Financial Statement Fraud Motives Methods Cases And Detection

Author: Khánh Nguyen
Publisher: Universal-Publishers
ISBN: 1599423197
Size: 19.15 MB
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Financial Statement Fraud Motives Methods Cases And Detection from the Author: Khánh Nguyen. Financial reporting frauds and earnings manipulation have attracted high profile attention recently. There have been several cases by businesses of what appears to be financial statement fraud, which have been undetected by the auditors. In this project, the main purpose is to focus on the nature of financial statement fraud, and fraud schemes regarding to financial statements. The project also discusses common techniques used to detect financial statement frauds. Two cases of the fraudulent financial statements of Enron and WorldCom are analysed.

Fraud In Financial Statements

Author: Julie E. Margret
Publisher: Routledge
ISBN: 1317804368
Size: 26.86 MB
Format: PDF
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Fraud In Financial Statements from the Author: Julie E. Margret. As the monetary cost of fraud escalates globally, and the ensuing confidence in financial markets deteriorates, the international demand for quality in financial statements intensifies. But what constitutes quality in financial statements? This book examines financial statement fraud, a topical and increasingly challenging area for financial accounting, business, and the law. Evidence shows that accounting anomalies in an organization’s financial statements diminish the quality and serviceability of financial information. However, an anomaly does not necessarily signal fraud. Financial statement fraud is intended to mislead shareholders and other stakeholders. In this book, elements that underpin diversity of accounting anomalies likely found in fraudulent financial accounting statements are revealed. Multiple research methods are used in the analysis of selected international fraud cases, each illustrating examples of financial statement fraud, including: revenue recognition, overstatement and/or misappropriation of assets, understatement of expenses and liabilities, disclosure fraud, bribery and corruption. Additionally, the phoenix phenomenon with regard to fraud in financial accounting is investigated. Drawing on documented observations of commercial and legal cases globally this study highlights the necessity for continued development of financial audit practices and other audit services.

Financial Statement Fraud

Author: Zabihollah Rezaee
Publisher: John Wiley & Sons
ISBN: 9780470543238
Size: 55.94 MB
Format: PDF, ePub, Mobi
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Financial Statement Fraud from the Author: Zabihollah Rezaee. Practical examples, sample reports, best practices and recommendations to help you deter, detect, and prevent financial statement fraud Financial statement fraud (FSF) continues to be a major challenge for organizations worldwide. Financial Statement Fraud: Prevention and Detection, Second Edition is a superior reference providing you with an up-to-date understanding of financial statement fraud, including its deterrence, prevention, and early detection. You will find A clear description of roles and responsibilities of all those involved in corporate governance and the financial reporting process to improve the quality, reliability and transparency of financial information. Sample reports, examples, and documents that promote a real-world understanding of incentives, opportunities, and rationalizations Emerging corporate governance reforms in the post-SOX era, including provisions of the SOX Act, global regulations and best practices, ethical considerations, and corporate governance principles Practical examples and real-world "how did this happen" discussions that provide valuable insight for corporate directors and executives, auditors, managers, supervisory personnel and other professionals saddled with anti-fraud responsibilities Expert advice from the author of Corporate Governance and Ethics and coauthor of the forthcoming Wiley textbook, White Collar Crime, Fraud Examination and Financial Forensics Financial Statement Fraud, Second Edition contains recommendations from the SEC Advisory Committee to reduce the complexity of the financial reporting process and improving the quality of financial reports.

Financial Statement Fraud

Author: Gerard M. Zack
Publisher: John Wiley & Sons
ISBN: 1118421477
Size: 45.41 MB
Format: PDF, Mobi
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Financial Statement Fraud from the Author: Gerard M. Zack. Valuable guidance for staying one step ahead of financial statement fraud Financial statement fraud is one of the most costly types of fraud and can have a direct financial impact on businesses and individuals, as well as harm investor confidence in the markets. While publications exist on financial statement fraud and roles and responsibilities within companies, there is a need for a practical guide on the different schemes that are used and detection guidance for these schemes. Financial Statement Fraud: Strategies for Detection and Investigation fills that need. Describes every major and emerging type of financial statement fraud, using real-life cases to illustrate the schemes Explains the underlying accounting principles, citing both U.S. GAAP and IFRS that are violated when fraud is perpetrated Provides numerous ratios, red flags, and other techniques useful in detecting financial statement fraud schemes Accompanying website provides full-text copies of documents filed in connection with the cases that are cited as examples in the book, allowing the reader to explore details of each case further Straightforward and insightful, Financial Statement Fraud provides comprehensive coverage on the different ways financial statement fraud is perpetrated, including those that capitalize on the most recent accounting standards developments, such as fair value issues.

