accounting frauds A. Seetharaman, M. Senthilvelmurugan and Rajan Periyanayagam Faculty of Management, Multimedia University, Malaysia Keywords Fraud, Corruption, Financial reporting, Whistleblowing, Internal control, Corporate governance Abstract This paper introduces fraud as asset misappropriations (85 per cent of cases), corruption and fraudulent statements. Symptoms include accounting anomalies, lack of internal control environment, lifestyle and behaviour. The most effective tools for fraud detection
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Banking Frauds INTRODUCTION With the advances in information technology, most banks in India have migrated to core banking platforms and have moved transactions to payment cards (debit and credit cards) and to electronic channels like ATMs, Internet Banking and Mobile Banking. Fraudsters have also followed customers into this space. RBI had, per se, not defined the term ‘fraud’ in its guidelines on Frauds. A definition of fraud was, however, suggested in the context of electronic banking in
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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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Question 2 (28 marks) Mary Cooper owns five convenience stores that sell food, beverages, and gasoline. The stores are open 24 hours a day, 7 days a week. The business has 20 employees who do not always work at the same store; rather, they are assigned to stores on a rotating basis. Two employees work the day shift but only one works the night shift from 10:00 p.m. to 7:00 a.m. Ms. Cooper manages the company’s overall operations from head office. Customer satisfaction has always been important to
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Reducing Workers Compensation Claims According to an essay published online by CCH Incorporated, the first step in reducing workers’ compensation costs involves ensuring that your company has effective safety and accident prevention programs in place to reduce the amount and severity of workplace illnesses and injuries. In addition to those programs, there are policies and procedures that should be implemented to help supervisors and Human Resources professionals in handling workers’ compensation
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as any others that the company may maintain. Second, each piece of inventory should have a valid bar code so that the inventory can be deducted from the inventory system. “Good inventory management is important for the successful operation of most businesses and their supply chain. Poor inventory management hampers operations, diminishes customer satisfaction, and increases operating costs” (Stevenson, 2009). Bar codes will allow for automatic identification as soon as it is scanned. Obviously
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loosely defined corporate policies, unethical practices and poor internal control by giving an example of the Satyam Computer Services Ltd. corporate scandal, consisting of an INR 7800 Cr ($1.5 billion) fraud. The report consists of a brief background on the Satyam Scandal, and recommendations on how robust internal control mechanism can help detect and prevent unethical practices. Background: Satyam computer services was incorporated in 1987 by two brothers- Rama Raju and Ramalinga Raju. The
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the health care system to increase efficiency and productivity in delivery of services , and • the misdistribution of physicians and other providers of health services HEALTH CARE LEGISLATION The H.R. 3962 amendment requires States to make recommendations to the Commissioner "about whether particular health insurance issuers should be excluded from participation in the Health Insurance Exchange based on a pattern of excessive or unjustified premium increases." Many may be concerned first that this
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FINANCIAL BANK Strategic Implications of the Information Superhighway/Internet at CB Financial Bank School of Management IS535 Fall Term 2009 ABSTRACT .This report will discuss the impact of the Information Superhighway/ Internet on CB Financial Bank Focus will be emphasized on current business issues such as customers’ online banking, fraud and identity theft prevention and information security strategies utilized at CB Financial. Employee job loss due to customers’ increased use
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Date The Trustee(s) XXX Superannuation Fund Street Suburb, State, PCode Dear Trustee(s), AUDIT ENGAGEMENT – YEAR ENDED 30th June 2007 Thank you for my appointment as auditor of your Superannuation Fund. As it is necessary to clarify my role to you, under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and Regulations, I wish to set out the detail of my terms of engagement as follows: 1. Audit of Financial Report In accordance, with section 113 of the Superannuation
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