Internet fraud

financial statements are free of material misstatement whether caused by error or fraud. The Auditor has standards of fieldwork that should be used as a guide to fulfill their responsibility. These standards are covered in SAS 99. Fraud is the intentional act that results in a material misstatement in financial statements that are the subject of an audit. There are two types of misstatements relevant to the consideration of fraud, Misstatements arising from fraudulent financial reporting and…

Have you ever been hacked? Not in the “Haha I took a funny picture on your account hacked,” but the scary moment when you realize your passwords have been changed and you can’t access your bank account anymore? If you haven’t, count yourself lucky, because Security Researchers state that almost half of the population of the United States has been hacked, or have had their private information leaked to the web. Many times you don’t even know it’s happened. Companies don’t like sharing information…

During the time period of 1990 to 2000 financial statement fraud was pretty common. Various firms were engaged in financial fraud without thinking that the investors, and other stakeholders rely on those financial statements and the opinion of the auditor on those financial statements. The Sarbanes-Oxley Act was created because of the multiple accounting scandals of WorldCom & Enron in July 30, 2002. Because of that the investors lose billions of dollars, this negatively impacted financial stock…

Throughout this course we have learned that there is a clear connection between organized crime and public officials, such as law enforcement, lawyers, judges and even the president. But corruption is not only prevalent with politicians and public officials. It also instills legitimate businessman as well. The reality is that organized criminals, legitimate businesspeople, and government officials are equal players in a marketplace of corruption (Lyman, 2015). The organized crime and…

Button, M., & Gee, J. (2012). The scale of health-care fraud: A global evaluation. Security Journal, 25(1), 76-87. This article points out the seriousness of health care fraud by providing the findings from a survey of fraud and error loss measurement in the health care areas of six different countries. Health care fraud is a blue collar crime that has seen a rise in recent times. This article points out that the legal definition of fraud; is defined as false representation abuse of position…

it onto Wall Street in December 1986 (Ciulla). In March of the next year, Minkow’s shares were $64 million and later raised to $110 million the month after (Ciulla). However, a year later, Minkow’s credit card fraud became evident leading to his downfall and conviction of 57 counts of fraud and 25 years in prison (Ciulla). Once Minkow’s scheme was discovered, investors had already lost over $100 million dollars’…

The Bernard Madoff Ponzi scheme was indeed a despicable intractably woven web of deception. He swindled millions of dollars from both the rich and the struggling middle class for more than 50 years. Madoff was money driven to the point that not even his friends and family was speared from his lies. People are driven by money, therefore, there will always be crimes as a result of the pursuit of this most tempting symbol of wealth. However, this is also the reason authority institutions are…

After using the fraud triangle and information gathered I have identified the following incentives and pressures, opportunities, and attitudes for Pinnacle to engage in fraudulent financial reporting. The incentive is that Pinnacle’s board is trying to sell the Machine-Tec division and so the President is determined to make it as profitable as possible. The pressure they are facing is that Pinnacle is in the complex situation where they can violate its debt agreements. With their opportunities…

Phoniness People put on all sorts of facades when interacting with others, seldom showing people exactly what they are like. For Holden Caulfield in The Catcher in the Rye, he is not able to see beyond people’s phoniness and uses it as an excuse to pull away from society. Even though Catcher in the Rye was written in 1951 there is certain themes that still have a big part in the world, Phoniness is an example. Int the Catcher in the Rye Holden gets fed up with everyone and their phoniness,…

Drawbacks towards growth include instability, increased volatility, dependency on other currencies, legal infrastructure, and lack of trust. Advantages for growth include waived exchange fees, less chances of fraud, and unbounded exchange rates. While consumers may see an assortment of flaws with cryptocurrency, there are solutions that can help alleviate the detriments of digital currency, such as creating financial intermediaries, integrating virtual currencies…