Ghost Employees As long as a company has a payroll office, the risk of having a ghost employee exists. A ghost employee refers to someone, either real or fictitious, who is on the company’s payroll but does not actually work for the company. A ghost employee is most frequently a recently departed employee, a made-up person, or a friend or relative of the fraudster who created the employee. There are a few steps that are taken in order for the ghost employee to be successfully added. First, the
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The Scandal that Shocked the Nation By: Eric Dixon FSAAC_624_OL2 November 23, 2011 Professor Stephen Oliner Table of Contents Executive Summary…………………………………………………………Page 2 Corporate Environment……………………………………………………...Page 4 Types of Fraud Committed.…………………………………………………Page 5 Board of Directors Responsibility…………………………………………...Page 6 Internal Auditors Responsibility…………………………………………….Page 7 Conflicts of Interest………………………………………………………….Page 7 Collusion…………………………………………………………………….Page
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A+ for the grade A.I.U. university Introduction To Criminal Law offenses against the public Introduction Any attempt to commit fraud against the public and or public trust must not be allowed to occur. When a case of fraud is exposed the victims of the case will lose trust in the way that a moral society is supposed to conduct themselves. In this case a judge used hurricane relief funds to afford an elaborate lifestyle and to take trips to the Bahamas. The judge also use this money to
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the Sarbanes-Oxley act , there is a section call 302 that requires management to certify the accuracy of the reported financial statement. Then all corporations were forced to reform strictly to improve financial disclosures to prevent accounting frauds. After the Act, management introduced internal control in order to comply with all the Sarbanes-Oxley act requires for a corporations behavior. Today, all corporations are obligated to certify the company’s financial reports. They are also responsible
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Myers) Ivy: What was your involvement in the WorldCom accounting fraud? David Myers only smirks confidently. Ivy: Mr. David Myers, let’s not play games here. You were controller for WorldCom. We know what you did. So, why don’t you just get this over and done with? How did you commit the fraud? He only smirks even more. Quite devilishly. Bryner: Did we, now? He looks straight into the “camera”. Bryner: Did we actually commit fraud? He smirks again and sits back confidently into his chair. Frame
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as the man behind the largest accounting fraud of the 1990s. | Nicholas Leeson is best known for trading the Barings out of existence by hiding losses for years. | How did they get caught ? | Fort was convicted of ordering the 1981 murder of a rival gang leader. | Prosecutors say that as chairman of Cendant Corporation, Forbes participated in a scheme to inflate the stock of Cendants predecessor, CUC International, by $500 million. The day after the fraud was disclosed, Cendants market value dropped
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keeping huge debts off their balance sheet (para. 10). This also caused a lot of chaos in the stock market. Another case is the one involving WorldCom, where assets were inflated, which eventually lead to the internal auditing department uncovering fraud (para. 17). These cases display why a code of conduct is essential in the business environment. The American Society of CPA’s (AICPA) has a professional code of conduct that Certified Public Accountants (CPA) must abide by while engaging in their
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AIG / Gen Re 2004 ACCOUNTING SCANDAL Table of Contents I. Introduction 3 II. The Companies and Participants 4 III. The Setting 5 IV. Aftermath 9 V. Conclusion 10 I. Introduction AIG’s accounting scandal is one of the biggest accounting scandals in the first decade of 21st century. In 2004, SEC discovered that AIG rewrote its financial reports for years from 2000 to 2004, with support from Gen Re, one of the biggest reinsurers in the world. This scandal led to reduction of AIG’s
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during the scandals .............................................................................. 10 6.2.1. Insider trading .............................................................................................................. 10 6.2.2. Wire fraud .................................................................................................................... 11 7. Conclusion ................................................................................................................
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Abstract: Rising era of computer and other technologies as internet and gadgets, explosively increase in number of cybercrime or other crimes using technologies. The growth of computer forensic has taken as huge success to control those crimes which are committed using computers. The main task of computer forensic is to examining and collecting electronic data as evidence from a crime scene. The work of computer forensic is to recover the data which has been hacked or lost by the criminals using
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