StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Description of a Case Fraud - Assignment Example

Cite this document
Summary
The idea of this paper "The Description of a Case Fraud" emerged from the author’s interest in what controls were not in a place that allowed the fraud to occur and what controls the author recommends should be put in place that s\he believes would prevent the fraud from occurring in the future…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.2% of users find it useful
The Description of a Case Fraud
Read Text Preview

Extract of sample "The Description of a Case Fraud"

The former chief accountant of Stanford financial group of companies Mr. Gilbert Lopez and Mark Kurt, the global controller of Stanford were involved in fraud. The two officials were sentenced to twenty years in prison. Gilbert Lopez was also to pay cash bail of twenty-five thousand dollars. In addition, they were to be supervised even after a period of three years upon their release.  The two were convicted of wire fraud and conspiracy on 19 November 2012. They had had actively participated underground in misusing the financial assets of Stanford International Bank.

Moreover, they defraud the bank by inflating that they had purchased a real estate property on behalf of the bank at a value of three-point two billion instead of sixty-three point five million dollars (International Financial Reporting. (2013). Stanford Company failed to carry out the background check to investigate the history of the two officials prior to hiring them. Secondly, the company did not set up an anti-fraud policy that indicates how to detect report and curb fraud. Thirdly, the company did not have anti-fraud training to educate employees on the risk of fraud.

Additionally, Stanford Company was unable to conduct job rotation which could have helped to prevent the occurrence of fraud (Iyer & Samociuk, 2006).

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Accounting Assignment Example | Topics and Well Written Essays - 250 words - 8”, n.d.)
Accounting Assignment Example | Topics and Well Written Essays - 250 words - 8. Retrieved from https://studentshare.org/miscellaneous/1658749-accounting
(Accounting Assignment Example | Topics and Well Written Essays - 250 Words - 8)
Accounting Assignment Example | Topics and Well Written Essays - 250 Words - 8. https://studentshare.org/miscellaneous/1658749-accounting.
“Accounting Assignment Example | Topics and Well Written Essays - 250 Words - 8”, n.d. https://studentshare.org/miscellaneous/1658749-accounting.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Description of a Case Fraud

Pressure ulcers disease

There could also be a case when a patient makes claims of never event conditions.... The following study "Pressure ulcers disease" concerns the origin of the mentioned disease.... As the author puts it, technically, patients who spend more time on the bed as patients with reduced mobility have higher risks of suffering from pressure ulcers....
4 Pages (1000 words) Case Study

Functions of Management, Directive Path Theory

You should have given your orders to the employees in case of any changes, which should have been directly, or indirectly through According to Directive Path Theory, a business leader should give freedom to his/his employees for them to realize their job expectations.... Awards can be through issuing of presents and souvenir just as you did in your case....
4 Pages (1000 words) Case Study

Social Media Marketing

the description of the features is brought out in colourful and eye-catching animations accompanied by step by step audio explanations.... In addition to the large social media coverage, this advert gives a detailed and all-inclusive description of the Tecno smartphones....
10 Pages (2500 words) Case Study

Sigmund Frued's theory

4An example of regression in the case study is the habit of Hank eating and smoking to relieve his stress.... 6A Freudian therapist, like the one in the case study, would use therapeutic techniques such as dream analysis or free association, a simple psychodynamic therapy (Freud, 2008).... 3An example of a Freudian defense mechanism that Hank uses in this description is rationalization (Freud, 2008)....
2 Pages (500 words) Case Study

Systems Management and Security

The case study "Systems Management and Security " states that Standard Chartered is one of the leading international organizations in the banking sector.... It has a reputation of being listed on the London, Hong Kong, and Mumbai stock exchanges.... Standard Chartered ranks.... hellip; The paper shows that it was formed in 1969 when two banks merged i....
8 Pages (2000 words) Case Study

Fraud in the Scientific Environment

This paper "fraud in the Scientific Environment" will discuss the different kinds of scientific fraud that have been identified as well as their implications.... Committing scientific fraud has serious implications because it may involve intellectual exploitation of other people's work which is against copyright law.... In many cases, scientific fraud may go unnoticed if the work of scientist undergoes publications without a rigorous critiquing program....
6 Pages (1500 words) Case Study

Commercial Law

orth noting is that the Act defines who an agent is, and in this case, Simon fits the description hence confirming all the relevant entitlement resulting from the contract.... In this case, the law has some interesting stipulations and ones that Simon could exploit to have the rights observed.... First, Commercial Agents Regulations Section 8 clause a state that upon the termination of a contract, a commercial agent, in this case, Simon shall be entitled to a commission on the transactions made after the termination....
8 Pages (2000 words) Case Study

User Interface: The Case of Disneyland Website

… The paper "User Interface: The Case of Disneyland Website" is a perfect example of a case study on information technology.... The paper "User Interface: The Case of Disneyland Website" is a perfect example of a case study on information technology.... Help: How easy is it for a user to find assistance in case they are stuck, lost or content is incomprehensible?...
6 Pages (1500 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us