Fraudulent Financial Reporting

Author: Uwe Klapproth
Publisher: GRIN Verlag
ISBN: 3640963733
Size: 14.87 MB
Format: PDF, Docs
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Fraudulent Financial Reporting from the Author: Uwe Klapproth. Essay from the year 2010 in the subject Economics - Finance, grade: Good Pass, University of Portsmouth, language: English, abstract: INTRODUCTION: CASE OF FINANCIAL FRAUD Fraudulent financial reporting is the most costly type of the three types of occupational fraud. Recent surveys found that financial fraud is substantial and affecting the relevance and reliability of financial statements; potentially causing long-term damage to the usefulness of financial statements (Schipper & Vincent, 2006). According to the Association of Certified Fraud Examiners (ACFE) there are three types of occupational fraud (ACFE, 2006). The three categories are asset misappropriations, corruption, and fraudulent financial results, and this report focuses on the last item, financial reporting fraud.

Financial Statement Fraud Casebook

Author: Joseph T. Wells
Publisher: John Wiley & Sons
ISBN: 9781118077061
Size: 36.15 MB
Format: PDF
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Financial Statement Fraud Casebook from the Author: Joseph T. Wells. A comprehensive look at financial statement fraud from the experts who actually investigated them This collection of revealing case studies sheds clear insights into the dark corners of financial statement fraud. Includes cases submitted by fraud examiners across industries and throughout the world Fascinating cases hand-picked and edited by Joseph T. Wells, the founder and Chairman of the world's leading anti-fraud organization ? the Association of Certified Fraud Examiners (ACFE) ? and author of Corporate Fraud Handbook Outlines how each fraud was engineered, how it was investigated and how the perpetrators were brought to justice Providing an insider's look at fraud, Financial Statement Fraud Casebook illuminates the combination of timing, teamwork and vision necessary to understand financial statement fraud and prevent it from happening in the first place.

Accounting Irregularities In Financial Statements

Author: Benny K.B. Kwok
Publisher: Routledge
ISBN: 1351961063
Size: 18.50 MB
Format: PDF, Mobi
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Accounting Irregularities In Financial Statements from the Author: Benny K.B. Kwok. Accounting irregularities are at the heart of those kinds of frauds that hit financial statements and include misstatement, misclassification as well as misrepresentation. In essence, they involve manipulation of accounting data, description or disclosure in order to distort the true financial picture of the organization in question. This book provides an in-depth practical reference, designed for litigators, investigators, auditors, accountants and other professionals who need to understand and combat accounting irregularities and to uphold the integrity of financial statements. Regulators will find this book an essential source of ideas and references when considering reforms. Educators and students will see this book as an alternative, inspiring way of understanding accounting and how to stay alert for accounting irregularities. The first two chapters introduce the basics of accounting irregularities in the context of the financial reporting environments, and generally accepted accounting principles in the UK and Hong Kong. Perpetrators often seek ways to creating financial illusions in four common directions - selling more, costing less, owning more and owing less as discussed in Chapters 3 to 6. The seventh chapter considers various ways that perpetrators manipulate the classification and disclosure of financial statements. Chapter 8 explores three scenarios of accounting irregularities - tax evasion, theft and commercial dispute. The concluding chapter sets out the deterrents to accounting irregularities in two dimensions. At the micro-level, deterrents are implemented within the authority of the organization in question, whilst the macro-level deterrents refer to the external environment beyond the controls of any individual organization.

Looking Beyond Financial Statements

Author: Patricia M. Ferraro-Hatzfeld
Size: 64.42 MB
Format: PDF, ePub
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Looking Beyond Financial Statements from the Author: Patricia M. Ferraro-Hatzfeld. Auditors are provided fraud risk assessment guidelines generally designed to assess the likelihood of fraud in the financial statements, and a review of public information reveals that these fraud risk assessments are centered on fraudulent financial reporting only. Vulnerabilities recently uncovered from case studies support the notion that the guidelines do not focus on the external or non-financial statement related risks, and these missed opportunities can act as potential indicators of investment fraud. The purpose of this study was to identify the most common investment fraud red flags that address the risks and vulnerabilities, and to make a determination on whether the fraud risk and internal control assessments in financial statement auditing appear adequate to uncover investment fraud as well as financial statement fraud. A review of 30 investment schemes and a survey of 12 respondents yielded some interesting results. It was apparent that the most common red flags for Ponzi schemes were: unusually high rates of guaranteed return; owners having too much control; and a lack of transparency about the investment portfolios with certain parts of the business kept secret, something that speaks to misrepresentation. It was apparent that the most common red flags for pump and dump schemes were: owner having too much control and claims of inside information and misrepresentation. Because no data could be gathered from individuals working in the forensic or public accounting professions, more research needs to be completed to determine whether or not any of the red flags identified could be found through a financial statement fraud analysis.