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Finance & Accounting
Pages 5 (1255 words)
MF Global Name: Institution: MF Global Abstract As a commodities brokerage firm, MF Global provided exchange-traded derivatives such as futures and options. It was a well-established firm that was on top of its game before its shocking collapse through issues relating to liquidity problem and large fines…
The executives by the end of that month made it official that over 700 million USD had been transferred. They, however, could not pay back this capital with their revenue making it plummet into more debt. At the end of the liquidation period, customers of MF Global made losses that totalled over 1.6 billion dollars, and a majority have not received their funds till today. Difference between conducting fraud and financial audit Audits are done to ensure the smooth running of operations. They may be done after some time as per the organization’s request, as in the case of financial auditing. Furthermore, they may be arbitrary and without warning, as in the case of fraud auditing. There are different types of audits, carried out for different purposes. There are reasons that surround each of these audits. One main reason is the accuracy of financial information in the organization. This is one reason why financial audits are carried out, and they can be done by a qualified, independent party or government unit. Fraud auditing is often done to discover some of the hidden figures in the financial data of an organization (Hagan, 2012). This means that, outside parties may be brought in to conduct a fraud audit, but internal auditors of an organization may be responsible for financial auditing. ...
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