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Anti-fraud
Fraud deterrence has gained public recognition and spotlight since the 2002 inception of the Sarbanes-Oxley Act. Of the many reforms enacted through Sarbanes-Oxley, one major goal was to regain public confidence in the reliability of financial markets in the wake of corporate scandals such as Enron, MCI Inc.#Accounting scandals, WorldCom and Waste Management, Inc, Waste Management. Sarbanes-Oxley Act#SOX Section 404: Assessment of internal control, Section 404 of Sarbanes Oxley mandated that public companies have an independent Audit of internal controls over financial reporting. In essence, the intent of the U.S. Congress in passing the Sarbanes Oxley Act was attempting to proactively deter financial misrepresentation (Fraud) in order to ensure more accurate Financial statement, financial reporting to increase investor confidence. This same concept is applied in the discussion of fraud deterrence. Until recently, fraud deterrence has not been specifically identified under one common ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, such as obtaining a passport, travel document, or driver's licence. In cases of mortgage fraud, the perpetrator may attempt to qualify for a mortgage by way of false statements. Terminology Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud Triangle
In law, fraud is intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, such as obtaining a passport, travel document, or driver's licence. In cases of mortgage fraud, the perpetrator may attempt to qualify for a mortgage by way of false statements. Terminology Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For criminal fraud, a person may be prosecu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Control Environment
A control environment, also called "Internal control environment", is a term of financial audit, internal audit and Enterprise Risk Management. It means the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity. They express it in management style, corporate culture, values, philosophy and operating style, the organisational structure, and human resources policies and procedures. See also * ISA 400 Risk Assessments and Internal Control *Entity-Level Controls An entity-level control is a Control (management), control that helps to ensure that management directives pertaining to the entire entity are carried out. These controls are the second level to understanding the risks of an organization. General ... References Auditing Internal audit {{business-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Association Of Certified Fraud Examiners
The Association of Certified Fraud Examiners (ACFE) is a professional organization of fraud examiners. Its activities include producing fraud information, training and tools. Based in Austin, Texas, the ACFE was founded in 1988 by Joseph T. Wells. The ACFE grants the professional designation of Certified Fraud Examiner (abbreviated CFE). Founder Joseph T. Wells founded the ACFE and is its chairman. After graduating from the University of Oklahoma, he worked for ten years with the Federal Bureau of Investigation, during which time he investigated the former Attorney General John N. Mitchell's involvement in Watergate. In addition to his duties as chairman, Wells writes, researches and lectures to business and professional groups on white-collar crime issues. He has written books and articles on fraud prevention and detection. His writings appear in professional journals. Fraud museum The ACFE runs a fraud museum containing exhibits linked to famous frauds, which is open to the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mitigating Control (financial Auditing)
A mitigating control is type of control used in auditing to discover and prevent mistakes that may lead to uncorrected and/or unrecorded misstatements that would generally be related to control deficiencies. For example, a Company's financial accounting may fail to record a financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ... and the error may go unnoticed for several reporting periods. A mitigating control would be instrumental in finding and therefore, preventing such mistakes. If a key control fails and a mitigating control is in place, it may prevent the resulting potential financial statement error from becoming material. References {{Reflist Auditing terms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Audit
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.Arens, Elder, Beasley; Auditing and Assurance Services; 14th Edition; Prentice Hall; 2012 Overview The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration Of Fraud
Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract. The court in ''Currie v Misa'' declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treated as "conside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Albrecht
W. Steve Albrecht is the Andersen Alumni Professor at the Marriott School of Business (MSB) of Brigham Young University (BYU). He is a former president of both the American Accounting Association (AAA) and the Association of Certified Fraud Examiners (ACFE). He was also formerly an associate dean of the MSB. Albrecht served as a mission president for the Church of Jesus Christ of Latter-day Saints in Tokyo, Japan. Albrecht has a bachelor's degree from BYU and a Ph.D. in accounting and an M.B.A. from the University of Wisconsin–Madison. He was a professor at the University of Illinois before he joined the BYU faculty in 1977. He was also previously an employee of Deloitte & Touche. Albrecht is a certified public accountant, a Certified Internal Auditor, and a Certified Fraud Examiner. From 1990 to 1998, Albrecht was the director of BYU's School of Accounting. Albrecht was president of the ACFE from 1989 to 1992 and president of the AAA from 1997 to 1998. The American Ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edwin Sutherland
Edwin Hardin Sutherland (August 13, 1883 – October 11, 1950) was an American sociologist. He is considered one of the most influential criminologists of the 20th century. He was a sociologist of the symbolic interactionist school of thought and is best known for defining white-collar crime and differential association, a general theory of crime and delinquency. Sutherland earned his Ph.D. in sociology from the University of Chicago in 1913. Early life He was born in Gibbon, Nebraska. He graduated with an A.B. degree from Grand Island College in Nebraska in 1904. Afterwards, he was a high school teacher and teacher at University of Sioux Falls. He completed a PhD at the University of Chicago in 1913. Academic career After receiving his PhD from the University of Chicago, Sutherland was at William Jewell College, Missouri (1913–1919), the University of Kansas (the summer of 1918), University of Illinois (1919–1925), Sutherland spent a summer at Northwestern (June–A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donald R
Donald is a Scottish masculine given name. It is derived from the Gaelic name ''Dòmhnall''.. This comes from the Proto-Celtic *''Dumno-ualos'' ("world-ruler" or "world-wielder"). The final -''d'' in ''Donald'' is partly derived from a misinterpretation of the Gaelic pronunciation by English speakers. A short form of Donald is Don, and pet forms of Donald include Donnie and Donny. The feminine given name Donella is derived from Donald. ''Donald'' has cognates in other Celtic languages: Modern Irish ''Dónal'' (anglicised as ''Donal'' and ''Donall'');. Scottish Gaelic ''Dòmhnall'', ''Domhnull'' and ''Dòmhnull''; Welsh '' Dyfnwal'' and Cumbric ''Dumnagual''. Although the feminine given name '' Donna'' is sometimes used as a feminine form of ''Donald'', the names are not etymologically related. Variations Kings and noblemen Domnall or Domhnall is the name of many ancient and medieval Gaelic kings and noblemen: * Dyfnwal Moelmud (Dunvallo Molmutius), legendary kin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Committee Of Sponsoring Organizations Of The Treadway Commission
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 2013), COSO published the ''Internal Control – Integrated Framework'', commonly used by businesses in the United States to design, implement, and conduct systems of internal control over financial reporting and assessing their effectiveness. History In 1985, COSO began as a private sector initiative to investigate the causal factors that lead to fraudulent financial reporting as a result of a number of accounting scandals in the 1970s and mid-1980s. This initiative was termed the National Commission on Fraudulent Financial Reporting; the first president of the Commission was James C. Treadway, Jr., a former Commissioner of the US Securities and Exchange Commission, and therefore the initiative was commonly called the "Treadway Commission". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
