This website uses cookies to ensure you have the best experience. Learn more

Bmgt423 Fraud Examination Exam Notes Essay

3286 words - 14 pages

-Who's in charge of internal control --> management (SOX)
-Management has to sign off to show internal control is working
-Everything over $10,000 needs a signature (stamps)

ACFE (association of certified fraud examiners --> results from misconduct of employees, managers, and executives) definition of occupational fraud - "use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing org's resources or assets."

Fraud - A generic term that embraces all the multifarious means that human ingenuity can devise, which are resorted to by one individual, to get an advantage over another by false representation. No definite and ...view middle of the document...

investment sold to unsuspected investors
b. mutual fund scams where mutual fund is always priced 4pm ET and fund manager will let their favorite customer buy after 4pm ET if it's to their advantage (market timing)
c. during your life time 1 in 3 people will fall under the scam
4. Vendor fraud
a. Overcharging, shipment of inferior goods, no shipping but charged
b. Variety 1 - Buyer in the org. (collusion b/t buyers & vendors)
c. Variety 2 - sometimes done alone (vendors alone)
5. Customer fraud
a. switch tags on products
b. getting something for nothing (shoplifting)
c. deceive org. in giving something they shouldn't
6. Miscellaneous - anything else that doesn't fall in other categories

Two types of prosecution of fraud:
1. Criminal (federal or state level)
a. deals w/ offense of a public nature or against society
b. violates statute
c. fines/jail (statutes will specify)
2. Civil
a. individuals
b. civil suit
c. to get restitution
d. no jail time
e. preponderance of evidence
f. judge/jury-6
g. easier to get guilty plea

1. anti-kickback act (govnt contractors)
2. mail fraud
3. bank fraud
4. RICO --> prosecuting fraud of interstate commerce (racketeer influence corruption org) --> an offense for any person associated w/ an "enterprise" engaged in interstate commerce to conduct the affairs of the enterprise through a "pattern or racketeering activity.
5. Bribery of public officials and witnesses
6. FCPA --> foreign corruption practices act --> 1st act officially required public traded companies to have internal control
7. Securities fraud (insider info.)
a. beyond reasonable doubt
b. 12-men jury
8. Computer fraud
9. Tax evasion

FBI always look for accounting background and fraud experience people

Within org. - internal auditor, security officer, lawyer

Preventing ID theft:
1. mail stuff through US postal mailbox
2. shred all credit card application
3. credit report
4. limit personal info giving out

=======================================================================

CHAPTER 2

1. Who commits fraud?
a. people have financial difficulties
b. s.o living beyond their means
c. s.o who's been w/ a company for a while etc.

2. Characteristics:
a. less likely to be caught, convicted than other criminal
b. older people
c. educated, religious, less likely to have criminal record, not abusing alcohol/drugs
d. someone who's likely to be hired

3. Fraud Triangle
a. Perceived pressure (oxygen)
i. financial pressure and greed (living beyond means, unexpected needs, personal financial loss, high debt/bills, poor credit)
ii. vices
iii. work related
iv. other
b. Opportunity (fire)
i. try to eliminate fuel and/or heat
ii. remove one element to prevent fraud
iii. opportunity is the easiest to remove through the use of good internal controls (inplace, supervise, and monitor)
iv. weak internal controls --> people rationalize to commit fraud
c. Rationalization (heat)

...

Other Papers Like Bmgt423 Fraud Examination Exam Notes

And the Fraud Continues Essay

1452 words - 6 pages . Pavlo’s tricks allowed him to hide his fraud from everyone until he was caught. One such trick was that Pavlo converted accounts receivable items into notes receivable. This allowed the accounts receivable item to be listed on the balance sheet as an asset rather than an expense. Another trick Pavlo used was to mask the bad debt by using the unapplied cash from the funds that were not allocated to specific accounts within MCI. In order for the

Financial Markets Essay

2380 words - 10 pages on a new page. Carry out the instructions on the front cover of the exam script book and the front of this exam paper. 6. Non text storing calculators are allowed. 7. Bi-lingual dictionaries are not allowed. 8. Write your full name and student number on each examination booklet and on the multiple choice answer sheet. Students must not write during reading time 9. The exam comprises two sections. Section A comprises 8 discussion questions from

Success for You

569 words - 3 pages Studying For An Examination Exams are terrible and stressful things to study for, especially knowing that they can make or break your final mark. Being able to study in the proper manner will help you achieve the best results, so make use of these tips. But be aware that these tips may not work for other people hence you might want to make a little change to suit your environment and make you comfortable. Rewriting Rewriting your notes is

Reviewing Strategies for Preparation of 4th Year Nursing Students for Upcoming

1875 words - 8 pages considered enrolling in review classes; and 38 students considered technological information gathering as a beneficial factor in preparing for the Nursing Licensure Examination Reviewing Strategies This section discusses the reviewing strategies known and being done by the fourth year students and the reviewing strategies done by July 2010 Nursing Licensure Exam board passers during their preparation for the July 2010 NLE. [pic

