What is Fraud? Fraud occurs when individuals purposely materially misstate facts with the intent of coercing someone to believe these misrepresentations. Upon believing the misrepresentation‚ individuals will act upon them and suffer a loss or damages. Fraud occurs in various forms: 1. Misappropriation of assets 2. Fraudulent financial reporting 3. Employee fraud 4. Management fraud The Fraud Triangle * Motive/Incentive: a reason to commit the fraud * Opportunity:
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CASE STUDY: MARCH 2012 SEMESTER I. Analyze the case and respond to the following questions: a) Discuss the earnings management techniques employed by the management of Satyam. Earning management or creative accounting is referred to the manipulation or misrepresentation of the company’s financial earnings in order to achieve stable and positive financial position. This was achieve through directly or indirectly use of the accounting methods. Even though the manipulation may follow all
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FBI Cases Operation Ghost Click International Cyber Ring That Infected Millions of Computers Dismantled 11/09/11 Six Estonian nationals have been arrested and charged with running a sophisticated Internet fraud ring that infected millions of computers worldwide with a virus and enabled the thieves to manipulate the multi-billion-dollar Internet advertising industry. Users of infected machines were unaware that their computers had been compromised—or that the malicious software rendered their
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Comptronix Case B. The most valuable ratio that could have been used by the auditor to detect fraud would have been the inventory turnover ratio. This ratio shows the sales in comparison to the total inventory on hand. They would have been able to see the significant decline in this ratio and been able to suspect that there was an error in inventory. The inventory would have been going up but the sales did not due to the factitious invoices. Another ratio that would be beneficial
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AUDIT COMMITTEE AND ITS PRACTICES 1. Composition‚ Names of Members and Chairperson: The Audit Committee comprises of four Independent Non-Executive Directors: Name of the Member Designation Category Mr. P. R. Barpande Chairman/Member Independent Director Mr. Chandrakant Kamdar Member Independent Director Mr. P. G. Kakodkar Member Independent Director Mr. R. Devarajan Member Independent Director 2. Brief Description of terms of reference/Responsibility of the Audit Committee:
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To: Dr. Brooks From: Team 3 Date: September 24‚ 2014 Objective: ACL Accounts Receivable Relevant Facts: The purpose of this case was to develop an audit program by using ACL audit software‚ and to identify the significance of any findings or audit discrepancies. First‚ we footed the file to the general ledger. Next‚ we checked for duplicate invoices to ensure that we did not account for the account receivable more than once. We then proceeded to create an aging schedule to find unpaid invoices over
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Case 1 Analysis of a Potential Audit Client Shea Galvin Review Comments Table of Contents Page 4: Discussion Questions Pages 5-6: Exercise Discussion Questions 1. An independent auditor would be needed so they can continue to be neutral. There is a possibility it could make the auditor not as self-governing if they are auditing Lakeside as well as the bank in which they are taking loans from. The auditing firm needs to stay free in mind
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CASE STUDY Recently‚ the website of Ankit Fadia‚ a well-known ethical hacker‚ was hacked by another group that goes by the name Team Grey Hat (TGH). The “hactivist” group entered Ankit Fadia’s official site and exposed his credentials‚ including sensitive data‚ student details‚ database credentials (like name‚ user name & password). In a blog message‚ TGH also rubbished Fadia as a hacker and his courses According to data from Indian Computer Emergency Response Team (Cert-In)‚ in November last
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Facts: The Negro plaintiffs in these cases were denied admission schools attended by the white children under the laws requiring or permitting segregation according to race. All the court adhered to the “separate but equal” doctrine and held that the plaintiffs were not admitted to the white schools (except for the plaintiff in the Delaware case). In the instant cases‚ the plaintiffs contend that segregated public schools are not “equal” and they are deprived of the equal protection of the laws.
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CASE 1 of 5 Donnelly v. Rees 141 Cal. 56‚ Cal. 1903. November 6‚ 1903 FACTS: An action may be maintained by the sole heir of a deceased person to set aside a deed procured from the deceased without consideration by the fraudulent practices of the defendants and their undue influence over the deceased‚ who was known to be an habitual drunkard for more than five years before the execution of the deed‚ to anextent seriously to impair his mind‚ and who was so intoxicated at the time as to render him
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