Forensic Accounting Fraud Case Study

Improved Essays
Forensic Accounting is a technique used to follow money transactions when fraud has occurred. The technique can be used to find out where the money originated from, where it is currently located, and where it will proceed to next. It is also used in preventing fraud by implementing anti-money laundering techniques such as, segregation of duties and maintenance of strong internal controls, creating a code of conduct and fraud policy, conducting surprise audits, and establishing a whistleblower’s hotline to protect areas of vulnerability in a company. These vulnerabilities can include payroll fraud, expense reporting, contract bidding, and false invoicing. Their personal protective services include executive protection, residential protection, …show more content…
The security can protect against stalkers, kidnapping schemes, protests, and paparazzi. Pinkerton has the trust of their clients due to their untarnished reputation for confidentiality and high quality services, while offering flexibility by tailoring the services to fit the budget and needs of the client. They are also known for their dedication to vigilance and having experts that are prepared to provide protecting 24 hours a day, 365 days a year. Technical counter surveillance measures are applied for a variety of reasons and occasions to include public corporate events, a company’s new office location, and corporate board meetings. The de-bugging process can be performed no matter the venue, whether it is a single office or an entire building, multiple sites, and throughout the United States and abroad when jurisdiction …show more content…
Post accident, random, and pre-employment drug tests are all options that Pinkerton gladly provides. A hiring management system is also available to provide companies with an increased applicant flow, low cost, standardized hiring process. The management system consists of a seven-stage process that includes tracking, screening, onboarding, and performance management, off boarding, sourcing, and selection. The Pinkerton Agency has grown into a very profitable and successful business within the last 160 years thanks to the efforts put forth by Allan Pinkerton and several generations after him. Some of the negative aspects of the private security industry include the regulations on agencies restrictions regarding criminal’s rights, whereas a public safety office has a broader range. While a police officer can detain someone based on probable cause, a private security employee has to see the suspect actively committing the crime to detain him without violating his or her rights. The positive aspects include the private security firm’s ability to operate within any jurisdiction as long as it follows the laws in that

Related Documents

  • Decent Essays

    RELATED CASES: None SUPPORT DOCUMENTS: Eight Pages Bank Of America Fraud Affidavit/Transaction History. On 12/09/2015, Sandra Agrait contacted the Pasco Sheriff`s Office by telephone to report fraudulent use of her Bank Of America ATM/Debit Card ending in 5457. Ms. Agrait advised she reviewed her bank account transaction history and observed two unauthorized cash withdrawals that she did not make. She said her houseguest, Timothy Midkiss took her debit card out of her wallet, used it to make the cash withdrawals and returned it to her walle without her knowledge or permission.…

    • 206 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    The major excuse, which drives the actions of the fraudsters, is financial strain. The fact that fraud leads to a massive financial gain within a limited period of time provides the needed support for people to engage in such activities. Corporate fraud can be avoided through scheduled internal audits, which monitor the financial activities of a firm aimed at unveiling any unsupported and suspicious activities. Plausibility…

    • 821 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    1. The individuals I believe that ought to be interviewed for this investigation are Mr. McBride, Mr. Jenkins, Mr. McBride’s co-workers, and the forensic expert(s) who examined the evidence. Mr. McBride is innocent till proving guilty of taking “Product X” from Greenwood and his statement should be gathered accordingly. Mr. Jenkins statement would also need to be gathered to collect information as to how he came to believe Mr. McBride potentially stole the information and what the consequences would have been if obtained by competitors.…

    • 1217 Words
    • 5 Pages
    Great Essays
  • Decent Essays

    “Beginning of 1999 through May 2002,” WorldCom “suffered one of the largest public company accounting frauds in history.” Under the financial advisement of Scott Sullivan (Chief Financial Officer), David Myers (Senior Vice President), and Buford “buddy” Yates (Director of Bureau Accounting), they master-minded a plan using fake accounting methods to hide the company’s economic condition. As a result, WorldCom was able to seem financially steady in the public eye and keep stock prices up. This was done by fabricating accounting entries “that had no basis of generally accepted accounting principles (GAAP). “In order to maintain the appearance that the company was economically stable and meeting targets they misstated “line cost” by capitalizing…

    • 207 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Emergency Managers can train the community in how to alert the proper authorities or implement a local alert system. A system of easily reporting suspicious activity (phone/internet) must be implemented on a local level that can easily initiate a nationwide suspicious activity alert based on key words. These key words such names, addresses, purchases should flag agencies involved in investigating these activities not just at the local level but the state and federal level as well. Information sharing amongst agencies quickly and efficiently is a key aspect in detecting possible terrorist attacks (Lynch, 2016). Detection is only one element of an Emergency Manager’s…

    • 786 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Today the agency’s investigative mission has evolved from enforcing counterfeiting laws to safeguarding the payment and financial systems of the United States from a wide range of financial and computer-based crimes. To combat these crimes, the Secret Service has adopted a proactive approach, using advanced technologies and capitalizing on the power of task force partnerships. The U.S. Secret Service has a vital role in securing the nation’s critical infrastructures, specifically in the areas of cyber, banking and finance. Other directives address the need to combat worldwide organized crime that targets the citizens and financial institutions of the United States.…

    • 866 Words
    • 4 Pages
    Great Essays
  • Great Essays

    The question boils down to whether the transactions suspected of being fraudulent are valid or not. In order to have the best outcome, we want to search further than the suspected transaction and really look into the red flags of the situation and try to figure out the concealment strategy used. The procedure will look to authenticate, identify, and link to a fraud and/or concealment strategy. Specific audit procedures that may prove useful are analyzing the sales of the company and re-calculating the costs of goods sold in order to see if the calculation matches what is in the account. If the calculations do not line up with what is in the account, we may see that the entries were in fact fraudulent.…

