...Accountant, Payroll Accountant, CPA, and Forensic Accountant just to name a few. Most of the jobs require a Bachelors’ Degree from an accredited university. Local accounting firms (AKA) public accounting firms provide services such as preparing taxes for business or personal, located within the city limits. The federal, state, and local taxes that are due from or to the business or individual can be prepared at the local branch. These offices may have one CPA managing the business or a group forming a partnership in the location. They may also assist in cases involving tax planning in which the client needs assistance in making arrangements in paying taxes back to Uncle Sam. Small business owners can use this company in preparing financial reports to gain funding from the bank. Regional offices are compared to local offices with the acceptation of the expansion of firms into other states as the business grows so does the services provided. These firms are located throughout the United States. Local firms become regional firms by opening other offices in nearby cities or states and growing staff members. Merging with other local firms is often a route to regional status. This growth is often accompanied by an increase in the amount of auditing as compared to other services. National Firms are set apart from regional and local firms are the location in which the firm is located. Accounting firms in major cities for example Chicago, Las Angeles, compared to Vicksburg and Port Gibson...
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...Forensic Accounting 1 Assignment 3: Forensic Accounting in Practice BUS 508 Professor: Edwin Quinn Jr. Carmesha Eldridge May 19, 2013 Forensic Accounting 2 1. Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. One of the most essential skills is being analytical. Forensic accountants must make sure that they are in a position to uncover financial deceptions by critically analyzing them with an understanding of fraud schemes. A forensic accountant is deductive analysis or the ability to take a shot at the financial contradictions that are not a normal pattern of the company to uncover potential financial fraud. Being analytical is essential to remaining an effective forensic accountant. They need to be able to analyze the validity of each transaction the company recorded to make sure that the transactions were reported accurately and fairly. They must possess the knowledge and expertise to interpret financial statements or work under situations where information has been either destroyed or tampered with and be analytical and put the pieces of the puzzle back together again. Forensic accountants should be detailed orientated. Being a forensic accountant means that you will be looking at large quantities of numbers from supporting documents and various financial reports...
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...Objectives, Advantages and Limitations of Auditing in a Globalized Business world There are two main objectives of auditing. The primary objective and the secondary or incidental objective. a. Primary objective – as per Section 227 of the Companies Act 1956, the primary duty (objective) of the auditor is to report to the owners whether the balance sheet gives a true and fair view of the Company’s state of affairs and the profit and loss A/c gives a correct figure of profit of loss for the financial year. b. Secondary objective – it is also called the incidental objective as it is incidental to the satisfaction of the main objective. The incidental objectives of auditing are: i. Detection and prevention of Frauds, and ii. Detection and prevention of Errors. Detection of material frauds and errors as an incidental objective of independent financial auditing flows from the main objective of determining whether or not the financial statements give a true and fair view. As the Statement on auditing Practices issued by the Institute of Chartered Accountants of India states, an auditor should bear in mind the possibility of the existence of frauds or errors in the accounts under audit since they may cause the financial position to be misstated. Fraud refers to intentional misrepresentation of financial information with the intention to deceive. Frauds can take place in the form of manipulation of accounts, misappropriation of cash and misappropriation of goods....
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...Forensic Accounting in Practice Twana Bethea BUS 508 May 21, 2013 Dr. Phyllis Praise Abstract Forensic Accounting is the application of the skills and training of a chartered accountant to disputes and investigations. Fraud is usually hidden in the accounting systems of organizations and that’s where forensic accountants play a critical role. Forensic accountants are contacted by companies when they need to figure out where a fraud was committed in their company. The accountants interview witnesses, analyze evidence such as email traffic between all parties involved. They will also freeze bank accounts if needed. They are hired to find out what happen and who was involved. If the case goes to trial they can be called to testify. The key skill of the forensic accountant is communicating complex financial transaction or data in a concise manner using images, graphs and languages that can be easily understood by non-accountants, the judiciary, and juries. With the growing complexity of business related investigations, Forensic Accounting professionals are increasing and the need is as well for investigations of business and financial issues. Forensic Accounting Practices Forensic Accounting has been in exist for many years, today there have been an increase in the need for this type of profession. Forensic accounting is the practice of integration of accounting, auditing and investigative skills. The accountings provide a court with an accounting analysis on the basis...
