare and Medicaid Services, 2013). The original intent was to provide immediate payment to those providing medical services for the less fortunate. The Medicare Act has since been revised to meet the current needs of the American population as well as the United States economy. In part, these revisions included identifying, combating, establishing punishment
891 words - 4 pages
2002 and considered itself an innovator in the bottling industry. Problems came to light in 2003, when the chief financial officer as well as to other highly ranked financial managers resigned unexpectedly.
The fraudulent activity was difficult to figure out because it had many layers of fraudulent loan agreements. These loans created a false perception of a successful company. Characterized as a Ponzi scheme, the fraud was using newly invested money to pay off earlier debt obligations. Le-nature falsified invoices, checks, account statements, and other financial documents to verify business transactions and activity that never actually occurred. This falsely inflated the value of the
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effective in detecting:
a. Cash and inventory fraud.
For example, conducting periodical physical inventory counts and reconcile cash receipts daily with appropriate documentation can help prevent and detect cash and inventory fraud.
8. Which of the following is not an inventory-related documentary symptom?
b. Missing inventory during inventory counts.
Just because something is missing from the inventory does not mean fraud has occurred. Moving items into or out of the warehouse during inventory counts can contribute to risk of missing items. Missing documents related to inventory and/or cost of goods sold will be considered inventory-related documentary symptom.
10. Which of the
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Medicare Fraud: The History, Incidence, Costs and Institutional Remedies
John H Everett
Medicare Fraud: The History, Incidence, Costs and Institutional Remedies
What is Medicare fraud? ("F&A," 2011, p. 1) states “Medicare fraud happens when Medicare is billed for services or supplies you never got. Medicare fraud costs Medicare a lot of money each year.” What is Medicare abuse? ("F&A," 2011, p. 1) defines this as “Abuse occurs when doctors or suppliers don’t follow good medical practices, resulting in unnecessary costs to Medicare, improper payment, or services that aren’t medically necessary.”
In reviewing the definitions of fraud and abuse
1882 words - 8 pages
University of Charleston
March 05, 2013
Drug testing for welfare should be made mandatory. There are the exceptions to rule however, such as someone on welfare recovering from a drug addiction. There is a severe problem with people that are abusing the welfare system. Welfare is in place to help the United States citizens when extra help is needed. There is an abundance of welfare fraud where the money one has received goes to drug or criminal related matters. Mandatory drug testing could in turn reduce the number of welfare fraud being committed. It is the researchers intent to prove why drug testing should be made mandatory
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Financial fraud can be broadly defined as an intentional act to deceive individuals/groups using financial transactions for purpose of personal gain1. Financial fraud involves activities undertaken by an individual or company that is done in an illegal manner which is designed to give an advantage to the perpetrating individual or company2.
Fraud cases can involve complicated financial transactions conducted by ‘white collar criminals’ such as business professionals making financial fraud difficult to prevent and catch1. In this document we will look at several types of financial fraud cases including the cases on Bernard Madoff, Firepower, Storm Financial and Robert Blanshard.
889 words - 4 pages
November 8, 2013
In April 2011, a number of lawsuits were filed against Sony Corporation for the theft of user data from the PlayStation game network. The lawsuits accuse Sony of negligence and breach of contract for allowing the personal data of more than 100 million on-line video game users to be compromised (Tauriello, 2011). A hacker stole the names, birth dates and possibly credit-card numbers for millions of people who play online videogames through Sony’s sne in Your Value Your Change Short position PlayStation console. This could rank among the biggest data breaches in history. Sony is being criticized for not alerting
4191 words - 17 pages
questionable accounting. The report did not directly allege that the CEO and COO committed fraud. The report did include a strong condemnation of the management. And the management is always led by the CEO and COO as well as the CFO. In the case of Krispy Kreme the CEO and the COO were running the show.
For reasons that are unclear the CFO was not directly involved in the accounting manipulations. Four CFOs had come and gone and we can only guess that they had been either uncooperative with the accounting manipulations being implemented by the CEO and COO or they elected to move on once they realized that accounting games were being played. The report makes it very clear that the accounting
563 words - 3 pages
The “Unearthing Pharma Fraud” article discusses the case of Rew Cook who is the sales manager at Good Health Inc. (GHI). The firm distributes pharmaceutical products and medical/dental equipment to pharmacies in France. An audit by the outsourced internal audit firm Alan & Blanche revealed fraudulent activity in Cook’s sales department. Cook took advantage of the internal control weaknesses present in GHI operations and was able to make a personal gain to the tune of $200,000.
