million Transmile accounting fraud – how Liong Sik is to assume responsibility as Chairman? Former MCA President and Cabinet Minister‚ Tun Dr. Ling Liong Sik was quite active in the past month‚ as a search with The Star archives would produce eight news items featuring him‚ including one today at the ceremony at the Universiti Tunku Abdul Rahman (Utar) campus in Kampar yesterday planting a Blue Pine tree. But he has been very reticent on what has been described as the biggest accounting and corporate
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Public Company Accounting Oversight Board; Will it Protect Investors? The Public Company Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley Act of 2002. This board was created to oversee the audit of public companies‚ subject to the securities laws‚ in order to protect the interests of investors (15 USC 7201‚ 2002). It was created in wake of the recent financial scandals of Enron‚ WorldCom‚ and Global Crossing to name a few. This "Act" established by Congress is to create an oversight
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about the different down falls of being a victim of identity theft. Experts believe that medical identity theft is increasing and now with all new technology it is hard to detect the costs of thieves. Taking people’s medical identity does not just affect that person it has a huge effect on the health care billing system. They are charged millions of dollars because of an incident. Studies show that ninety six percent of hospitals reported one data breach in two years. This shows that the average cost
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Accounting fraud can be defined as knowingly falsifying accounting records in order to increase sales revenue and net income. Accounting fraud is committed in corporations by means of showing false information‚ using funds for illegal purposes or inflate expenses‚ overstating revenues‚ understating expenses or overstating the value of corporate assets. All these activities are entirely unethical. Behaving ethically depends on the capability to recongnize the ethical issues and to believe on their
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increasing&from&$304&billion&in&fiscal&year&2000&to&almost&$700&billion&in&fiscal&year& 2008.&& Why&Do&People&Commit&Fraud?&In&the&1950’s‚&famed&criminologist&Donald&R.&Cressey& develK&opted&a&hypothesis&to&explain&why&people&commit&fraud.&Over&the&years‚&his& hypothesis&has&become&known&as&the&fraud&triangle.&The&triangle&is&usually&pictured& with&three&common&fraud&elements:&opportunity‚&motivation‚&and&rationalization.& The&opportunity&to&commit&fraud&occurs&when&employees&have&access&to& organizational&assets&or&information&that&allows&them&to&commit&and&conceal&
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were made. During the twentieth and twenty-first centuries collaboration was done especially after numerous corporate and accounting disgraces occurred. The purpose of the SOX was to reinforce accountability‚ improve financial reporting and governance in corporations. In addition implementing effective auditing and the encouragement of careful observation of public accounting followed by an enforcement of intense criminal and civil charges liabilities for violations of the securities law was also
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head: HEALTHCARE FRAUD AND ABUSE Healthcare Fraud and Abuse Abstract Rising costs of healthcare is a valid concern for many households in America. A factor in the cost of healthcare insurance is fraud. Fraud is often very difficult to detect. The magnitude of healthcare fraud is unknown. Initial reimbursement and payment and billing timeframe of 90 days allows for fast payment of services‚ however‚ many times before there is an indication of fraudulent billing the company has closed up and
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Healthcare Fraud and Abuse As we head into the next four years under the Obama administration‚ many Americans are hearing more and more about healthcare reform and what needs to be done to fix the ailing healthcare system. Part of the dramatic increase in healthcare costs is due to Medicare fraud abuse. Healthcare fraud is defined as making false statements or representations of material facts in order to obtain benefits or payment. Healthcare abuse is defined as practices involving the overuse
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Health Care Management Cluster 14 November 2011 Research Paper U.S. Health Care and Compliance A System Challenged By Schemes‚ Scams‚ Fraud‚ and Abuse “Laws are made to restrain and punish the wicked; the wise and good do not need them as a guide‚ but only as a shield against rapine and oppression; they can live civilly and orderly‚ though there were no law in the world.” John Milton (1608-1674) On August 31‚ 2010‚ in Los Angeles‚ California‚ the former chief
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ZZZZ Best company is one of the biggest examples of Accounting Frauds. The founder of ZZZZ best was Barry Minkow. He was a very smart young entrepreneur when he started the company. He was involved in credit card forgeries prior to starting his own carpet cleaning business “ZZZZ Best Company”. Minkow began his business with small carpet cleaning jobs and he became a multimillionaire in a very short period of time. Minkow met a person named Tom Padgett at Los Angeles Health club. This was the beginning
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