someone interested in the Forensic Accountant profession they should know that this field can be time consuming, but very rewarding. People who work in this career investigate white collar crimes such as company fraud, fraudulent financial record reporting, and illegal investment schemes. In a recent study by the Federal Bureau of Investigation shows that white collar crimes have cost the United States and estimated 300 billion dollars (DiGabriele 2008). I think five of the skills that a forensic
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Actuarial Accounting: A Cautionary Report Dan R. Young, Esq. Attorney at Law Law Offices of Dan R. Young Seattle, Washington danryoung@netzero.net Presented the Spring Meeting of the CAS New Orleans, Louisiana May 6, 2009 The Story of the AIG Accounting Scandal The Companies The Participants Regulatory Scrutiny Intensifies The Prosecution Case The Defense Case Relevant Laws and Regulations The Fate of the Participants The Companies AIG Overview (2007) World’s
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Sarbanes-Oxley Act of 2002 ACC/561 Sarbanes-Oxley Act of 2002 Following a number of discovered fraud scandals committed by well-known corporations and in order to restore public confidence in the stock market and trading of securities, the United States congress passed the Sarbanes-Oxley Act in the year 2002. As a result of the act endorsement by the New York Stock Exchange and the Securities and Exchange Commission, among many other national overseeing committees, a number of rules and regulations
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Corporate Scandals And Regulations February 18, 2014 Introduction In recent years there has been many different regulations that have been put into effect to avoid any more accounting scandals. Some scandals that has gotten worldwide attention would be scandals such as WorldCom, Enron and Avon. These regulations have been put in place to help investors and to prevent companies from being put in situations where a scandal could arise. Companies need to pay close attention and follow
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involved in a series of criminal acts but whose criminal organization carried out the details. 2. Benford’s Law (1)定义：A fraud indicator that predicts the relative incidence of first digits of numbers in certain types of random data. (2)Benford Analysis Benford analysis presents another interesting approach to fraud detection. Its general use is to determine the likelihood that fraud exists in records. This technique is based on Benford’s law, named after Frank Benford who realized that the likelihood
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The Case of Kay Lemon Detect/Prevent Fraud in Financial Statements Professor K. Day Angela Born March 1, 2015 Case of Kay Lemon Lemon concealed her larceny by using the technique of false debits. These debits were made to the inventory account overvaluing the assets on the books. She used a billing scheme to cover her theft by inflating the amount of payment made to the vendor on the books. Per the books, the vendor was paid a larger amount than the actual invoiced amount and she was
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HEALTHSOUTH CORPORATION SCANDAL Dannie Lover Professor Seedgrass Financial Accounting South University October 9, 2013 THE ORGANIZATION In 2003, the Securities and Exchange Commission (SEC) charged HealthSouth Corporation, the nations’ largest provider of outpatient surgery, diagnostic and rehabilitative healthcare services, and its Chief Executive Officer and Chairman Richard M. Scrushy with a massive accounting fraud. Scrushy, along with several of his former colleagues allegedly
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Actuarial Accounting: A Cautionary Report Dan R. Young, Esq. Attorney at Law Law Offices of Dan R. Young Seattle, Washington danryoung@netzero.net Presented the Spring Meeting of the CAS New Orleans, Louisiana May 6, 2009 The Story of the AIG Accounting Scandal The Companies The Participants Regulatory Scrutiny Intensifies The Prosecution Case The Defense Case Relevant Laws and Regulations The Fate of the Participants The Companies AIG Overview (2007)
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ruined a lot of people lives and will do so , if they continue to commit fraud when it comes to money and transaction.. Financial statement fraud is a deliberate attempt by corporations to deceive or mislead users of published financial statements, especially investors and creditors, by preparing and disseminating materially misstated financial statements’ (Rezaee, 2005:279). An extensive literature on fraud exists (e.g. Apostolou et al, 2000; Rezaee, 2005; Ozkul and Pamukcu
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companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 ‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) ‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat
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