concerns you have that may suggest fraud is occurring in the company. The Fraud Triangle ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley The fraud triangle originated from Donald Cressey's hypothesis (Donald R. Cressey, 1973). The fraud triangle is a model for explaining the factors that cause someone to commit occupational fraud (acfe, n.d.). Type of fraud: Management fraud Fraudulent financial
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Prohibitions under the Act C. Penalties for Violations of the Act 1. Criminal 2. Civil 3. others D. Defense under FCPA 1. Lawful payment 2. Bona fide expenditures E. Fraud/Scandal of the FCPA of 1977 1. Detection method 2. Importance of Early Detection 3. Big problems for small corporations/organizations 4. Types of fraud and who is involved 1V. Sarbanes Oxley Act A. The effects of Sarbanes-Oxley Act on corporate culture (1) Increase in accounting costs (2) Increased records-management
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prominent are the Copyright Act, the National Stolen Property Act, mail and wire fraud statutes, the Electronic Communications Piracy Act, the Communications Decency Act of 1996, the Child Pornography Prevention Act, and the Child Pornography Prevention Act of 1996. Congress recognized computer related computer-related crimes as discrete federal offense with the passage of the counterfeit access device and computer fraud and abuse law in 1984. So as you can see there are quite a few different statutes
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investors contribute money to the “portfolio manager” who promises them a high return, and then when those investors want their money back they are paid out with the incoming funds contributed by later investors. The person organizing this type of fraud is in charge of controlling the entire operation; they merely transfer funds from one client to another and forgo any real investment activities. On the other hand, a pyramid scheme is structured so that the initial schemer must recruit other investors
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White collar crimes are offences committed by persons who, by virtue of their careers, exploit technological, economic, or social power for corporate or personal gain. In 1949, an American criminologist named Edwin Sutherland illustrated typical attire of perpetrators, who were mostly politicians, high-ranking professionals and businesspeople. However, since Sutherland’s time, such crimes have ceased to be the exclusive domain of these groups. Nowadays, developments in commerce and technology have
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all over the world are using various methods to gain access to your money; and they’re more successful at it now than ever before. According to a 2013 Javelin report, 13.1 million people in the United States suffered financially because of identity fraud. According to multiple reports, that number is expected to rise in 2014 and beyond. As we get smarter about how financial identity theft is committed, criminals become smarter about gaining our sensitive information. When we became good about shredding
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Professional ethics Ethics has been defined as the study of moral principles and values that govern the actions and decision of an individual or group. An ethical dilemma is a situation that an individual faces involving a decision about appropriate behavior. Districts involved in making any decisions generally include: 1. Identify the problem 2. Identify possible courses of action 3. Identify any constraints relating to the decision 4. Analyze the likely effect of the possible
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Whistleblowing and Sarbanes-Oxley Due Gbemisola Salako Dr. Oris Guillaume LEG 500 – Spring/ 2015 April 21, 2015 Question # 1- Describe the key characteristics of a whistleblower, and briefly summarize one (1) researched instance of whistleblowing in one (1) publicly traded company within the last 12 months. Include the details of the issue that the whistleblower reported and the effect of the whistleblower’s actions on both the whistleblower himself and the company. Whistleblowing can
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Sarbanes–Oxley, Sarbox or SOX, is a United States federal law which was introduced in 2002. It is also known as the “Public Company Accounting Reform and Investor Protection Act” and “and 'Corporate and Auditing Accountability and Responsibility Act”. The main objective of the act is to protect investors by improving the accuracy and reliability of corporate disclosures. New aspects are created by SOX act for corporate accountability as well as new penalties for wrong doings. It was basically introduced
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with a just 20 employees and converted the company got Public in 1992.The chairman of the company was the founder himself, Mr. Ramalinga Raju (Alias Raju) until January 7, 2009 when he resigned from the board of directors after admitting to corporate fraud. (Author HT correspondent, April, 9, 2015). The company offered consulting and information technology services to the various business sectors. The company had services in 66 countries and 53000 employees in 6 continents. It was listed on Bombay stock
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