Ethics And Prevention Of Financial Fraud - 1988 Words

The Defining Ethics and Prevention of Financial Fraud in the Work Place Ta’Nishia Johnson Savannah State University Abstract This research primarily focuses on ways of preventing financial fraud in the work place as well as defining the proper ethics to follow. It elaborates on the ways to deter fraud and what ethics should be taught during training for the job given to an employee. In order to understand the best way to stop people from committing fraud, we must learn what stipulations are already set in place for the crime. Company guidelines for fraud detection and prevention should be set in place in order avert fraud. To better understand why people commit fraud, the study for this research will pay close attention on ethical associations and ethics that are taking place in the workplace. Ethics plays a major role in the business workplace by providing guidelines and contouring people’s behaviors while working. This research paper will disclose the following questions: What procedures are already in place to deal with fraud? How can fraud be prevented? Can new measures and guidelines be set in place to better detect fraud? How to detect fraud in time to prevent major damage? Keywords: financial fraud, workplace ethics, detection, prevention, implementation Defining Ethics and Prevention of Financial Fraud in the Work Place Multiple studies have been conducted on the topics dealing with financial fraud. The same can be said about business ethics andShow MoreRelatedFraud, Corruption, Theft, Misappropriation, And Fraud1738 Words   |  7 PagesThere is no specific definition for fraud if looked at from different perspectives. The term fraud is used to describe acts such as deception, corruption, theft, misappropriation, false presentation, bribery, fault partnership, forgery etc. Some may even describe fraud as practical process of deception to gain an advantage, or to cause loss to another entity or individual. While some people might not even anticipate to commit fraud, others might do so if they contemplate they have a way to be covertRead MoreFraud Deterrence, Detection And Prevention796 Words   |  4 PagesFraud Deterrence, Detection and Prevention Within XYZ Company in the past year, three fraud incidents have occurred that have resulted in a cumulative loss of $5.9 million with additional losses yet to be determined. The fraud occurred with inventory, purchasing and receivables. The Board of Directors has directed management to outline a comprehensive plan to prevent future fraud. Preventing fraud is the responsibility of top management, middle management, the internal audit team, corporate securityRead MoreFinancial Fraud, And Identification Of The Different Fraud Types1734 Words   |  7 Pagesvarious types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fra ud triangle, and how rationalization contributes to fraud is a key areaRead MoreAnalyzing How Businesses Cook The Books With Reference For Real World Cases1237 Words   |  5 Pagespunishments which are associated with financial crimes. One such crime is the manipulation and misrepresentation of financial statements of a business, to hide expenses, improve earnings per share (EPS) or to attract new investors. This is known as financial statement fraud or colloquially labelled â€Å"cooking the books†. (Grossman St Amour, 2014) These crimes can have a significant impact on the business, as their stock could be driven into the ground if a fraud is discovered, as well as falling deeperRead MoreA History Of Earnings Management1624 Words   |  7 PagesA History of Earnings Management, Financial Scandals, and the Resulting Legislations At the turn of the 21st century, America found itself wrought with multiple financial scandals. The poor decisions of just a few executives resulted in thousands of people out of a job, pension funds wiped away, and houses going back to the bank. While earnings management was certainly not a new concept nor was the resulting fraud, the high number of scandals within a short period of time brought it front and centerRead MoreCommon Accounting Malpractices in the Philippines700 Words   |  3 PagesMalpractices in the Philippines Going back to the definition of accounting, it states that it is a system where in it records financial transactions pertaining to a business. Accounting also measures the ability of a business, it process information’s to be reported to the management whos making decisions. Accounting is very complicated especially when it comes doing the financial statements. Yes, professionals have enough knowledge regarding accounting but there are times that they still make mistakesRead MoreLost insurance benefits as well as retirement benefits tied to WorldCom stock. Shareholders, which1200 Words   |  5 Pagespretenses. WorldCom was fraudulently stating its financials and its competition could not possibly be aware of WorldCom’s true expenses. As a result, competing companies were forced to make decisions to keep in line with WorldCom’s reported growth. ATT fired tens of thousands of employees, who otherwise may have never been fired, in an attempt to match WorldComâ⠂¬â„¢s low costs. Although it was not WorldCom’s fault, Qwest committed accounting fraud and Global Crossing declared bankruptcy while alsoRead MoreResearching Topics Of Interest Is A Key Starting Point For The Research Effort1538 Words   |  7 Pagesproblem, and meet the purpose of the research (Leedy Ormrod, 2013). The following sections include the formulation of potential topic areas of interest for my doctoral level research. Earnings Management: An Examination of Ethical Implications, Fraud, and the Related Impacts to Stakeholder Interests The first topic area involves an observation of how managers and accountants currently utilize loopholes in FASB accounting standards to present better earnings results to investors, creditors, andRead MoreFraud Case Study1516 Words   |  7 PagesFreddie Mac Fraud Thanaphan Darnsomboon PME604 Project Financial Management National University December 18, 2012 Freddie Mac Fraud The definition of fraud is â€Å"an intentional deception or deceit, perpetrated for profit or to gain some unfair or dishonest advantage† (dictionary.com). Fraud is a breach of law and can be punishable by law. Mortgage fraud is one of the financial crimes where a company materially misrepresents or omits information on its mortgage loan documentation in order toRead MoreAccounting Department Of The American Food Suppliers1599 Words   |  7 PagesLessons learnt with regards to over reliance on third party confirmations Confirmation is the process of obtaining and evaluating a direct communication from a third party in response to a request for informationabout a particular item affecting financial statement assertions. In the American food suppliers’ case study, third party confirmation was used where they relied on the vendors’ sales people. The audit team investigating the company did not rely on the accounting department of the American