Either the management or the accounting team are the most prone to engaging in these acts. Lack of business ethics and personal morals are the breeding grounds for these fraudulent activities. It has been clear that individuals engage in fraudulent activities because of diverse motivations and stimulations. When it comes to revenue fraud, the likelihood is for the company to overstate and understate various parameters, we found that this is done by manipulating the sales, recognition of conditional sales, sale of consignments, misstatement of the percentage of completion, abusing of the cut off dates, unauthorized shipment and premature recognition of revenue. Concerning the same issue of revenue, the collusion by the fraudsters can result to situations such as understatement of bad debts, overstatement of ending inventories, overstatement of the assets’ worth, and understatement of the liabilities among other dubious means. All these aspects are under the motivation of the need to cover up mistakes or misrepresentation of the financial position of the company. The knowledge acquired is very helpful to my future employer and me as an individual. In the workplace, we have diversity of people, some of whom can manipulate situations to their advantage. ...Show more
Name Instructor Date Forensic Accounting Review Questions Question 1 The team project was very informative and helped me understand several diverse aspects of fraud relating to a financial statement and revenue. Through the research we did, we drew common conclusions as a group; the most striking thing was the understanding on the motivations behind fraudulent activities…
During the period of recent economic downturn, the accounting practices have been widely been recognized to undergo radical changes that have largely resulted from the controversies faced by various renowned organizations along with emergence of accounting scandals across the globe.
Although she could use this as an opportunity to prove her expertise in forensic accounting, the manner in which she approaches the situation significantly would determine her success. With the understanding that on Fridays, George, Gwen, Andy and Bob go out for lunch together is enough evidence that there is a close relationship among these individuals.
Investigations are normally carried out with the objective of determining what caused the incident or accident to happen. Forensic refers to the process of using science and technology in carrying out investigations and establishing facts about a case filed in a court of law.
According to the report a change in markets of China, Japan or India directly impacts the markets of United States and the UK or frauds in United States can directly cause market turbulence in the entire world due to large amount of global business. Continental Europe primarily due to inflated financial reporting to showcase aggressive earnings management.
ve engaged forensic accountants to investigate and gather evidence which would help to decide the extent of crime and formulate penalties accordingly. Businesses on the other hand to avoid colossal damages manage forensic accountants on their payroll to prevent frauds and other
Presently, modern day cyber precaution ethics habitually require far-reaching aftermarket standardisation to be accurately successful within management systems fields (Saks & Koehler, 2005). In addition, the operating cost
To this effect, it had shipped a huge amount of cards, which were included in revenues. The difference arose when auditors disputed this move by proposing the cards be indicated as unrealized sales. I think the auditors erred in their point of view because for previous
red by standard setting against which practical problems can be tested objectively.Ordinarilly; it will deal with financial reporting issues such as the objectives and the general users of financial statements. The concept of recognizing and measuring the elements of financial
12 pages (3000 words)Essay
Get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Didn't find an essay?
Contact us via Live Chat, call us at +16312120006or send an email to email@example.com