Cook’s main fraud was a result of keeping pharmacies in the dark in regards to the rules associated with bonuses and promotional products from hitting targets. This way Cook could favor the pharmacy
651 words - 3 pages
Barry Minkow founded ZZZZ Best (pronounced Zee Best) while 15 years old and a sophomore in high school. The business started in his parent’s garage with three employees and four telephones. Minkow struggled to meet basic expenses in the beginning. In January 1986, ZZZZ Best went public and began to sell shares on NASDAQ. However, the company began to rapidly decline. In July 1987, Minkow resigned and the company sued him for fraud allegations. This landed Minkow in federal prison, with a sentence of 25 years for 57 counts of fraud.
In the beginning, Minkow struggled to meet the basic expenses of his company. Two banks closed his business accounts because the California Law did not allow
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a) From the information given a contract is necessary because according to the Statute of Fraud it states that sale of goods priced at five hundred dollars or more. This type of contract needs to be a writing or memorandum and signed. The essential terms of this writing are quantity, signed by party to be charged, name of parties, subject matter, and consideration. In this scenario there was a contract offer because Garvey had written offers for the Porpoise to Caldwell but we are not sure if Garvey met all the requirements of the Statute of Fraud law and then five days later he informed Caldwell that he is going to sell Porpoise to Montgomery someone totally
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Final Paper: Case Study of WorldCom Financial Statement Fraud
This paper will discuss the financial statement fraud committed by WorldCom by examining what led up to the fraud, who committed it and why, and the impact it caused on various stakeholders and the economy. WorldCom applied aggressive and undisclosed accounting tactics to provide financial statements that reflected a $10 billion profit for the years 2000 and 2001, rather than the actual combined loss of $73.7 billion that occurred (Romar, 2006). Opportunity, pressure, and rationalization were all present in this severe example of financial statement fraud which had a devastating impact on stakeholders
3250 words - 13 pages
Dealing with Fraud
By: Kevin McCarthy
To: Dr. Michelle Rose
HSA 515 Health Care Policy, Law, and Ethics
December 13, 2012
As the Chief Nursing Officer, I am responsible for one of the state’s largest Obstetric Health Care Centers. I have received word of some fraudulent behaviors in the center. I will evaluate how the Healthcare Qui Tam affects health care organizations. I will provide four (4) examples of Qui Tam cases that exist in a variety of health care organizations. I will devise a procedure for admission into a health care facility that upholds the law about the required number of Medicare and Medicaid referrals. I will recommend a corporate integrity
2585 words - 11 pages
Dealing with Fraud
Joseph B. Amah
Professor Dr. Wanda E. Allen
HSA 515 Law and Health Care System
Delaware County Campus
June 18, 2013
Fraudulent behaviors have deep rooted history in most American organizations, including medical institutions. There is no doubt, therefore, that one of several ways an administrator can succeed as a Chief Nursing Officer (in a facility wrecked by news of abject corruption and empirical fraudulent activities) is being knowledgeable about these historical facts and taking corrective actions. Necessarily, any report of dishonest behaviors such as the one relating to the
763 words - 4 pages
FRAUD AT WORLDCOM
LDDS began operations in 1984 offering services to local retail and commercial customers in he southern states. It was initially a loss making enterprise, and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the comoany profitable. By the end of 1993, LDDS was the fourth largest long distance carrier in the United States. After a shareholder vote in May 1995, the company officially came to be known as Worldcom.
