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Financial crimes:internal fraud - Essay Example

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The introduction of strict legislative texts, like the Sarbanes-Oxley Act in USA, has been proved to be an initial measure for the limitation of fraud in modern organizations (Heier et al., 2005, p.39). In the internal organizational environment, the ability of a firm to prevent fraud is depended on the level of cooperation/ coordination among employees at different levels of the organizational hierarchy. Under these terms, the human resources systems used within a specific organization are considered to be crucial for the success of the organizational initiatives against fraud. It should be noted that the effects of internal fraud on business performance can be differentiated in accordance with the nature of business operations, the business structure and the aims/ objectives of each organization; different assumptions are made in the literature regarding the effects of internal fraud on organizational performance; different plans of action can be suggested for mitigating fraud in firms that operate in various industrial sectors. Greenlee et al. (2007) focuses on the relationship between the internal fraud and the type of organizational structure – emphasis is given on non-profit organizations where ‘the losses due to fraudulent activities can directly reduce resources available to address tax-exempt purposes’ (Greenlee et a, 2007, 676). On the other hand, Levi (2008) notes that the expansion of global crime has been rapid due to the increased ability of ‘would-be perpetrators to recognize and act on specific opportunities’ (Levi, 2008, p.389). From another point of view, the external organizational environment is likely to affect a firm’s ability to control crime – the specific view is supported by Tilley et al. (2008) who emphasize on the difficulty to control crime in organizations that operate in ‘high crime neighbourhoods’ (Tilley et al., 2008, 443). In the case of Barclays – organization under examination – internal fraud is related ...Show more
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They have asked you to produce a report highlighting the risks posed by internal fraud, as well as the indicators/red flags and…
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