Types of Fraudulent Activities.pptx
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Fraud could take the form of misstatement of information or misappropriation of the assets of the entity. Components in a fraudulent activity include dishonest intention, Use of deception (trick), Personal advantage or loss to a third person, and Financial/asset loss to an organization and may involve financial misstatements.
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select whether each example is a financial reporting fraud or misappropriation of assets fraud.
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Recording fictitious sales
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FraudsMisappropriation of Assets Frauds
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accounting principles FraudsMisappropriation of Assets Frauds
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3.
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earlier or deferring expenses) FraudsFinancial Reporting Frauds
5. Employees remaining on the payroll select a type of fraud Financial Reporting
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customers FraudsMisappropriation of Assets Frauds
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select whether each example is a financial reporting fraud or misappropriation of assets fraud.
Examples of fraud
1.
Recording fictitious sales
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4.
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5.
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select a type of fraud Financial Reporting FraudsMisappropriation of Assets Frauds
6.
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Unauthorized discounts or refunds to customers
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8.
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9.
Theft of inventory by employees or customers
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11.
Understating expenses
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12.
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Homework
Please read the following note on fraud to broaden your understanding of the topic and to guide your responses. [More guide]
Fraud
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Financial Statement Fraud
Financial statement fraud is one of the biggest challenges in the modern business world. This is when corporations engage in certain practices designed to hide or maneuver the accounts of a corporation to help it continue to remain attractive to investors. To counter financial statement frauds, especially in the aftermath of the Enron scandal in 2001-2002, the US Congress introduced the Sarbanes Oxley Act, the compliance with which is mandatory for US corporations. A financial statement fraud may be actionable under both the False Claims Act and the Dodd Frank Act as well. You may have suffered a financial statement fraud or may have original information about a financial statement fraud, which means that you may be able to bring either a financial statement fraud lawsuit or a whistleblower lawsuit depending on the facts peculiar to your case.
The most common occurrence of financial statement fraud is when losses are underplayed or deliberately hidden by corporations. Financial statement fraud comprises deliberate misstatements or omissions of amounts or disclosures of financial statements to deceive financial statement users, particularly investors and creditors, outright falsification, alteration, or manipulation of material financial records, supporting documents, or business transactions, material intentional omissions or misrepresentations of events, transactions, accounts, or other significant information from which financial statements are prepared, deliberate misapplication of accounting principles, policies, and procedures used to measure, recognize, report, and disclose economic events and business transactions and also intentional omissions of disclosures or presentation of inadequate disclosures regarding accounting principles and policies and related financial amounts.
There are massive issues that emanate from financial statement fraud. Financial statement fraud undermines the reliability, quality, transparency, and integrity of the financial reporting process and jeopardizes the integrity and objectivity of the auditing profession, especially auditors .
Ethical issue in finance
This document discusses various ethical issues that can arise in the finance sector. It covers frauds like credit card and check fraud, securities fraud, and computer fraud. It also discusses types of bank frauds such as unauthorized credit extensions and deposit account fraud. Regarding the insurance sector, it identifies three types of fraud and notes fraud can occur during the proposal, contract, or claims stages. It also provides measures to combat fraud in banking like anti-money laundering acts and for insurance like regulation, transparency, and legislation. The document closes by discussing creative accounting, abusive tax shelters, insider trading, and the role of ethics codes.
2 Fraud- Prevention, Detection and Management 072512.ppt
This document discusses fraud prevention, detection, and management for microfinance. It defines fraud as deception to secure unfair gain or cause loss. Fraud can originate from employees or clients and can occur at any stage of the loan process. The document outlines workshops and best practices for microfinance institutions to identify common fraud types, prevent fraud, encourage client feedback, validate accounts, analyze MIS reports, investigate fraud, recover losses, and manage public relations regarding fraud. The overall message is that while fraud cannot be eliminated, it can be prevented, detected, and managed through proper internal controls, policies, audits, and creating a culture of honesty and compliance.
Presentation on fraud prevention, detection & control
Fraud can take many forms but generally involves deception for financial or personal gain. There are three main types of fraud: corruption, asset misappropriation, and financial statement fraud. Fraud is most often committed due to pressure, opportunity, and the ability to rationalize one's actions. Companies can help prevent fraud by breaking this fraud triangle through strong internal controls, monitoring, and creating a culture of integrity and accountability.
Fraud risk management in banks
This document provides an introduction to fraud, including definitions, types of fraud, who can commit fraud, potential triggers of fraud, reasons for fraud, and impacts of fraud. It defines fraud as any dishonest act or omission intended to gain advantage. Common types of fraud include cheating, forgery, misappropriation, and fraudulent transactions. Employees, customers, and outsiders can all perpetrate fraud. Triggers may include lifestyle changes or high-risk transactions. Fraud is often committed due to financial problems, knowledge of weaknesses, and rationalization. Impacts include financial, regulatory, and reputational risks for institutions, as well as punishments for individuals.
financial ethical issues Ihsanullah mansoor
Financial ethical issues presentation by Ihsanullah mansoor from Afghanistan,currently enrolled student of the University of Haripur ,Haripur KPK,Pakistan
ethics In accounting.pdf
Ethics provides standards for determining right and wrong human behavior based on concepts like rights, obligations, fairness, and virtues. Accounting ethics specifically calls on members to maintain integrity, truthfulness, and honesty when working with financial data and reporting. Upholding accounting ethics helps ensure the accuracy of financial information and protects the interests of investors, businesses, and the public. However, some challenges to accounting ethics include pressures that prioritize short-term gains, complex rules open to interpretation, and rationalizing small ethical issues. When facing an ethical conflict, accountants should follow their organization's policies or confidentially consult impartial advisors to determine the proper course of action.