Worldcom had an autocratic style of management and followed a top down approach. Each department had its own rules and management style. There was no outlet for employees to express their concerns
798 words - 4 pages
Fundamentals of Criminal Law
November 8, 2012
The Dangers of Internet Fraud
Internet crime has become a global threat of vengeful cyber actors and millions of people in the United States are victims of Internet crimes each year. As more businesses and homeowners use web-connected devices, their connection to the Internet also expands cybercriminalâ€™s target market. Cybercriminals typically commit the crime as to steal money or valuable information, although financial gain is not always the intention. Some Internet crime associated with cybercriminals aim for â€œbragging rightsâ€ by overcoming government and corporate cyber security measures. The Federal Bureau of
1153 words - 5 pages
A business can not work out without an account system, which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls that companies used to protect themselves such as: Segregation of duties, asset purchases, supervisor review, internal audits and adequate documents and records. This paper will discuss several topics from a case study about And the Fraud Continues; it’s basically about a Fraud case with MCI. The
1031 words - 5 pages
Fraud Risk and Detection in Small Business
Name of Student
Systems Auditing – ACC569
November 21, 2010
The idea of fraud in a small business covers every part of the business; an article written in SmartPros Ltd says that “Five percent of a typical businesses revenue is lost to fraud each year.” (Corley, 2010). The cost of fraud can be measured in dollars, business position within the industry of operations, and trust of the owners in their employees. The measure is not the point of discovering, stopping, or prosecuting those that conspire to commit the act of fraud. The main reasons in taking the steps to prevent, uncover
4356 words - 18 pages
The Impact of Fraud on the Nonprofit and Social Services Sector
Ron Matan, CPA
Darryl Neier, CFE, MS
This white paper sets forth a discussion on the breadth of fraud occurring in the nonprofit community and its over-all impact on the nonprofit sector and the community at large. The paper begins with a brief overview of the size and scope of the nonprofit sector. It then delves into the types of fraud common to nonprofits, provides a profile of a typical perpetrator and traces the cost of fraud in the nonprofit community. Examples of nonprofit fraud are cited in order to share lessons learned in the real world. Suggestions and guidelines are
952 words - 4 pages
Risk-Based Auditing, Strategic Prompts, and Auditor Sensitivity to the Strategic Risk of Fraud
ACC650M Auditing Principles
January 30th, 2015
a. What is the issue being addressed in the paper?
This paper are focus on the risk-based auditing. As the paper mentioned that Risk-based auditing is a way to guide auditor to devote more audit resources to account that may take more misstated. On the contrary, fewer resources to those are focused on the less misstated. Kendall Bowlin expect to guide effective and efficient audits. In the other words, the inaccurate assess misstatement risk may result in misallocated of audit resources and undetected misstatement. In additional
705 words - 3 pages
Before the earthquake, gansu province, who also don't expect the region can appear in a rare hydraulic oil press for orgasm, now the people in the disaster area is to resume production, life.In many of the hydraulic oil factory in the home, still confined to help users solve the problem of the scene, oil processingwhat does that mean?Is only provides the hydraulic oil press, is unable to provide the high quality service.palm oil refinery plant
Service and good product, as it were, is exist in the development of an enterprise, service is better flow for marketing, business not only do one-time business, but to make way for a long time, and the user, therefore, for the buyers and the guidance
762 words - 4 pages
December 3, 2012
MEMORANDUM FOR: Hiring Manager
FROM: Compliance Department
1234 Main Street
Anywhere Town, MI 48567
SUBJECT: Operational Gap
This memorandum is to inform the hiring manager of ABC Auto Finance of the large amount of fraud identified in our portfolio. The fraud includes dealer misrepresentations, straw purchases and identity thefts that are occurring in our business. We are currently unable to thoroughly investigate our current portfolio for these frauds. We believe that issue needs to be addressed immediately. ABC Auto Finance is dedicated to finding the best qualified candidates with a background in financial services. ABC Auto Finance is currently in need
887 words - 4 pages
White Collar Crime
Principles and Theory of Securities Management
For: Professor Leiman
By: Jaime Gwidt
June 25th, 2016
This paper will cover the security crimes of credit card and health care fraud. It will discuss how these crimes are committed, their impacts on organizations and the tools a security professional has available to reduce opportunities for such crimes to occur. It will also cover an example of how credit card fraud was discovered and discuss possible measures that could have deterred those found guilty.
Credit Card Fraud
Credit card fraud occurs “when consumers give their credit card number to unfamiliar individuals, when cards are lost or stolen
618 words - 3 pages
McKinley’s Big Idea
According to the fraud triangle. “Motive is the reason people commit fraud. They say it is a driving force. In McKinley’s case the motive and driving force was to have been the emotion of humiliation. McKinley was a church going man and a family man. He was CPA and a highly respected bank CFO and a well educated. So the driving force of protecting his image coupled with the need for money which shows the motive. The driving force behind this act of embezzlement was his own self pride his inability to deal with the fact that he made a bad choice of investment a poor investment strategy and an inability to manage and operate a small business.
