A Brief Note On Occupational Fraud And Financial Fraud

What motivates someone to commit financial statement fraud? In public companies, there is a fiduciary obligation of management to the shareholders to provide true and correct information through financial statements. Concurrently, management is responsible for the performance of the public company it manages. If a shareholder is not satisfied with the performance of a company, the shareholder can try to sell the shares in the open market. Thus, in order to keep the capital provided by the investors†¦ I am reaching out to you today to discuss the possibility of fraud within the Apollo Shoes financial statements. After reading through some company documents in preparation of this Audit I have noticed multiple red flags that although in themselves do not constitute fraud outright, they do demand that we investigate this issues further to ensure fraud is not taking place. Through my initial research I believe the possibility of fraud at Apollo Shoes to be very high, and as such we must take precautionary†¦ How Financial Fraud can be detected Fraud is a pricey crime in the business corporation regardless of their industry sector or size. ASA 240.11 (ISA 240.11) illustrated fraud is an intentional act of misrepresentation by management, employees, or third parties, implicating the use of deception in order to access an illegal or unjust benefit (Gay & Simnett 2015, p. 258). Auditors usually concern two main types of material misstatements that are caused by fraud in the financial report (Gay & Simnett†¦ The effect of occupational fraud and abuse on the company Occupational fraud and abuse is defined as â€Å"The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets† (2012 Report To Nations On Occupation Fraud And Abuse, 2012). Occupational fraud entails deceiving employing organization to obtain resources or assets for personal gain and abuse involves misapplication of the resources provided by the employer†¦ Financial Statement Fraud Company financial statements provides information that is utilized by investors to evaluate the conduct of managers and to compose economic arrangements (Chinniah, 2015, p. 1). The consumers of the financial statement may consider the financial information received as dependable and appropriate for its function (p. 1). Chinniah indicates accounting standards and regulations have been put in place to try to certify the financial information provided is consistent with†¦ Financial Statement Fraud The auditor will focus on the red alerts that have been cited to point out to the probability that there is a case of fraud in the organization. The auditor will, through the memo, make it clear to the employees that indications of fraud and the steps that will be taken in relation to citing the scam in the instances it occurred. The red flags will be clearly cited in the memo. Through the red flags, the employees will comprehend the shortcomings associated with the†¦ Introduction: An audit is a process of examining the financial statements for accuracy and free of fraud. According to the textbook, Intermediate Accounting by Spiceland chapter one, it said â€Å"Audits add credibility to the financial statements, increasing the confidence of those who rely on the information† (page. 16, 2016). After the frauds scandal of WorldCom and other companies, the investors lost their confidence in the accounting department (page.16, 2016). To increase the investors’ confidence†¦ Financial Statement Fraud Investigation Frisbey (2015) indicated that forensic accountants should be able to effectively communicate with the management and involved personnel as to the factors of the existence of fraud indicators, to be able to perform essential analytics and independent testing such as horizontal and vertical testing techniques to detect fraud or to examine the validity of evidence being investigated (p.8-9). Frisbey mentioned that forensic accountants should, for example, request†¦ Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance. Inventory write-downs are†¦ Credit Card Fraud is estimated to cost $1.6 Billion Annually each year according to Government reports by Attorney General’s across the US. With 36 Billion transactions are completed annually 1 out of 1100 transactions are fraudulent. It is either because the card is physically lost or stolen off the persons or the information from the card itself has been compromised. The hacker or Thief then uses the card on line to purchase items or gift cards or they use them in person at kiosks, gas stations†¦

Rusnak Auto Group Human Resource Management Research Paper

Rusnak Auto Group Human Resource Management - Research Paper Example The organization has experienced company certified technicians offering general and critical repairs to different vehicles. The company has focused very well towards customer satisfaction. The organization offers services for both pre owned and new cars. The organization is very famous for all luxury brands and personalized services. The organization belongs to automobile industry. Over the years the company has offered one umbrella solutions to its customers. The organization has recorded $800 million revenue in 2013. The group was founded in 1961. The organization is selling 11 famous brands. The company is very closely related with different corporate social responsibilities. Rusnak Group maintains high quality and ethical behaviors. In USA there are many automobile dealers. The organization is one of the 100 top most dealers in the country. The organization is located into 15 different locations in the country. Over the years the organization has maintained very friendly relation ship with its customers. Providing good quality customer service is one of the most important core competencies of the organization. The company offers multi dimensional services to its customers. Rusnak sales 11 top brand cars. Cars can be pre owned or new car. Rusnak also offers services for those new and pre owned cars. The organization has designed their services according to different brands. The organization provides quick and real time services to its customers. The company has online system for scheduling different car services. Rusnak maintains certain standards. Highly skilled workers are strengths of the organization. Best professional sells personnel and technicians are very important part of the company. The organization cultivates good quality professionals into their company. Association with world’s famous automobile brands is also a core competency for the organization. The company has very close and

How Homeostasis affects the Interaction of Physiological Processes Essay

How Homeostasis affects the Interaction of Physiological Processes - Essay Example Due to its distinguishing features and the crucial role that it plays in performing different processes, it has acquired a significant position in physiology. The internal mechanisms of human body are controlled by the constancy of the overall environment called homeostasis. In broader terms it can be said that the different mechanisms of human body perform their functions with the help of constant PH, concentrations of electrolyte and internal body temperature. Homeostasis is basically a controlling system of all the mechanisms which facilitates their smooth activity while maintaining a suitable environment for different functions of brain. Human brain is the most sensitive area of human body which is easily and frequently affected by the fluctuations in the external environment. However, due to the unique characteristics of homeostasis it remains protected from the external adverse impacts. Recent researchers have identified astonishing factors about homeostasis which further stren gthens its position as a key system supporting the brain activities. The internal functions of brain, for instance, transfer of messages through neurons and performance of various other tasks are subject to hypo or hyperactivity if not protected by a supporting and regulating system. This function of regulating the internal environment and protecting neural circuits from stepping in to a hypo or hyperactive state is actually performed by homeostasis. This substantiates that homeostasis is crucially required for the normal and performance of physiological processes in addition to maintaining an internal body environment which is significantly suitable for all other brain functions (GINA G. TURRIGIANO et al., 2004). Physiological Processes It refer to all the physical processes which supports and guards various activities of living organisms including all the unicellular and multi cellular organisms from their birth to the end of their life. There are different physiological processes going on simultaneously in the human body including growth and development, bacterial shedding, nutrition processes, movement etc. (PHYSIOLOGICAL PROCESSES, 2009). Homeostasis is yet another type of physiological process which actually maintains a suitable working environment for other physiological processes. The working pattern of homeostasis is further divided into different procedures. For instance, it maintains the acid-base equilibrium and regulates the body temperature through a process called thermogenesis. Furthermore, it gets the feedback on different body movements through the active involvement of sensory nerves while maintaining a sound water-electrolyte balance through the kallikrein-kinin system (HOMEOSTASIS, 2013). There are various physiological changes which are directly affiliated with homeostasis. For instance, consider an example of aging which is experienced by every individual. It is a physiological change accompanied by other changes as well including increa sed blood pressure, decreased cardiac activity, etc. Physiological changes which are particularly related to the mechanism of nervous system include temporary stress and tension, excitement etc. In addition to this other physiological changes which show up as human age increases includes low transference of messages, poor memory, loss of neurons, etc. Homeostasis plays a