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  • Fraud Prevention

    Overview Fraud has become common occurrence in business world. And organizations lose considerable chunk of their hard-earned revenue to fraud. Prevention and Detection are two methodologies to handle a white-collar crime like business fraud. Wisest approach towards any illegal and inappropriate activity is to prevent it from occurring in first place. Prevention is the most economical way of tackling fraud. Barriers to Fraud Prevention Fraud prevention is challenged by several barriers which can be broadly categorized into Legal, Political and Social factors. Understanding the motivation Factors like opportunity and suitable target, presence of fraud motivated persons/groups, absence of able defense mechanism are drivers of fraudulent activities. Fraud Guilt Neutralization: Justification of fraudulent act via guilt neutralization is an added motivation to commit fraud. Public attitude towards insurance fraud as victimless or harmless crime factors to increasing number of fraud cases. Sometimes, especially owing to intermediaries’ role, fraud appear as standard business practice making it a crime no worse than millions other do. Common guilt neutralization arguments: Authorship denial – blame shifting or even claiming to have been coerced Sharing responsibility – ‘no big deal for company’, ‘it’s a rife and every one’s involved’ kind…

    Words: 776 - Pages: 4
  • A Summary Of Accounting Fraud

    individual or a group with the intention of making more money for organization when caught by the authorities or by any other means comes under Accounting Scandal. There are several accounting practice, which are developed in order to avoid fraud in accounting process such as Generally Accepted Accounting Principles(GAAP), International Financial Reporting Standard(IFRS)…

    Words: 703 - Pages: 3
  • Occupational Fraud Paper

    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. How Occupational Fraud is Committed; 3. Detection of Fraud Schemes; 4. Victim…

    Words: 538 - Pages: 3
  • Why Is Payroll Fraud Important

    Detecting and Preventing Payroll Fraud Payroll fraud is something that is very dangerous for companies and it is important that business leaders are working to detect and prevent it from occurring. The most common form of payroll fraud is when an employee gains access to funds that they are not entitled to. For salary employees, this could mean adding an additional, fake employee to the payroll and collecting their wages. Hourly employees may commit payroll fraud by altering the hours that they…

    Words: 293 - Pages: 2
  • Examples Of Financial Statement Fraud

    Financial Statement Fraud Company financial statements provides information that is utilized by investors to evaluate the conduct of managers and to compose economic arrangements (Chinniah, 2015, p. 1). The consumers of the financial statement may consider the financial information received as dependable and appropriate for its function (p. 1). Chinniah indicates accounting standards and regulations have been put in place to try to certify the financial information provided is consistent with…

    Words: 1706 - Pages: 7
  • Raptor Fraud Case Study

    • Handled customer’s credit card purchase disputes by ensuring all the required documentation was completed and charged back the disputed amount to the merchant in compliance with Visa and MasterCard rules and regulations. • Placed outbound calls, responded to inbound calls, and analyzed credit card transactions in order to identify potential fraudulent activity using the Raptor Fraud Detection System. • Reviewed electronic cases produced by the Raptor Fraud Detection System, analyzed…

    Words: 1154 - Pages: 5
  • Donald Cressey's Fraud Triangle

    Donald Cressey’s “Fraud Triangle” is a classic model used to clarify a widely-supported hypothesis of why the occupational offender commits fraud. (Sridhar Ramamoorti , Daven Morrison ,Joseph W. Koletar, 2009)According to the ACFE, occupational fraud is“the use of one’s occupation for personal enrichment through the measured misuse or misapplication of the employing organization’s resources or assets. The source of fraud lies in voracity and the opportunity for deception. It has severely…

    Words: 418 - Pages: 2
  • Essay On Small Business Fraud

    Small Business Fraud Fraud has become a major issue in the world in which we live today. Many would argue that fraud is quickly becoming a norm in today’s society. This abstract and false view on fraud has made its way into the business world and has created an idea that fraud is an acceptable and necessary part of living, specifically within small businesses. The unique aspect of small business fraud, is that the fraudster is possibly an employee within the company. To simply state that small…

    Words: 1228 - Pages: 5
  • Fraud Under Section 1030

    Background According to the United States Code under Section 1030, computer fraud is a serious offense and regarded as an illegal act. The United States Code addresses fraud and any related activities in connection with computers. Hence, computer fraud is defined as a deed of exploiting computers, internet, internet devices, and internet services to defraud people, companies or government agencies. Some of the methods and techniques used are DDoS, phishing, social engineering, and viruses to…

    Words: 674 - Pages: 3
  • Fraud At Rite Aid: Reconciliation

    The fraud perpetrated at Rite Aid could have been detected through the reconciliation of liabilities with monthly statements from the creditors. By reconciling the liabilities with the vendors’ statements, the auditors would have been able to detect any omission of liabilities or the reversal of expenses as was the case at Rite Aid. Also, the auditors could have used analytical procedures such as ratios for the year of audit and compared it to prior periods to detect unusual patterns or trends.…

    Words: 299 - Pages: 2
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