Fake Bank Accounts and the Appalachian Trail
Some fraudsters funnel money into fake bank accounts. Today, I show you how one controller did so and walked…
Fraud occurs in three ways: asset misappropriation, corruption, and financial statement manipulation.
Asset misappropriation is the most common way that fraud occurs. Another term for this is theft. Employees steal assets such as cash or inventory. Or they might inflate their expense reports. There are hundreds of ways that people steal from companies.
Corruption mainly occurs in the form of bribery, also called kickbacks. Usually outside parties such as vendors pay bribes to those inside a company with the power to purchase. The cost of the bribe is often recouped by inflating invoices sent to the company.
Financial statement fraud occurs when company employees intentionally alter financial statements for their own personal gain. They do so usually to receive bonuses that are tied to company profits. Or they might juice up profits to increase stock prices; then they profit by selling personally owned stock.
Some fraudsters funnel money into fake bank accounts. Today, I show you how one controller did so and walked…
Management can override internal controls, resulting in fraudulent financial reporting. Below I provide examples of management override of internal…
Today I provide three receipt-fraud tests for auditors. The audit standards require that we introduce elements of unpredictability. Additionally,…
As auditors perform their fraud brainstorming, it helps to have ideas to consider. So today I provide you with…
Do you know how to prevent payroll fraud? Today we take a look at how you can protect your…
Many small governments suffer losses from theft since they lack a sufficient number of employees to segregate accounting duties….
The AICPA has issued an exposure draft titled Statement of Standards for Forensic Services No. 1 (SSFS 1), Forensic…
Can you steal like a boss? White collar crime takes special skills and thoughts. Do you have what it…
Here are key findings from the 2018 ACFE Fraud Report. The survey is titled the 2018 Report to the…