The second element of the
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INTERNATIONAL ACCOUNTING FRAUD
II HISTORY OF ACCOUNTING PROFESSION AND FRAUD ENVIRONMENT
A- Birth of profession
B- Lack of accounting STANDARDS
A- External audit
IV MOTIVATIONS OF FRAUD
A- Personal initiatives
B- Market expectations
C- Special circumstances
D- Cover-up fraud
V METHODS TO REDRESS THE FRAUD
A- Court case
B- Provisory administration
In the book Creative Accounting, Fraud and International Accounting Scandals, by Michael J. Jones, the author provides several important topics with regard to identifying and also correcting fraud. Some of the areas that
2638 words - 11 pages
Feb 9, 2016
Business Ethics and Corporate Fraud
“There's no such thing as business ethics; there's just ethics. And ethics makes no concessions for the real or imagined necessities of making a profit” (“Inspirational quote”, 2nd item). According to Michael S. Joseph, who is the founder of Edna Josephson Institute of Ethics, there is nothing higher than ethics, and there is no excuse to violate ethics.
Given the importance of business ethics in the field of business and in the whole economy, I have decided to build my research on this substantial topic that concerns many corporations all over in the world more than before, for its
2045 words - 9 pages
REPORT ON REDUCING
Name: ZHAOJUN HU
Student NO: 20137098
Class: TACC403 Accounting information system
Submission date: September 20, 2013
TABLE OF CONTENTS
EXECUTIVE SUMMARY i
IS SOFTWARE LICENSING ANTISOCIAL?..................................................................2
COMPUTER SECURITY MEASURES 3
WOULD THE REMOVAL OF COMPUTER SECURITY MASURES REDUCE THE INCIDENCE OF COMPUTER FRAUD? 5
CONCLUSION AND RECOMMENDATIO 6
The aim of this report is to discuss the various methods of reducing computer fraud and to find out whether the computer security measures is necessary. In the main
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1. Justify how the reporting requirements of the PCAOB reduce the chance of financial fraud. Basically, the goal of the Public Company Accounting Oversight Board is to improve quality of audited financial statements, reduce the risk of auditing failures, and increase public trust in financial reporting processes and of the auditing profession. In order for this to happen PCAOB must refocus and remind auditors of the standards required of them regarding fraud and for them to be diligent about their responsibilities relating to fraud. The purpose of auditing a financial statement is to detect material misstatements and false or missing information caused by fraud.
The PCAOB reporting
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of the company’s value. Lastly this paper covered some of the perpetrators motivations
to commit fraud.
Fraudulent Activities of
Bre-X Minerals Company
“Financial statements fraud involves the intentional publishing of false
information in any portion of a financial statement (Association of Certified Fraud
Examiners).” The Bre-X Minerals Case, provided false information that became
detrimental to investors. The false information that harmed investors led to the analysis
of how investigating management and directors would help in the determination of the
company’s value of gold prospect’s. This also led to the ways in which investigating the
1782 words - 8 pages
A review of fraudsters and the impact |
Nick Andreolas |
This paper summarizes accounting fraud in the United States. I explain why each aspect of communication skills and report writing is vital to an accountant’s professional career. |
Table of Contents
I. Executive Summary 1
II. Introduction 1
III. Review of Literature 1
IV. Analysis 1
V. Recommendations 1
VI. Summary and Conclusions 1
VII. Appendix x 1
VIII. References 1
I. Executive Summary
Accounting fraud is the deliberate manipulation of accounting records in order to make an organization's financial performance or condition seem better
2191 words - 9 pages
Using a Variety of Measures to Detect FraudAnalytic, Nonfinancial, and Red Flags |
Accounting Fraud Examination Concepts
-Spring 2013 –
Florida Atlantic University
April 25, 2013
The use of analytical procedures on financial data to asses risk and detect fraud is standard practice for auditors; however, using only financial data has been shown to be ineffective in uncovering many frauds. (3-Brazel) Auditors and forensic accountants find that when nonfinancial performance measures and financial data are compared inconsistencies can be exposed, and fraud risk revealed, that otherwise would have gone
1821 words - 8 pages
and tools available to them as well as the training they have received to obtain certification. In other words, it is assumed that one would not knowingly hire an auto mechanic who is either completely incompetent, or worse, intentionally does shoddy work using inferior tools or parts. Such an individual who purposely engages in paid work without care or diligence can and should be held liable. This is precisely the scenario describing the events surrounding the Goldman Sachs fraud.
