Skimming schemes are far less common than larceny schemes.
18 Aug 2021Larceny, skimming, and misuse are all subdivisions of theft of cash.
18 Aug 2021Statistics show that fraud losses are directly proportional to age and inversely proportional to education.
18 Aug 2021Employee frauds constitute a greater percentage of all frauds and have greater median losses than do management and owner frauds combined.
18 Aug 2021At the present time, approximately 25,000 members make up the Association of Certified Fraud Examiners.
18 Aug 2021Why are theft of cash through larceny schemes easier to detect than skimming schemes?Here is a tip:The books of accounts give the information of every financial item in detail.
18 Aug 2021What are the four types of corruption?Here is a tip:A payment or any exchange of monetary value that occurs under-the-table for a dishonest reason is called corruption.
18 Aug 2021What are the six kinds of fraudulent disbursements?Here is a tip:An employee conducts fraudulent activities in various ways for getting personal benefits in lieu of loss of the organization.
18 Aug 2021When does a conflict of interest occur? Give an example.Here is a tip:Conflict of interest is a scheme under the types of corruption.
18 Aug 2021Briefly describe how the use of databases could help in detecting kickback fraud schemes.Here is a tip:Fraud is an intentional act to harm someone or in order to achieve personal gain.
18 Aug 2021What is meant by the term "bribery"?Here is a tip:Bribery is a type of corruption.
18 Aug 2021What is meant by the term "corruption"?Here is a tip:Corruption is caused out of unethical behavior toward society and people.
18 Aug 2021What are payroll disbursement fraud schemes?Here is a tip:The process which includes the payment of salaries, bonus and other incentive to the employee of the company is known as payroll.
18 Aug 2021How do executives illegally loot their companies to receive large financial benefits?Here is a tip:Corporate looting is the other name of disbursement fraud.
18 Aug 2021What are expense fraud schemes?Here is a tip:Truthful and correct documentation is ignored in the expense schemes.
18 Aug 2021What is meant by a billing scheme?Here is a tip:The risk of acquiring cash or inventory is not considered in billing schemes.
18 Aug 2021What is a register disbursement scheme?Here is a tip:The register is maintained by the organization to keep a record of transactions.
18 Aug 2021What is meant by check tampering?Here is a tip:Check tempering is considered to be unique among disbursement frauds.
18 Aug 2021How does the ACFE categorize fraudulent disbursements?Here is a tip:The employee conducts the fraudulent activities by various ways for getting the personal benefit at the cost of the organisation.
18 Aug 2021Describe what is meant by theft of cash through skimming.Here is a tip:Misappropriation of cash can be performed using skimming larceny or fraudulent disbursements.
18 Aug 2021Describe what is meant by theft of cash through skimming.Here is a tip:Misappropriation of cash can be performed using skimming larceny or fraudulent disbursements.
18 Aug 2021Describe what is meant by an organizations theft of cash through larceny.Here is a tip:Misappropriation of cash can be performed using skimming larceny or fraudulent disbursements.
18 Aug 2021Describe what is meant by an organizations theft of cash through larceny.Here is a tip:Misappropriation of cash can be performed using skimming larceny or fraudulent disbursements.
18 Aug 2021What are the three types of fraud against organizations that employees, vendors, and customers use to steal an organizations assets?Here is a tip:Gaining the personal economic benefit in an unethical manner and at the cost of others is known as fraud.
18 Aug 2021The federal government gives huge rewards for taking action to expose fraud against itself. Under federal law, if you have personal knowledge that an individual, business, city, county, or town has provided false information to obtain money from the federal government or to avoid...
17 Aug 2021Besides the frauds introduced in the above paragraphs, what other types of frauds can individuals perpetrate against organizations?Here is a tip:Frauds committed against organizations include those that are meant to deceive an organization for an unlawful gain.
17 Aug 2021The following discussion is found in the U.S. Bankruptcy Report on Lehman Bros. Holdings dated March 22, 2010:Lehman employed off-balance sheet devices, known within Lehman as "Repo 105" and "Repo 108" transactions, to temporarily remove securities inventory from its balance shee...
17 Aug 2021Enron founder and former Chairman and CEO Kenneth Lay was indicted in July 2004 for his role in the Enron scandals. The SECs complaint against Lay, ironically, seemed to corroborate Lays protests that he had nothing to do with the manipulation of Enrons books. The complaint, howe...
17 Aug 2021WorldCom Corporation began as a small company in the 1980s. Under the direction of CEO and cofounder Bernie Ebbers, it quickly grew to become one of the largest telecom companies in the world. Ebberss success resulted in his theory that survival in the telecommunications industry...
17 Aug 2021WorldCom Corporation began as a small company in the 1980s. Under the direction of CEO and cofounder Bernie Ebbers, it quickly grew to become one of the largest telecom companies in the world. Ebberss success resulted in his theory that survival in the telecommunications industry...
