include the impact of occupational fraud and abuse on the company and how the governmental oversight of accounting and fraud affects the company. The report will also provide potential corruption schemes to be aware of in the company and a recommendation of types accounting evidence and methods of gathering such evidence to support the financial status review. The Impact of Occupational Fraud and Abuse on the Company According to Wells (2011)‚ Occupational fraud and abuse is defined as the use of
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CASE STUDY: MARCH 2012 SEMESTER I. Analyze the case and respond to the following questions: a) Discuss the earnings management techniques employed by the management of Satyam. Earning management or creative accounting is referred to the manipulation or misrepresentation of the company’s financial earnings in order to achieve stable and positive financial position. This was achieve through directly or indirectly use of the accounting methods. Even though the manipulation may follow all
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CASE 1.8 Crazy Eddie‚ Inc. In 1969‚Eddie Antar‚ a 21-year-old high school dropout from Brooklyn‚ opened a consumer electronics store with 150square feet of floor space in New York City 1 Despite this modest beginning‚ Antar would eventually dominate the retail consumer electronics market in the New York City metropolitan area. By 1987‚Antar’s firm‚ Crazy Eddie‚ Inc.‚ had 43 retail outlets‚ sales exceeding $350 million‚ and outstanding stock with a collective market value of $600 million. Antar
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companies that must follow the Sarbanes-Oxley Act. The authors of the article also conducted a study on whether or not fraud of the financial statements was in direct correlation of businesses filing bankruptcy (Nogler & Inwon‚ 2011‚ p. 68) like in the cases of Enron and WorldCom. The results found that the larger the company that filed bankruptcy the more likely that securities fraud litigation and general overstatement of the revenue and assets of the company occurred (Nogler & Inwon‚ 2011).
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Parmalat‚ Europe’s Enron of fraud‚ undermined European accounting and reporting standards. The fraud‚ totaling nearly 18 billion euros‚ brought down the Italian dairy giant and ruined investors across the globe. Such a enormous fraud‚ some would assume‚ would need to be highly complex and fully developed in plan as well as execution. However‚ as Parmalat executives began to cooperate in the investigation‚ it was uncovered how rudimentary their fraud was despite the enormity in which it occurred.
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Harrington 1 Sarbanes- Oxley Act of 2002: A Comprehensive Review By Hennessey T. Harrington For Business 102 Ethics & Public Policy Dr. Jasso TA Josh December 7‚ 2010 Harrington 2 TABLE OF CONTENTS 1.0 Sarbanes- Oxley Act of 2002: Spectrum of Objectives 1.1 On History 1.2 On Accountability 1.3 On Corporate Social Responsibility 2.0 Sarbanes- Oxley Act of 2002: A Historical Account 2.1 On Necessity 2.2 On Defective Oversight 2.3 On Corruption 2.4 On Conflict of Interest 2.5 On Imperfect
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The presences of computer and internet have become increasingly importance in our daily life. Our society is seen greatly entangled with computers and internet connections in a multiple ways range from rapid communications‚ banking and monetary transactions‚ public administration‚ social networking‚ information and data sharing‚ sales and purchase of goods and a vast array of business activities and much more. Many of us would be in big difficulty if found suddenly without computers. While overwhelming
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smallbusiness.chron.com White-collar crime‚ is similar to corporate crime‚ because white-collar employees are more likely to commit fraud‚ bribery‚ ponzi schemes‚ insider trading‚ embezzlement‚ cyber crime‚ copyright infringement‚ money laundering‚ identity theft‚ and forgery. White-collar crime‚ is similar to corporate crime‚ because white-collar employees are more likely to commit fraud‚ bribery‚ ponzi schemes‚ insider trading‚ embezzlement‚ cyber crime‚ copyright infringement‚ money laundering‚ identity
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SYSTEM SUPPORTING MONEY LAUNDERING & FRAUD DETECTION Nithun Ajeeth.K & Senathipathi.R Department of Banking Technology‚ Pondicherry University‚ India ABSTRACT Money laundering is the big problem which is getting even more complex than before. The designing the system for prevention of money laundering and fraud detection is a complex task since money launderers have kept pace with the changing times‚ becoming more technically adept than ever‚ making the existing systems more vulnerable to
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Inefficiencies in the processes of accounting may amount to a professional scandal. Accounting scandals or fraud can be explained in various ways. Accounting fraud is a deliberate and improper manipulation of the recording of sales revenue and/or expenses in order to make a company ’s profit performance appear better than it actually is. Things that companies do that can constitute fraud are: not listing prepaid expenses or other incidental assets‚ not showing certain classifications of current
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