The SEC filed a complaint against the huge investment bank on April 16, 2010, accusing them of fraud for failure to disclose a conflict of interest. The conflict involved mortgage securities Goldman Sachs had
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manufacturing company that was charged with fraud. This company was ranked fifth among the cable manufacturing companies in the United States of America, until it was charged with bankruptcy in the year 2002. This was as a result of internal corruption. The company had incurred $2.3 billion in debts, and the management of the company was charged with violation of securities. This internal corruption can lead to the collapse of the company because the people who will be administering the company will not be appropriate, and they will not be carrying out the strategies as planned, and that could lead to the company not achieving its goals. This problem can be solved by stakeholders passing laws for the
4859 words - 20 pages
these challenges with the use of forensic accounting services. Forensic accounting is the use of accounting, auditing and investigative skills to determine whether fraud has occurred in any organization. The study examines the effect of forensic accounting services on fraud detection in Nigerian banks. To achieve this objective, data was collected from primary and secondary sources. The primary data were collected with the help of a well structured questionnaire of three sections administered to twenty four banks in Port Harcourt the capital of Rivers State and the data collected from the questionnaires were analysed with descriptive statistics, Augmented Dickey-fuller, ordinary least square and
841 words - 4 pages
Business Research Ethics
October 15th, 2012
Business Research Ethics
Today there are many cases of unethical business research that usually result in entire firms as well as individuals that are convicted and fined in the court of law. Unethical business research comes in many forms some of these forms are inappropriate questionnaires, research fraud, failure to maintain participant’s privacy, and even skewing research results. The following information is regarding scientific research fraud involving William McBride.
McBride was an obstetrician who was found guilty of 24 counts of scientific fraud that ended up costing between five and seven
1023 words - 5 pages
Internal Accountant's Report to Management
The company is preparing for an upcoming government contract bid and it is necessary to perform a full financial status review prior to releasing the bid. The reasons for review will be discussed in this report including the impact of occupational fraud and abuse on the company and potential corruption schemes to look for within the company. The report will provide information on U.S. governmental oversight and the effects on the company. Recommendations will be made on the types of evidence and how it is gathered to support the financial status review.
Impact of Occupational Fraud and Abuse
Occupational fraud and abuse causes companies to lose
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reporting and statistical analysis. The systems can be used to gather information, to develop various scenarios, and to choose an optimal answer among alternative scenarios.
Information system about fraud
There is one way to categorize computer fraud is to use the data processing model.
The simplest and most common way to commit a fraud is to alter or falsify computer input. For example, about 7 cents per $100 (7 basis points) of all credit card purchase are fraudulent charges.
Computer fraud can be committed through unauthorized system use, including the theft of computer time and services. For example, after a large insurance company installed software
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is abuse of Medicare and Medicaid. Health care fraud and abuse has appealed to a superior number of individual because of the monetary damages credited to fraud are assessed to be billions of dollars yearly (Staman, 2010). Health care workers or providers who perform unlawfully services and wish to gain revenue from taxpayer-funded health care programs need to be reported and stopped. A way to control fraud of Medicare and Medicaid is the False Claim Act; this is an effective tool which allows individuals with knowledge of a false claim to file a lawsuit (Whistleblower, 2013). Federal authorities are not allowing fraud to slip through his or her hands; May 2012 these agents announced 107
1468 words - 6 pages
Professor Phillip Miller
Principals of Management
12th, December 2012
Sarbanes-Oxley Act’s Impact on Corporate Business
Business scandals, Ponzi schemes and fraud are something we have all heard of. Over the years there have been many accounting scams from companies all over the world. We all remember one of the most publicized cases of fraud, Enron. For many years there has been fraudulent activity in many companies. Sarbanes-Oxley was established to prevent these types of scandals. Some believe it is not as valuable as once predicted, but is anything 100% preventable?
Prior to Sarbanes-Oxley Act, the Securities and Exchange Commission was
667 words - 3 pages
Case 3.5 Goodner Brothers, Inc.
To better understand the nature at which fraud can occur in a business, specifically due to weak internal controls, and to examine the characteristics of a fraudster.