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...attitude toward social responsibility. Company Q is described as a small local grocery store chain with several locations in metropolitan areas. Recently, Company Q closed a couple of it's stores that were located in higher-crime-rate neighborhoods citing a consistent loss of revenue. Additionally, Company Q does not participate in donating day-old products to local community food banks. Management explains that day-old products are instead thrown away. The explanation provided for this is that management fears that donating food may heighten their risk of losing revenue to fraud and employee theft. Lastly, it is explained that Company Q – after years of customer requests – has started to offer it's customers a very limited selection of high margin, health conscious and organic products. Scores of small and large businesses operate in metropolitan areas. Chain businesses that operate in multiple areas should target each particular customer base individually – what sells very well in one area may not sell at all in another. Because economic, cultural, and lifestyle differences exist from one neighborhood to the next, a business that focuses on it's local customer's needs will be more successful. I feel that Company Q should reconsider the closing of their stores in higher-crime-rate neighborhoods. A grocery store is a for profit business, however it also provides a service to the community. Everyone has to buy...
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...in mostly white collar-crime. This organized crime group is involved with kidnapping, bank fraud, credit card theft, and numerous other technology criminal acts. This group has proven to be a powerful and dangerous group, stopping at nothing to reach the goal they set out to obtain. Determine the group’s national and multination structure and operation methods, pertaining to the drug business. The organized crime group known as the Armenian Power or AP was “formed in the 1980s by Armenian immigrants and others from former Soviet-bloc countries as protections against other ethnic gangs in the neighborhood” (Kandel, 2011, para. 3). The AP crime organization began as a gang and still has gang affiliations that include individuals classified as Armenian Power Associates and not members. The criminal enterprise consists of approximately 200 members who include Armenian Americans, Armenian immigrants, Soviet-bloc immigrants, and Hispanic members. The AP’s list of criminal activities include; defrauding “patrons of 99 Cents Only stores out of millions of dollars (credit and debit card fraud), kidnapping, identity theft, mortgage fraud, gun violations, extortion, gambling, and drug trafficking” (Kandel, 2011, para. 6). The AP is known for technology crimes, but they also trafficked and distributed large amounts of marijuana, cocaine, and heroin. The Armenian Power is a legitimate business structure that owns several companies, including Hallandale Medical Associates Inc. and Family...
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...general public, consumers and employees. Another typology is the size of entity, such as the crime of a major domestic corporation. Thirdly, the product or service involved is another topology. Finally, the nature of the harmful activity. I believe the victim and type of activity are the most significant, because you will most likely have the most data to draw from. Victims will almost definitely report their loss if they suspect foul play; all the while the type of activity will be reported or derived from the victims report. These areas, in my mind, hold for quantitative data. 2. Identify and discuss how the corporate abuse of power, corporate fraud, and corporate economic exploitation are interrelated, and which segments of society suffer from these forms of White Collar Crime. The corporate abuse of power, corporate fraud and corporate economic exploitation are interrelated by very undefined line. Based on my reading corporate abuse of power may be...
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...Christian Hufford Ethical Issues in Business Business Ethics BA 338 Business Ethics Unit 4 Individual Project August 5, 2014 Professor Loschiavo Pyramid schemes and Ponzi schemes share many similar characteristics in which unsuspecting individuals are fooled by unscrupulous investors who promise extraordinary returns. However, in contrast to a regular investment, these types of schemes can offer consistent “profits” only as long as the number of investors continues to increase. Ponzi and pyramid schemes are self-sustaining as long as cash outflows can be matched by monetary inflows. The basic difference a rises in the type of products that schemers offer their clients and the structure of the two ploys. Ponzi schemes are based on fraudulent investment management services- basically investors contribute money to the “portfolio manager” who promises them a high return, and then when those investors want their money back they are paid out with the incoming funds contributed by later investors. The person organizing this type of fraud is in charge of controlling the entire operation; they merely transfer funds from one client to another and forgo any real investment activities. On the other hand, a pyramid scheme is structured so that the initial schemer must recruit other investors who will continue to recruit other investors and those investors will then continue to recruit additional investors and so on. Sometimes there will be an incentive that is presented as an...
