Memorandum: of Fraud Examination TO: Mr. Robert Moritz, U.S. Chairman and Senior Partner, PwC FROM: Bilen Kebede, Lead Forensic Accountant DATE: MAY 31, 2015 SUBJECT: Icon Telecom Lifeline Fraud Lifeline Fraud Executive Summary Using the Lifeline fraud case as an example, this memo will analyze the case and prevent future fraud by similar telecommunication companies. Suggested recommendations include a proactive fraud auditing, a whistle-blowing system, and employee assistance
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focus on fraud from a business perspective has significantly increased over the last decade. Every business, company or entity is subject to fraud risk; there is no immunity when it comes to fraud. There has been much legislation passed by the government and many new guidelines required by different accounting agencies. The Implementation or addition of an internal audit department has been wide spread. External audit independence, corporate governance and most recently the use of a fraud risk assessment
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CASE 1.9 ZZZZ Best Company, \nc. On May 19,1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project was just the most recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced "zee best"). Located in the San Fernando Valley of southern California, ZZZZ Best had begun operations in the fall of 1982 as a small, door-ta-door carpet cleaning
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Consideration of Fraud within Small Business Organizations Introduction In recent studies made by Klynveld, Peat, Marwick and Goerdeler, LLC (KPMG), Fraud and Misconduct survey 2010 shows “The value of frauds committed by employees has double during the past two years with the average case now costing victims $3 million. The survey found that 61% of cases, there was no recovery of cash stolen, and that the average time to detect major fraud has increased from 342 days to 399 days. It
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CHAPTER 5 COMPUTER FRAUD SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 5.1 Do you agree that the most effective way to obtain adequate system security is to rely on the integrity of company employees? Why or why not? Does this seem ironic? What should a company do to ensure the integrity of its employees? The statement is ironic because employees represent both the greatest control strength and the greatest control weakness. Honest, skilled employees are the most effective fraud deterrent. However
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We are looking at employee fraud and the identification of the fraud and the classifications. In this case, we are looking at an employee who first paid for a family meal with a company credit card and then submitted the receipt for reimbursement of his business expenses. In my opinion this behavior is fraud. First, the company has already paid for these meals with the co-worker’s family by the employee using his corporate credit card to pay for these meals. The amount of the receipt has no
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the Givers Taking from the Givers discusses cases of fraud in humanitarian organizations. Just as any organization, these organizations are also prone to the usual internal control problems which may lead to cases of fraud. The author of this article, Krishna Menon, has worked as an auditor at an international humanitarian organization and has conducted audits in several countries such as Sudan, Kenya, and Nigeria. Krishna discusses a fraud case which she has worked on where “Sam”, the financial
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Licensed to: iChapters User Licensed to: iChapters User Fraud Examination, Fourth Edition W. Steve Albrecht Chad O. Albrecht Conan C. Albrecht Mark F. Zimbelman VP/Editorial Director: Jack W. Calhoun Editor-in-Chief: Rob Dewey Sr. Acquisitions Editor: Matt Filimonov Associate Developmental Editor: Julie Warwick Editorial Assistant: Ann Mazzaro Marketing Manager: Natalie Livingston Marketing Coordinator: Nicole Parsons Content Project Management: PreMediaGlobal Sr. Manufacturing
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None of the above ( ) | | Instructor Explanation: | Chapter 1, page 1-7 | | | | Points Received: | 0 of 4 | | Comments: | | | | Question 3. | Question : | (TCO A) Which is not one of the three Ms of financial statement fraud? | | | Student Answer: | | Missing general ledger | | | | Manipulation | | | | Misrepresentation | | | | Intentional misapplication | | | | None of the above ( ) | | Instructor Explanation: | Chapter 3, page
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Fashioning A Fraud Case Study Expense reports are a fact of life for any business that sends employees to visit clients other offices, or conferences. While most employees are honest and abide by corporate rules, there are enough dishonest ones to make a serious dent in the bottom line. In the “Fashioning A Fraud Case”, Bobbie Jean Donnelly defrauded her company of approximately $275,000 over a two year time span, by submitting travel and expense reimbursements. She committed this fraud by using
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