* Goodner Brothers, Inc.’s sloppy accounting practices and lax control over its inventory opened doors for theft and other types of fraud to occur internally
* The lack of attention and importance that Goodner Brothers, Inc. put into their internal control system in order to cut corners
* The importance of proper and professional auditing procedures in detecting fraudulent activity in a company
PROBLEMS FACED IN COMPLETING THE CASE
531 words - 3 pages
6 October 2013
1a. The auditor’s responsibility should have been to show the misstatements that CUC had since 1995. Deloitte and Touche, LLP should have reviewed past audits with Ernst and Young, CUC’s prior auditors.
b. One category of fraud that affected the financial reporting was the independence with CUC. They hire a few employees who worked for Ernst and Young in the past. This is an independence problem. The other fraud category would be the false coding of services sold to customers. This allowed CUC to immediately recognize revenues and profits instead of deferring them over the benefit period. Another fraud would be the delayed recognition of membership
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the financial statements and related matters.
Our audit will involve our decision regarding the amount of transactions to be reviewed and the areas to be tested. We will also plan and perform the audit to obtain assurance whether the financials are reasonably free of material misstatement. The audit is therefore designed to provide reasonable and not absolute assurance. We will not perform an examination of all transactions, and all misstatements that are not material may not be detected. Our engagement cannot be used to discover all errors, fraud, or other illegal actions. However, we will inform you of any material errors that come we may discover and any fraud that become known to
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cyber crime would be fraud, unauthorized computer access, cyber terrorism and copy right violations.
Fraud has been titled “the broadest category of cyber crime”. According to the FBI’s Internet Crime Complaint Center in 2008, there were 275,284 complaints filed for fraudulent activity in the United States alone. Fraud crimes are punishable under the Computer Fraud and Abuse Act that was passed by congress in 1984. Although many of these crimes that are committed are never brought to justice because of lazy government officials and clean cyber criminals. There are also different types of fraudulent activity. Some of the types would be credit card, wire, auction and business fraud
1391 words - 6 pages
Using Teams In production and Operation Management
Five Skills a Forensic Accountant Need to Possess
Determine the most important Five Skills that a Forensic Accountant Needs to Possess.
The down slope in the economy has driven a new demand of accountants in the job market. The economy is at all-time low so the government is scrutinizing and penalizing businesses for inappropriate accounting scandals. Recent incidents of fraud have been noted in the media weekly. The new field of accountants has companies like Enron, Tyco, and WorldCom to thank for their new demand. The employees of these companies have plot, planned and manipulated the system. They have used schemes like the Ponzi
312 words - 2 pages
Smart cards are transforming business around the world from reducing fraud and opening up on-line transactions in banking, personalizing services for mobile phone users, to securing access to PCs and corporate networks, and speeding transportation by using electronic ticketing.The most common uses of smart cards today are: banking and retail, mo-bile communications, information technology, identity and health, park-ing, public telephony, mass transit and campus ID solutions; and areas of use increase every day.One of the most fast developing areas of smart cards use is Banking and Retail. For business of financial transactions is very competitive and fast-changing, banks are always seeking
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disclosure of the code of ethics for senior financial officers. The commission shall issue rule to adopt a code of ethics, and if not, reasons must be disclosed. Also, section 406 defines “code of ethics” and requires the commission to disclose its changes of the code of ethics.
The Sarbanes-Oxley Act was developed after a series of financial fraud events to prevent fraud incidences. In my opinion, Sarbanes-Oxley Act has an effect in preventing fraud incidences from occurring. First, it gains people’s awareness of ethical issues and consequences they will face in a company when they are in an ethical dilemma. Thus, the act provides a guide for the direction of managers’ behavior. Second, not
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censure any person, or deny, temporarily.
7. Studies and Reports:
The controller general of USA and the SEC is mandated to perform various studies and report their findings according to this title. It includes the study and report regarding the consolidation of public accounting firm which requires identifying the factors that have led to the consolidation of public accounting firm, the present and future impact of the condition etc. Not only that, there must be studies and reports on violators and violations, investment banks, credit rating agencies, enforcement acts.
8. Corporate and Criminal Fraud Accountability:
This title may be cited as the ‘‘Corporate and Criminal Fraud
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theft? It is the top consumer fraud complaint. There are an estimated 500-750 thousand victims per year. Different types of fraud that are included in the identity theft crime are identification fraud; credit card fraud; computer fraud; mail fraud; wire fraud; and financial institution fraud. One of the ways this crime can occur is by social security number, they assume an identity, make fraudulent credit charges, get loans, open bank accounts, write bad checks on your account, and commit crimes in a person’s name. Some of the ways thieves get some data is by wallet (you may have left behind), mailbox, or garbage; from insecure financial transactions completed over the Internet; from