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...Running head: INDIVIDUAL PROJECT: Forensic Accountants: Fraud Busters 1 Individual Project: Forensic Accountants: Fraud Busters Pamela Turner Professor Ann Nelson Contemporary Business 508 February 13, 2013 Strayer University INDIVIDUAL PROJECT: Forensic Accountants: Fraud Busters 2 Individual Project: Forensic Accountants: Fraud Busters Determine the most important five skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. The age of information technology there is a definite rise in computer crimes, financial frauds, employee thefts and securities scams, insurance and bank frauds. The forensic accountant searches out fraud and criminal transactions in banking, corporate entity or from any other financial records within an organization. Forensic accountants take a more proactive, skeptical approach in examining books of accounting. The base of a forensic accountant is accounting knowledge. The dispersement of the knowledge of auditing, internal controls, risk assessment and fraud detection. There must be a basic or general understanding of the legal environment. The legal environment is essential in order to support the litigation. A strong set of communication skills both oral and written (Houck, 2006). Forensic...
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...Environmental Factor for Nestle Andrea Trahan MKT 421 July 30, 2012 Kenneth Peter Environmental Factor for Nestle Global Marketing has advantages that allow for centralize management and coordination of critical business functions, such as human resources, finance, and product development, according to Hammond (2012). Domestic Marketing strategy assumes consumers in different countries or geographic regions differ from one another and are ideal for highly differentiated products, according to Hammond (2012). Because it is on a local level, domestic marketing is decentralized because management responds on a local level. Potential barriers in domestic marketing are legal, political, and cultural. Culture is the biggest barrier. With global marketing some of the barriers are language barriers, market differences, no market for products and inaction. Nestle is a company that is global as well as domestic. Nestle first started in 1866 in Cham, Switzerland by Anglo Swiss condensed Milk Company, according to Nestle.com (2012). In 1867 Henri Nestle a pharmacist created one of the world’s first infant cereals in Vevey, Switzerland. The two companies merged in 1905 to become Nestle. Headquarters are still In Vevey and employ around 330,000 in 150 countries and 461 factories or operations in 83 countries. “Switzerland is a country that can be regarded as one having a Strong regionalism kind of culture which thus makes it quite difficult to refer to Swiss culture as...
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...Business Fraud By: Accounting Information Systems Professor Broderick Martinez September 14, 2014 In Pittsburg, Pennsylvania, an office manager of an Upper St. Clair accounting firm pleaded guilty to last Wednesday to wire fraud and embezzlement of about $270,000 from Cybergenetics Corp. in Oakland, California. Mary Schneir admitted to shuffling money into and out of accounts of three clients when she was working as an office manager of Karna C. Goldsmith CPA firm. She used many of those funds to pay her mortgage and credit card debt. This is not the first time that Mary Schneir stole money, she was recently sentenced to 30 days in jail for stealing $19,000 from Bethel Park cheerleaders organization. The three victims included A.L. Brourman Associates, a Downtown public relations firm; its owner, Audrey Brourman; and Cybergenetics, a forensic crime scene and DNA business in Oakland. Ms. Schneir basically pilfered money from accounts and then maneuvered the money from other accounts when the bills came so that there wasn’t any gaps. Currently Ms. Schneir is free on bail until her sentencing on February 19, 2015 (Ove, 2014). Mary Schneir does not really fit the profile of an average fraud perpetrator, she is active in her local community and served as President of the Bethel Park Junior Cheerleaders. She is a mother of two and it seems that more and more things are coming to light after she was charged in connection with stealing money from the Bethel Park Junior Cheerleaders...