    • 1732 Words
    • 7 Pages
    Great Essays
  • Great Essays

    This literature review is on the topic of Private Investigator: Controversies & Opportunities of Plural Policing. This review will focus on several critical themes comparing and contrasting different author’s views on the issue, Identify key authors, findings & highlighting gaps in research. The most influential idea is the concept of a Nodal Government of security developed by Shearing (Wood & Shearing 2007, Johnston & Shearing 2003). This theory presented as an alternative approach to the one-minded, dominant state-centred model of policing and what they call government security.…

    • 1558 Words
    • 7 Pages
    Great Essays
  • Superior Essays

    As we have seen lots of bad news in the newspapers, many of the news are related to the crook and scam. Cheaters are all around the world; have you ever thinks about that you might be the next person who will be cheating by the crooks? People who have been cheated by the scalawags would have a harder life, since they give out most of their money. Crooks can really destroy a happy family with a short period of time. In order to know more about how the people who have been cheated live, I would like to interview an old couple that uses to lives next to my house.…

    • 1177 Words
    • 5 Pages
    Superior Essays
  • Great Essays

    Peregrine Fraud Case Study

    • 1216 Words
    • 5 Pages

    1) At Peregrine, the risk factors, especially those aligned with control environment factors and the “tone at the top” are discussed. The risks included having a paper based confirmation system for the entire business; no segregation of duties, which meant that only one or very few people were working on the financial statements, and in this case Mr. Wasendorf was the only one and had altered all bank documents using only Photoshop, excel, scanners, and printers. Continuing on, time off was not required at Peregrine, which could have ultimately discovered this fraud much earlier, by allowing someone else to sit in the absentee’s seat and review all of their work. Additionally, Peregrine lacked internal auditors or an audit committee at the time. The presence of the internal auditors could have decreased odds of misstatement incentives to commit fraud by management, called fraudulent financial reporting, and overseen…

    • 1216 Words
    • 5 Pages
    Great Essays
  • Improved Essays

    Computer Forensic Analysis

    • 1326 Words
    • 6 Pages

    Every company today has security vulnerabilities and threats from many angles. Individuals will attempt to take advantage of these vulnerabilities to reach their goal. Others will think what they are doing is a joke or legal or worse yet believe they will not get caught. Some are easy to detect, others are not and require prioritization to handle the data from its original location, create an analysis plan, gather the evidence, and create the evidence reports which must comply with all the laws that affect digital forensics. The increase in connectivity means an increase in the difficulty to gather and secure information to maintain threats to a minimum due to the amount of knowledge that those breaking the law can acquire to attempt to deter the efforts of those trying to piece together the puzzle the wrong doers left behind.…

    • 1326 Words
    • 6 Pages
    Improved Essays
  • Decent Essays

    Occupational Fraud Paper

    • 538 Words
    • 3 Pages

    INTRODUCTION This paper is written to summarize my learnings from the Report to the Nations on Occupational Fraud and Abuse (“Report to the Nations”) published by the Association of Certified Fraud Examiners (“ACFE”). Most sections of the Report to the Nations will be written about individually. The sections of the Report to the Nation that will be discussed are as follows: 1. The Cost of Occupational Fraud; 2.…

    • 538 Words
    • 3 Pages
    Decent Essays
  • Great Essays

    Money laundering is the act of taking proceeds from illegal acts and “cleaning it up” in order to hide its origin from authorities. This paper discusses the basic definition and three step process of money laundering, the history of the anti-money laundering movement, the agencies created to catch and prevent money laundering, and what consequences are in place for criminals involved. The origins of money laundering trace back thousands of years and the continuing crime eventually led to the passing of several statutes. The Bank Secrecy Act, the Money Laundering Control Act, and the Patriot Act are just a few of the major U.S. laws further discussed in this paper. The Financial Crimes Enforcement Network (FinCen) is the U.S. agency devoted…

    • 1471 Words
    • 6 Pages
    Great Essays
  • Superior Essays

    Week 6: Fraud Case Study Group Project Vanessa Ryan, Juan Caba, Rustin Prentice, Howard Miranda Champlain College Forensic Accounting ACCT-280-45 Nicole Bocra August 14, 2016 On July 31, 2015, Howard Miranda, CFO of Microstuff Inc., contacted the internal auditor Vanessa Ryan in reference to a suspected purchase and receiving scheme within the information technology department. Based on this initial accusation, an examination was conducted—which included reviews of relevant accounting, purchasing, and receiving records and interviews of appropriate personnel. The investigation uncovered a purchase and receiving scheme that was conducted at Microstuff, Inc.…

    • 1707 Words
    • 7 Pages
    Superior Essays
  • Improved Essays

    In the light of the growing number of scams, accounting scandals, massaging of books, misuse and misappropriation of public money, the importance of Corporate Governance can’t be overstressed. Formation and proper functioning of Corporate Governance body abiding by international rules and regulations has become of quintessential importance today as survival and success in global market can be ensured only via foreign investment, foreign customers: simply in a word by going global. Image 1: Reference Bullet no. 17 Corporate Governance is the way a corporation polices itself. It intends to increase the accountability, transparency and efficiency of the management and advocates adoption of consumer and environment friendly business practices.…

    • 903 Words
    • 4 Pages
    Improved Essays

Related Topics