1. Based on the fraud triangle‚ there are several factors present at Waste Management that are indicative of each of the three fraud conditions. Incentives: from the case‚ the SEC staff claimed that the top Waste Management officers’ fraudulent conduct was driven by greed and a desire to retain their corporate positions and status in the business and social communities. Their bonuses‚ retirement benefits and stock options closely correlate with the performance of the company. If the company
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Fraud‚ Abuse‚ and Waste in the US Healthcare System Tony Hackman University of Phoenix Financial Management in Health Care HCS/577 Adam Craft August 01‚ 2010 Fraud‚ Abuse‚ and Waste in the US Healthcare System Healthcare insurance costs have risen at the average rate of three percent over the inflation rate for the past 10 years. As a result‚ the government is spending a larger percentage of GDP on healthcare for Americans. One of the reasons for this increase in the overall cost for healthcare
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FRAUD CONDITIONS Three conditions are often present when fraud exists; incentives‚ opportunity‚ and attitude. All of these conditions can be seen in the fraud at Waste Management. Waste Management was under pressure from other companies within the industry that could offer the same services at lower prices to customers. Dean L. Buntrock‚ founder‚ chairman‚ and CEO of Waste Management was the driving force behind the fraud. Buntrock set the earnings targets‚ fostered a culture of fraudulent accounting
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CHAPTER 6 ASSET-LIABILITY MANAGEMENT: DETERMINING AND MEASURING INTEREST RATES AND CONTROLLING INTEREST-SENSITIVE AND DURATION GAPS Goals of This Chapter: The purpose of this chapter is to explore the options bankers have today for dealing with risk – especially the risk of loss due to changing interest rates – and to see how a bank’s management can coordinate the management of its assets with the management of its liabilities in order to achieve the institution’s goals. Key Topic In This Chapter
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Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.4‚ No.13‚ 2013 www.iiste.org Effectiveness of Internal Auditor in Controlling Fraud and Other Financial Irregularities in Private Universities in South-West‚ Nigeria. ADETOSO‚ Jonathan Adegoke1 OLADEJO‚ Kayode Samson2 AKESINRO‚ Abayomi Sunday3 Department of Accounting‚ Joseph Ayo Babalola University‚ P.M.B 5006 Ikeji-Arakeji‚ Osun State‚ Nigeria. Email of the corresponding Author: gokeadetoso@yahoo
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Executive Summary Background Waste Management‚ Inc.‚ founded in 1894‚ offers environmental services to nearly 20 million residential‚ industrial‚ commercial‚ and municipal customers in the US‚ Canada‚ and Puerto Rico. With a large customer base‚ it is difficult to picture such a large company committing fraud. However‚ between the years of 1992 and 1997‚ several chief officers in the company engaged in a systematic scheme to falsify and misrepresent Waste Management’s financial results. Heading
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Jeff Sacks-Wilner Term Paper What Management and Auditors can do to Help Prevent Fraud‚ Errors and Illegal Acts Fraudulent‚ erroneous‚ and illegal acts committed by a public company‚ usually at a managerial or executive level‚ have been a very serious problem for many years and have prompted development of strict and updated regulations‚ such as the Sarbanes-Oxley Act‚ in an attempt to prevent these occurrences. Unfortunately‚ these new or updated regulations are not enough to prevent these
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Should auditors be held more accountable in uncovering financial fraud? Table of Contents Introduction Currently in the United States‚ the American Institute of Certified Public Accountants (AICPA) the International Auditing and Assurance Board (IAASB) are the most influential accounting standard boards able to influence fraud detection standard setting in financial reporting. In recent years‚ there has been a growing trend in financial scandals such as WorldCom‚ Enron and Madoff
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MANAGING CORE RISKS OF FINANCIAL INSTITUTIONS ASSET LIABILITY MANAGEMENT Industry Best Practices 14 July 2005 BANGLADESH BANK Focus Group Members Asset Liability Management Name Team Co-ordinator Sudhir Chandra Das Arif Khan Asad Khan Jadab Malakar Team Members Nehal Ahmed S. H. Aslam Habib Tapan K. Podder Designation DGM GM MD (Designate) Head of Finance & Company Secretary SVP & Company Secretary Head of Finance & Resources and Company Secretary MD Organization Bangladesh
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Asset-Liability Management “Asset-Liability Management (ALM) can be defined as the ongoing process of formulating‚ implementing‚ monitoring and revising strategies related to assets and liabilities to achieve an organization ’s financial objectives‚ given the organization ’s risk tolerances and other constraints”[1]. ALM also is known as balance sheet management. In banking activity the gap between assets and liabilities can bring some consequences where the following risks are arose
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