By eBookrd. Newer Post Older Post Home. Subscribe to: Post Comments Atom. Recent Reviews. Popular Items. Governing texas 4th edition — PDF — eBook. Harpham, Jason P. Powered by Blogger. Report Abuse. About Me eBookrd. This category includes internal auditors, corporate security officers, and in-house legal counsels. Lawyers: Lawyers will defend or prosecute organizations in civil and criminal cases. People who work in these areas will consult, serve as expert witnesses, extract evidence from computers and servers, investigate public records, and serve on grand or trial juries.
When employee fraud takes place, employees deceive their employers by taking company assets. Management fraud is distinguished from employee fraud and other types of fraud in that top management typically commits it to deceive financial statement users.
Employee fraud is usually committed against an organization, whereas management fraud is perpetrated on behalf of an organization. As the numbers of frauds committed and the total dollar amounts lost from fraud increase, the demand for careers to prevent and detect such fraud will increase.
In fact, a few years ago, Fortune magazine identified forensic accounting or fraud examination as one of the fastest growing and most financially rewarding careers. There are a number of reasons why accurate fraud statistics are hard to find. First, it is impossible to know what percentage of fraud perpetrators are actually caught. Are there perfect frauds that are never discovered, or are all frauds eventually exposed?
Second, many frauds that are discovered are handled quietly within the victim organizations and are never made public. In many cases, companies merely hide frauds due to public relations concerns and terminate or transfer perpetrators quietly. To make up for the damage fraud does to net income, a company has to have much more revenue come in. Since confidence is typically needed for fraud to occur, people who are not trusted will not be in a position to commit a fraud.
While answers may vary, the following is one possible answer: The case of Charles Ponzi involved deception, greed on behalf of the investors and the perpetrator and confidence in the perpetrator. These are traits that are common in many different cases of fraud. CFEs are considered to be leaders in the antifraud community and have recognition as such throughout the world. They represent the highest standards held by the ACFE and possess expertise in all aspects of the antifraud profession.
The CFE designation is acknowledged globally and preferred by many employers. The ACFE states that becoming a CFE immediately sets an individual apart from others and launches him or her to the top of the profession.
Together with more than 70, members throughout the world, the ACFE works toward the reduction of fraud and corruption around the globe. In many cases, companies merely hide the frauds to avoid public relations issues and quietly terminate or transfer perpetrators rather than make them public. True 3. True 4. True 5. Using physical force to take something from someone is robbery.
Fraud involves deceit or trickery, not force. True 8. True 9. True In civil cases, fraud experts often serve as expert witnesses. Technology has tended to increase the size and frequency of frauds committed. Confidence is the single most critical element for a fraud to be successful. Unintentional errors in the financial statements are not considered fraud.
Occupational fraud is usually committed against an organization. Direct fraud does not involve third parties; indirect fraud involves a third party. False: Customer fraud involves a customer who does not pay for goods or services. Vendor fraud involves a vendor who provides inferior goods, overcharges, or pays bribes to get favored treatment.
Only criminal lawsuits result in jail time for the perpetrator. Negative outcomes in civil lawsuits result in restitution and damage payments. One of the seven elements of a fraud is that the deception must be intentional. Fraud perpetrators come in all kinds and varieties, but always have to be trusted. If they did not have the trust of their victims, they would not have been put in a position where they could commit a fraud. A CFE focuses on the prevention and detection of fraud. A Certified Public Accountant, on the other hand, focuses on all aspects of accounting.
Multiple Choice 1. Alexander, Inc. These amounts are different because the profit margins of these companies are different. Clever, Inc. On the other hand, Alexander, Inc. It is usually easier for a service corporation with a higher profit margin to recover from fraud losses than it is for manufacturing companies that must generate more money to recover fraud losses, such as Clever.
Case 2 1. Unintentional errors and fraud are quite different from each other. An unintentional error is an error made by accident or without intent.
Fraud, on the other hand, is intentional and most often involves trickery or deceit. While advances in technology have helped to prevent and detect some fraud, these advances have opened up new ways for perpetrators to commit fraud that before were unthinkable.
Computers, the Internet, and complex accounting systems have made it so easy that perpetrators need only to make a telephone call, manipulate a computer program, or press a key on the keyboard to commit fraud. Case 3 1. Customer fraud 2. Employee embezzlement 4. Management fraud 5. Vendor fraud. Miscellaneous fraud Case 4 Fraud statistics are hard to obtain for several reasons. First, we can never know exactly what percentage of fraud is discovered. Second, the victim organization quietly handles many frauds that are discovered, never making them public.
Victim organizations often like to avoid publicity and the costs associated with investigating and prosecuting fraud. These and other factors make it very difficult to research fraud and for accurate statistics to be obtained. Case 5 As the number of frauds and amounts of fraud losses increase, so do the opportunities for successful fraud-fighting careers. Many believe that fraud examination and forensic accounting will be among the fastest growing and most rewarding careers in the future.
Government fraud-fighters, consultant fraud-fighters, corporate employee fraud-fighters, and defense and plaintiff lawyers are just a few of the possible careers related to fraud prevention and detection.
Case 6 When fraud is detected, companies should prosecute if possible, both in criminal and civil courts. By proceeding in a civil suit, the company can try to recover some of the money lost from the fraud. By pursuing a criminal suit, the company can ensure that when other companies hire the perpetrator, those companies will know that the employee has committed fraud in the past and will be able to prevent the prospective employee from being in a position that provides the opportunity to commit fraud again.
Firms do not often pursue both civil and criminal remedies, and sometimes do neither because of litigation costs, time involved, or the desire to avoid negative press. Claim your free 50GB now! Reactions: BubbleTea, hohoholon and Unreal Get fraud examiners manual free download 14 Nov Study on your own using the Fraud Examiners Manual. View International Fraud Examiners Manual 1. Devastated, Amundsen famously went south.
For years Cook and Peary tried to convince the world of their claims. Finally the National Geographic Society endorsed Peary, and the matter seemed settled.
In May an American airman, Richard Byrd, flew north in a three-engine plane, and returned with a log showing that he had flow exactly over the geographical North Pole, becoming the third man to reach that mythical spot.
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