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...Use the Fraud Triangle and Fraud Scale to critically analyse the actions of Bernie Ebbers and Scott Sullivan during the WorldCom saga/ What does your analysis suggest? Dennis Greer’s fraud triangle is a key framework in analysing the ‘factors that cause someone to commit occupational fraud’ (ACFE-The Fraud Triangle, Association of Certified Fraud, Examiners Available from:http://www.acfe.com/fraud-triangle.aspx [January 2014]). The three elements that make up the model are perceived pressure, perceived opportunity and rationalisation. In reference to the events of WorldCom, which has been labelled to date, ‘one of the biggest accounting scandals in history’ (CNN Money- WorldCom’s Financial Bomb, Available from:http://money.cnn.com/2002/06/25/news/worldcom/. [June 2002]) the initial pressures that were the driving force behind the actions of CEO, Bernie Ebbers and CFO Scott Sullivan are quite vast. Firstly Ebbers, was faced with the managerial strain of financial pressure on management due to the decline in the economic environment and the high expectations of Wall Street. As a result, he was aware that the key to growth was in acquisition and mergers, which required an illusion of a solid investment portfolio and therefore ‘a heavy dependence on the performance of WorldCom shares’ (Forbes- Bernie Ebbers Guilty, Available from: http:// www.forbes.com/2005/03/15/cx_da_0315ebbersguilty). In addition, Ebbers was fuelled by greed, ‘nearly a billionaire’...
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...There are many different types of fraud one can commit. Banking, security, and wire fraud are just a few different types. Any type of fraud a person commits is very serious and is usually punished to the full extent of the law. In a large company or corporation, fraudulent acts are usually premeditated and happen over long periods of time. It can start with anyone stealing a few dollars taken here and there and then it can evolve into intricate plans which can defraud the companies millions, even billions of dollars. This is something that happened with the Adelphia Communications Corp. in the early 2000's. John Rigas, founder and former CEO of Adelphia, and his two sons, Timothy and Michael Rigas, along with the former assistant treasurer, Michael Mulcahey, were all arrested for defrauding Adelphia out of millions of dollars. All four of the defendants were charged with conspiracy, bank, securities and wire fraud. Only John Rigas and his and his son Timothy were actually found guilty on 18 out of the 23 charges filed against them and were facing sentences up to 30 years in jail. Michael Rigas was found not guilty on six of the charges, but the jury was undecided on the other 17. As for Mulcahey, he was found not guilty on all 23 charges (Adelphia Founder). "John Rigas is serving 15 years in a federal prison, while his son Timothy is serving a 20 year sentence" (John). Adelphia all started in "1951 when John Rigas paid $72,000 for a movie theater that was no longer being...
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...policies. In order to be receptive to recommendations and change, it is imperative that a thorough understanding of how internal controls and security play into the profit and growth of the company. Effective internal control gives reasonable assurance, not guarantee, that all business objectives will be achieved. It extends beyond the aim of ensuring that all financial reports are reliable. It includes the efficient operation and compliance with laws, regulations, policies, and contractual obligations. It requires concerted effort on an ongoing basis; businesses are now systematically documenting, testing, evaluating, and improving their internal control and security measures. Effective internal control does not necessarily cost more, it reduces costly risks of avoidable losses and business failure and enable to operate in a more safely and profitable manner. After describing the merits of internal control, the business definition of internal control; Systematic measures (such as reviews, checks and balances, methods and procedures) instituted by an organization to (1) conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errors, fraud, and theft, (4) ensure accuracy and completeness of its accounting data, (5) produce reliable and timely financial and management information, and (6) ensure adherence to its policies and plans. (Internal Control ) There is also the legality aspect as required by Sarbanes-Oxley...
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...Licensed to: iChapters User Licensed to: iChapters User Fraud Examination, Fourth Edition W. Steve Albrecht Chad O. Albrecht Conan C. Albrecht Mark F. Zimbelman VP/Editorial Director: Jack W. Calhoun Editor-in-Chief: Rob Dewey Sr. Acquisitions Editor: Matt Filimonov Associate Developmental Editor: Julie Warwick Editorial Assistant: Ann Mazzaro Marketing Manager: Natalie Livingston Marketing Coordinator: Nicole Parsons Content Project Management: PreMediaGlobal Sr. Manufacturing Buyer: Doug Wilke Production House/Compositor: PreMediaGlobal © 2012, 2009 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706. For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be e-mailed to permissionrequest@cengage.com Library of Congress Control Number: 2010940986 ISBN-13:...
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