17 Aug 2021WorldCom Corporation began as a small company in the 1980s. Under the direction of CEO and cofounder Bernie Ebbers, it quickly grew to become one of the largest telecom companies in the world. Ebberss success resulted in his theory that survival in the telecommunications industry...
17 Aug 2021On March 26, 2002, the SEC charged six Waste Management executive officers for the perpetration of a five-year financial fraud. The following is an article summarizing the SECs complaint against these officers:The complaint names Waste Managements former most senior officers: Dea...
17 Aug 2021On March 26, 2002, the SEC charged six Waste Management executive officers for the perpetration of a five-year financial fraud. The following is an article summarizing the SECs complaint against these officers:The complaint names Waste Managements former most senior officers: Dea...
17 Aug 2021On March 26, 2002, the SEC charged six Waste Management executive officers for the perpetration of a five-year financial fraud. The following is an article summarizing the SECs complaint against these officers:The complaint names Waste Managements former most senior officers: Dea...
17 Aug 2021In 2005, the SEC filed a civil action suit against Samuel Israel III and Daniel E. Marino, managers of a group of hedge funds known as the Bayou Funds. The SEC alleged that Israel and Marino defrauded millions of dollars in investor funds for their personal use. In addition to th...
17 Aug 2021You keep looking over the financial statement to see where your analysis is going wrong, but you cant see any problems—it just looks like inventory is getting larger and larger, but you know that you havent seen growth in the actual levels of inventory that the financials seems t...
17 Aug 2021David Sutherland, a partner and fraud examiner in Rachin Cohen & Holtz LLP, was driving to a client when he heard a CNN announcement that LucidCom, a newly emerged provider of network infrastructure and connectivity products, reported strong fourthquarter earnings and announced a...
17 Aug 2021In November 2017, Wehav Funds, a profitable engineering firm, signed a loan guarantee as a third party for No Certainty Company, a newly formed organization focused on pharmaceutical research and development. Because Wehav Funds was a reputed and successful company, the loan was ...
17 Aug 2021On a beautiful spring morning in 2015, Stephen Lowber, chief financial officer of Cutter and Buck, Inc., slowly arose from his bed, walked across the bedroom floor, and gazed out the window. It was a surprisingly clear, sunny day in Seattle, Washington. Despite the beauty of the ...
17 Aug 2021ABCDE Technologies, Inc., designs, manufactures, and markets an extensive line of PC cards. The company sells its PC cards primarily to original equipment manufacturers (OEMs) for industrial and commercial applications in a market with intense competition. In fact, many OEM compa...
17 Aug 2021During the audit of a manufacturing client, you are instructed to do vertical and horizontal financial statement analyses. In your analyses, you notice little increase in the clients overall long-term liabilities. However, you remember that a note was extended to the client by a ...
17 Aug 2021The following two comparative balance sheets and statements of income are for XYZ Company for the years 2015-2017:Calculate all ratios needed to determine if XYZ is possibly underreporting accounts payable. If you detect possible fraud, explain why you think it might exist.
17 Aug 2021The officers of an oil refiner, trader, and hedger based in New York were arrested by the FBI for committing massive financial statement fraud. The executives used many schemes to perpetuate the fraud, one of which was to hide a $30 million accounts payable from the auditors and ...
17 Aug 2021In its 2001 annual report, investors of Adelphia Communications were startled to find a footnote in its financial statements that reported the company had guaranteed as much as $2.7 billion in loans to a private entity owned by CEO John Rigas and his family. As a result of the fo...
17 Aug 2021Until its involvement as Enrons auditor, Arthur Andersen was recognized as one of the most respected CPA firms in the world. Arthur Andersen, as did other large CPA firms, operated as a limited liability corporation, or LLC. At the time that its involvement as Enrons auditor was ...
17 Aug 2021Qwest is the dominant local telephone company in 14 states and the owner of an international fiber-optic network. In 2002, the company was investigated by the SEC for not including certain expense items related to its merger with U.S. West, among other issues.1. Why would the SEC...
17 Aug 2021Enron is a large energy trading company that allegedly committed massive fraud. Enrons primary method of committing fraud was to record liabilities in related partnerships, then known as special purpose entities, which were not consolidated, or combined, with Enrons financial sta...
17 Aug 2021John is the manager of a small computer sales and support chain. He has stores located throughout the state of California and is in strong competition with all of the major computer providers within that state. Johns company is known for providing quick support and friendly servi...
17 Aug 2021Which of the following is a good place to look for inadequate disclosures?a. Board of directors minutes.b. Correspondence and invoices from attorneys.c. Confirmations with banks and others.d. Loan agreements.e. All of the above are good places to look for inadequate disclosure.
17 Aug 2021When looking for accounting or documentary symptoms of fraud when a merger occurs, one of the first steps should be to:a. Make sure that the purchasing company got a fair deal.b. Make sure that the selling company properly disclosed its financial troubles.c. Make sure that both t...
17 Aug 2021