Ethics in finance and accounting With examples
Ethics provides standards for determining right and wrong human behavior based on concepts like rights, obligations, fairness, and virtues. Accounting ethics requires accuracy and honesty when interpreting financial data to avoid intentionally misleading practices. Upholding ethical standards is important in accounting and finance to maintain integrity, credibility, and trust. Some unethical behaviors include fraud, insider trading, producing false financial statements, delaying payments, and deception. When facing ethical issues, accountants should follow their organization's policies or discuss the matter with an unbiased advisor to find an appropriate resolution.
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CORPORATE WAYS TO PREVENT FRAUD IN YOUR BUSINESS.pdf
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Homework guidePlease read the following note on fraud to broaden.docx
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The following list identifies many examples of frauds- Fraud will be a.pdf
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Types of Fraudulent Activities.pptx
- 1. Types of Fraudulent Activities
- 2. A fraud could take the form of misstatement of an information or misappropriation of the assets of the entity. Components in a fraudulent activity include dishonest intention, Use of deception (trick), Personal advantage or loss to a third person, Financial/asset loss to an organization and may involve financial misstatements. A. Fraud for Personal Gain 1. Bribery Money, gift or other favours offered to procure for illegal or dishonest action or decision in favour. 2. Conflict of Interest Circumstances wherein the officials are in a position of trust and in discharge of their duties face a competing professional or personal conflict of interest. Read more at: https://taxguru.in/finance/types-fraudulent-activities.html Copyright © Taxguru.in
- 3. B. Corporate Frauds/ Irregularities 1. Advance Billing A situation where the company officials indulge in booking fictitious sales in anticipation of actual sales. This results in misrepresentation of revenue in the books thereby misleading financers and stakeholders. 2. Shell/ Dummy Company Schemes A shell or dummy company represents a fictitious company or a ‘paper company’ to transfer profits or funds from the main company. This could involve fictitious bills (mostly for services rendered or consultancy charges that cannot be corroborated) which are used in the name of dummy companies diverting the funds taken from banks and financial institutions.
- 4. 3. Money Laundering Activities The person indulging in money laundering looks for avenues with weak banking controls for converting illegal money through the banking system. This person indulging in activity looks for avenues to enter into ‘benami’ (could be called name lending) transactions. Companies with extensive cash handling and inadequate identification process of source of money are susceptible to money laundering activities. C. Fraud at Operational Level by Employees 1. Tampering of Cheques Tampering of cheques and in any digital mode of payment and activity that leads to misrepresentation such as payee name being altered, or preparation of cheques or payments in system without remittance or issue of the cheques to entitled payee, etc., are methods that may lead to falsification of accounts. The name of the payee in the cheque or other digital mode of payments issued for payment could be fabricated to wrongly codify and book against an improper account head. A person drawscheque or payment voucher in system fraudulently in his name or converts a cheque drawn on a third party to his advantage. Read more at: https://taxguru.in/finance/types-fraudulent-activities.html Copyright © Taxguru.in
- 5. 2. Off Book Frauds – Skimming In skimming the perpetrator misappropriates the cash before these are recorded in the books or before the sale. These frauds are difficult to detect as the cash or collection is taken off before the accounting entries are made in the books. This situation arises especially in unorganized markets and in rural economies where banking habits are relatively underdeveloped. The process gaps allow an employee to divert the cash collected to his personal account under the pretext of safeguarding cash. 3. Cash Larceny Cash or funds mis-appropriated after the accounting entries are already passed in the books is an age-old practice that has manifested into innovative means in the digital era. When there are delays in accounting of cash collections and there are no laid down cash flow controls. The cash/ collection shortage is covered up by declaring and accounting the shortage as cash/ cheque in transit. Read more at: https://taxguru.in/finance/types-fraudulent-activities.html Copyright © Taxguru.in
- 6. 4. Teeming and Lading (Lapping) Cash deposits or cheques collected from customers are overlapped with the collections from subsequent customers and the amount collected is diverted to a personal account. 5. Expense Reimbursement Schemes Involve employees resorting to treating their personal expenses as incurred for business purposes and claiming reimbursement. For instances claiming medical or gift expenses that were not incurred or employees travelling together in a single cab but indulging in multiple claims individually. Read more at: https://taxguru.in/finance/types-fraudulent-activities.html Copyright © Taxguru.in
- 7. 6. Payroll Fraud The payroll fraud could include payment to non-existent employees or in a contractual arrangement inflating the manpower resources than those deployed while billing the client. It may include showing higher pay than actual disbursement to employees/ workers, etc. 7. Commission Schemes Exaggerates the sales through fictitious billings to earn higher commission or alter the prices of the products sold from those stipulated by the company or share the sales volumes achieved with other employees to share higher commission. Tags: frauds Read more at: https://taxguru.in/finance/types-fraudulent-activities.html Copyright © Taxguru.in