Independence, 3. Corporate Responsibility, 4. Enhanced Financial Disclosures, 5. Analyst Conflicts of Interest, 6. Commision Resources and Authority, 7. Studies and Reports, 8. Corporate and Criminal Fraud Accountability, 9. White Collar Crime Enhancement, 10. Corporate Tax Returns, 11. Corporate Fraud Accountability. These 11 sections were created to help protect investors from companies who unethically choose to practice illegitimate accounting techniques, AKA “cooking the books”, which give the
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once your account has been established. This is also true if Bank personnel contact you by phone. They would never ask your social security number as a means to identify you. This type of fraud that was attempted on my account is called Phising. Here is Wells Fargo’s policy on Phising and email fraud: “Report Phish and Email Scams If you encounter a suspicious email or website that says it's from Wells Fargo, do not respond to it or click any links. What to do Never open attachments
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Information Technology and Accounting Fraud History has shown the accounting network has come a long way from the days which included manual general ledgers to the present where electronic general ledgers are a necessity. In the electronic world we now live in, the accounting information system requires us to utilize computer systems and intranets, which transfer vital information at a much more rapid speed. Information systems used for accounting purposes
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Diamond Foods Financial Fraud Scandal Adrienne M Somers David F McCormick Acct 320 February 27 2012 In April 2011, Diamond Food Inc (DMND), the nation's largest walnut processor and maker of Emerald nuts announced plans to buy Pringles from Proctor and Gamble for $1.5 billion in stock (Reuters, 2012). This move was part of the company's aggressive growth strategy to become a leader of the snack food industry. Former chief executive officer, Michael Mendes, and former chief financial officer
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------------------------------------------------- Fraud and forensic accounting in small business’ Tasha S. Barnes ------------------------------------------------- Fraud and forensic accounting in small business’ Tasha S. Barnes Accounting fraud is serious issues for all businesses, but they are especially challenging for small companies that are “cash strapped”. Fraud undermine decision making, lead to financial losses and, in some cases, even force companies to lay off staff or shut their doors. Fraud is a common
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and scams are the same just different people doing the same con games. The internet has made it easy to retrieve information, almost an open book to anyone with a computer. Some of the favorite frauds are: • Ponzi schemes promise high returns , early investor only benefit • Affinity fraud use religious organization and bogus charities to gain investor trust • Oil and gas scams offer the get-rich-overnight scheme and high gas price, • Unlicensed individual selling
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Controller is an area of great risk. The Controller and Treasurer should hold each other accountable for all transactions. A person should be hired to as the treasurer and/or controller. Having one person responsible for both roles makes easier to commit fraud. (Segregation of duties) Every employee should NOT have access to the petty cash. The cash should be locked and those with a key should ensure proper documentation for cash distributed to be sure it is authorized. (Access to assets) All new
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process requests for increases in card limits or new card requests. eZ-Pay, convenient card payments over the telephone Through the same toll free number, customers can make payments and make all inquiries into card activity and availability. Falcon™ Fraud Detection tool This service monitors charges on customers’ cards
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affecting the profits of the company, making it impossible to earn enough money to cover the loans. On July 21st, 2002, the largest filing in USA history, WorldCom filed Chapter 11 bankruptcy protection, resulting in one of the largest corporate fraud scandals. Becoming MCI and moving to Dulles, Virginia on April 14th 2003, the bankruptcy reorganization agreement meant the company paid $750 million to the SEC in cash and stock, this was
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guidance of Scott Sullivan (CFO), David Myers (Controller), and Buford Yates (Director of General Accounting) used shady accounting methods to mask the companies declining financial condition by falsifying its financial growth and profitability. The fraud was accomplished two ways. First, the accounting department underreported line costs (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them. Secondly, the
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