A Brief Note On Fraud And Criminal Deception - 1211 Words

Fraud There are many definitions for the word fraud available from many sources, for example, dictionary.com defines fraud in a fairly basic sense as â€Å"deliberate, deception, trickery, or cheating intended to gain an advantage† (Dictionary.com, 2014). However for the case of this report, the definition by google.com is more appropriate and thorough with â€Å"wrongful or criminal deception intended to result in financial or personal gain† (Google). In all instances in the definition of fraud however, it can be concluded that an act or instance of fraud is goes breaks the rules of modern society, and as we shall soon see can frequently break the rules of modern law, and lead to negative legal action against the perpetrators of the fraudulent act.†¦show more content†¦Executives are unique in this sense since although other stakeholders may also have a financial interest in the company, they are the only stakeholder that can make claims to the value of their financ ial interest. Without auditors providing a (hopefully) unbiased opinion on managements’ assertions all other stakeholders, particularly shareholders, would be at the mercy of managements’ claims. Shareholders Shareholders of public corporations hold a special relationship with regards to the public corporations in modern business. Unlike many private companies shareholders of public corporations typically have no direct control over operations of their businesses. As shareholders they are entitled to their proportion of profits amassed by their company, through dividends, and are only limited in their potential losses as far as they invested into the company. Furthermore, shareholders’ influences over the company, excluding executives, only goes as far as having rights to vote proportionately to their earnings on a representative to manage the company (the executives). Waste Management The explanations of the positions discussed above are important to understand, as they set the precedent of the roles of the different parties that were involved in the Waste ManagementShow MoreRelatedInternet Fraud2358 Words   |  10 Pagescountries. There are now over 50 million people online. All kinds of information are available through the Internet at less cost or no cost at all. The Internet provides facts and ideas that are useful for the society, but the Internet is also a tool for fraud. The Internet â€Å"is a system of linked computer networks, worldwide in scope that facilities data communication services such as remote login, file transfer, electronic mail, and news group. The Internet is a ways of connecting existing computerRead MoreHuman Trafficking: A True Global Problem1856 Words   |  7 Pagesby means of the threat or use of force or other forms of coercion, abduction, fraud, or deception, the abuse of power or of a position of vulnerability or the giving or receiving of payments or benefits to achieve the consent of one person having control over another, for the purposes of exploitation (Human Trafficking, 2009). Human trafficking and smuggling are some of the fastest growing areas of international criminal activity a true global problem. Trafficking targets persons as the object ofRead MoreRole of Criminology in Determining the Emerging Patterns of Corporate Crime3821 Words   |  15 Pagescorporation (a business unit having a separate legal character from the natural persons that achieve its actions), or by individuals acting on behalf of a corporation or other business entity. White Collar crime is a quickly arising topic in the field of criminal justice. Recently, it has just been dubbed very popular with cases that are high-profile like the companies of Enron and Martha Stewart. In the book, Controversies in White Collar Crime by Gary W. Potter, author of the book thinking about Crime ProfessorRead MoreThe Growing Problem of White Collar Crimes in India19963 Words   |  80 Pagescontested, as the status of an offender may matter less than the harm done by someone in a trusted occupati onal position. The term ‘crime is also contentious as many of the harmful activities of businesses or occupational groups are not subject to criminal law and punishment but to administrative or regulatory law and ‘penalties or ‘sanctions. Therefore, a region specific definition of White Collar Crime can be:-- â€Å"White Collar Crime is an illegal act or series of illegal act for achieving an illegalRead MoreCommercial Liens - a Potent Weapon Essay32374 Words   |  130 Pagesin any form -| |except for personal use - without permission from the copyright holder. | Table of Contents Chapter 1 †¢ Introduction †¢ Scope and Purpose of Manual †¢ Some Notes on the Sample Briefs †¢ The Commercial Lien Strategy - Background †¢ Some Examples of the Strategy †¢ The Power Of Commercial Liens Chapter 2 †¢ Theory of Commercial Lien Strategy †¢ Introduction †¢ The Commercial Affidavit Process Read MoreAccounting Systems, Internal Controls, and Ethics28179 Words   |  113 Pagesthe entity authorises, completes, and records only appropriate transactions and, any fraud or error is detected in a timely manner. Managers and leaders at all levels of the entity are responsible for ensuring that an appropriate and effective control environment is in place in their areas of responsibility. However, all personnel have the responsibility to communicate observed or suspected problems involving fraud or other improprieties regarding the entity’s resources. In this context, it is vitalRead MoreAuditing Cases22626 Words   |  91 PagesParagraphs 52—53 of PCAOB Auditing Standard No. 12. How might a revenue recognition fraud occur under Enron’s strategy in the late 1990s? Identify an internal contiol procedure that would prevent, detect, or deter such a fraudulent scheme. Consult Paragraphs 65-69 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when fraud occurs (the fraud triangle)? Based on the information provided in the case, which of these threeRead MoreThe Challenges Facing Administration Motor Insurance Management and Operational Risk in Kenyan Insurance Company15608 Words   |  63 Pageshowever to note that it is not the house, ship etc that is insured. It is the financial or pecuniary interest of the insured in the subject matter that is insured. The subject matter of the contract is the name given to the financial interest which a person has in the subject matter of the insurance. Before this principle, wagers in general were legally enforceable and courts had no option but to enforce them like insurance contracts. This position led to an increase in murder cases and fraud. RespondingRead MoreCorporation (Fisch) Outline Penn Law Essay62808 Words   |  252 Pagesrelationship exists. †¢ This is true even where student receives scholarship or is recruited by university; the university charges an attendance fee; the university purchases equipment/uniforms, etc. ââ€" ª Note ââ€" ª Note that parties’ characterization of their relationship does not control. Why not? ââ€" ª Agency relationship may not exist even when parties have not formally agreed to one ââ€" ª Consent requirementRead MoreAcca P7 Notes24991 Words   |  100 PagesACCA Paper P7 (INT) Advanced Audit Assurance Class Notes December 2011 Lecturer: Contents INTRODUCTION TO THE PAPER 2 CHAPTER 1 – REGULATORY ENVIRONMENT 3 CHAPTER 2 – PROFESSIONAL AND ETHICAL CONSIDERATIONS 8 CHAPTER 3 – PRACTICE MANAGEMENT 13 CHAPTER 4 – ASSIGNMENTS I: THE AUDIT OF FINANCIAL STATEMENTS 16 CHAPTER 5 – ASSIGNMENTS II: GROUP AUDITS 42 CHAPTER 6 – AUDIT REPORTS AND OTHER REPORTS 45 CHAPTER 7 – ASSIGNMENTS III: OTHER ASSIGNMENTS 57 CHAPTER 8 – CURRENT ISSUES