Term Paper

3955 words - 16 pages Journal of Forensic & Investigative Accounting Vol. 4, Issue 2, 2012 The Obvious Fraud: A Short, Problem-Based Case Study to Highlight Inappropriate Fraud Examination Techniques David O’Bryan Jeffrey J. Quirin* INTRODUCTION Assume you are an internal auditor for a large, multinational, manufacturing organization with a division in Mexico. One of your responsibilities is to investigate allegations made on the company’s fraud hotline. When you

Tx1- Introduction

2670 words - 11 pages accountant. For information on the competencies developed and strengthened specifically in TX1 and how they relate to the course topics, see the TX1 examination blueprint. (To access the blueprint, go to Exam preparation/Exam blueprint in the course navigation pane.) The material in this course is important foundation material to the competencies that make up the CGA Competency Framework and may be re-examined in the capstone professional

Pest Analysis Of Cba

1960 words - 8 pages . Self-management and independent learning skills 6. Ability to work effectively in a team ASSESSMENT OVERVIEW Assessment Type | When assessed | Weighting (100%) | Class Test | Week 5 | 25% | Group Project | Week 10 | 25% | Final Examination | Exam Period | 50% | In order to pass this unit, you must: * Obtain an aggregate mark of at least 50; and * Make a

Dcfdvfgdf

1230 words - 5 pages FINC 6016 Financial Instruments and Markets Final Exam Guide * The final exam for FINC6016 Financial Instruments and Markets will be held on Thursday, November 13, 2014 at 1:50 pm. Please check the location for your specific exam on the Sydney Student section of the University of Sydney website. Note that there are multiple venues for the final exam due to the large class size – you may not have the same room as other students in the

Case 1 and Fraud Continues

1434 words - 6 pages companies off the books. Pavlo tricks allowed him to hide his fraud from everyone until he was caught. One of his tricks was that Pavlo converted accounts receivable items into notes receivable. This allowed the accounts receivable item to be listed on the balance sheet as an asset rather than an expense. Another trick Pavlo used was to hide the bad debt by using the unapplied cash from funds that were not allocated to specific accounts with MCI. In

2401 Exam 07

1340 words - 6 pages OFFICE USE ONLY AFF/AFW2401 Replacement Paper 24.5.07 Page 1 of 18 Monash University Semester One Examination 2007 Faculty of Business and Economics Department of Accounting and Finance EXAM CODES: AFF/AFW2401 TITLE OF PAPER: COMMERCIAL BANKING AND FINANCE EXAM DURATION: 3 hours READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Clayton Peninsula Distance Education

University Examination System in Pakistan

801 words - 4 pages for some it change their character but most used confidence in themselves. It is not making us understand things but learn them. Pakistanis University examination system is non reliable in many regards it is our exam system which is spoiling and real charge of students it is not providing us real and practical people but studious ones. Our exams are not a fair gauge of on how intelligent a pupil is, contrary to what many people think

Related Essays

Profesional Skepticism Essay

619 words - 3 pages Certified Fraud Examiners (CFE) are professional individuals who are trained and certified to detect, prevent, and deter fraud. The organization in charge of issuing the CFE designation is the Association of Certified Fraud Examiners (ACFE). Candidates for the CFE certificate must meet certain educational and professional requirements and pass a rigorous exam that covers the principles of fraud examination in order to receive the CFE credentials

Good Luck Essay

290 words - 2 pages . What can I bring into the mid-semester exam with me? Pens, pencils and erasers (rubbers), and only non-electronic English language dictionaries are allowed, and of course your student ID card. What else should I know? 1. The mid-semester exam will be conducted according to university examination rules. No talking, no mobile phones, no notes, no books, no copying or communicating of any kind will be permitted. Breaches of the examination

Forensic Auditing Essay

3839 words - 16 pages Foundation works to encourage students to pursue careers in fraud examination and provide resources for research on the detection and deterrence of fraud.” (“ACFE”) Become a member of the ACFE This membership is required to sit for the CFE exam and it is open to individuals who are interested in “the prevention, detection, and deterrence of fraud and fraud-related activities”, including individuals who are currently undergraduate or graduate

Article Synopsis: Why Employees Commit Fraud

1058 words - 5 pages written several books on the topic, for example Principles of Fraud Examination and Fraud Fighter: My Fables and Foibles. At a period when dishonesty at top U.S. companies is dominating public attention, The Fables and Foibles of a Fraud Fighter is a surprisingly frank and gripping memoir from an unsurprisingly effective fraud fighter. (Wells,2011). The article focuses on the importance of the CPA to understand what motivates people to commit fraud