occupational fraud and abuse on the company

(Wells, 2011, p. 241). Bribery can come in many different forms but generally is defined as an act in which something of value is offered, given, received or solicited with the intent of influencing an official act. Illegal gratuities can be similar to bribes except these are usually given as a reward. Economic extortion is basically the demanding of money. “A conflict of interest occurs when an employee, manager, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.” (Wells, 2011, p. 242). These are not all corruption schemes that exist but have been determined to be more common than others and ones that should definitely be watched for when completing an audit or a full financial status review.

4. Expenditures associated with unethical and improper purposes – this type for fraud includes the use of bribery or improper payment schemes to attain financial gain or business awards that the company may not have been able to achieve using proper business practices.

Relevant professional standards for this assignment are AU Section 230 “Due Care in the Performance of Work,” AU Section 326 “Evidential Matter,” AU Section 330 “The Confirmation Process,” and AU Section 339 “Audit Documentation.”

Internal fraud consists in “a type of fraud that is committed by an individual against an organization. [Furthermore], a perpetrator of fraud engages in activities that are designed to defraud, misappropriate property, or circumvent the regulations, law, or policies of a company”[8]. Not only has the incidence of internal fraud increased in frequency because of the availability of sensitive information such as client details or confidential business documents; moreover, this type of fraud is found in various types of organizations, ranging from corporations, public service institutions and financial institutions. Our analysis will concentrate on the most common and prolific types of internal fraud, namely identity theft, insider trading, loan fraud and wire fraud. Interestingly, PriceWaterhouseCooper conducted a survey that revealed that the “demographics of a typical fraudster are as follows: males (85% of cases), 31-50 years (72% of cases), reached high-school level (50%), Bachelor’s or post graduate degree (50%) and middle or senior management (52%)”[9].

When collecting evidences must ensure there are no confidentially information which relates to neither the company nor their clients/customers. The evidences must be created by the candidates so that way they are valid and fair. If the candidate does not create the evidence then it is hard to identify whether or not it is fair. All evidences must be valid. I must check dates and check the assessment reports. I must speak to the Manager and advise them which type of evidence the candidate will be submitting.

Throughout most sources, though, it is clear to see that employer fraud is the most prevalent and costly type of fraud. Employer fraud includes a number of schemes used by employers to reduce the number of workers' compensation insurance premiums by underreporting payroll, misclassifying employees' occupations and misrepresenting their claims experience. According to the National Council on Compensation, the most common frauds include:

Kickback schemes are considered fraud as well, even though in many businesses it is common practice to reward people who refer others to a business.

In the present day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession, this is a good opportunity to discuss the following topics:

Fraud is defined as a deliberate misrepresentation that causes a person or business to suffer damages, often in the form of monetary losses through deception or concealment. And Occupational Fraud as defined by the ACFE is the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets. Traditional fraud triangle theory by Donald Cressey explains that propensity of fraud occurring in an organization lies on three critical elements which are Pressure, Opportunity, and Rationalization.

Yes. Occupational fraud and abuse is the use of one's occupation for personal enrichment through the dileberate misuse or misapplication of the employing organizations resources or assets. Since this jacket belonged to them that means I took one of their assets which, as mentioned above, is key to committing occupational fraud and abuse. This jacket was owned by the people at the summer camp therefore taking the jacket means I broke this law.

Forensic evidence has been shown to be reliable due to many factors of evidence such as DNA, blood, fingerprints, etc.; however, many cases have shown that

Conflict of interest- any relationship, that is not in the best interest of the organization.

Types of misuse and fraud include claiming unemployment benefits while working another job that pays cash only which isn't reported, failing to actively seek employmen while collecting unemployment, and fraudulently using stolen social security numbers to claim unemployment.

First, no one, including businesses, should morally be permitted to "freeload" (simply put, "freeloading" is the practice of accepting advantages offered by a certain situation while not accepting its disadvantages) (EDB 531). When placed in a situation where "freeloading" is a viable option, many businesses are eager to take advantage of it due to its profitability (most often this is in the case of bribery). There is something essentially wrong with this practice in our society, however. Most modern societies function on a system of benefits and burdens. Each member of society is expected to accept both the benefits and the burdens adherent to their situation and actions. For example, when you steal money you are attempting to acquire a benefit without the adjunct burden (earning it). When such a person is caught doing such, they are almost certainly prosecuted and made to accept the burden (usually in the form of jail time or fines). When a business receives a bribe or a kickback, they are essentially accepting a benefit of the laws against those practices while not suffering the burdens associated with those laws (EDB 531).

Over the past two years, corporate America has endured a plethora of fraudulent acts committed by those of high status within their respective corporations, most of which involve internal fraud. Internal fraud has two main aspects, misappropriation of assets and fraudulent financial reporting, with the focus of this discussion lying within the former. Misappropriation of assets is defined as fraud for personal gain. It is the most common type of fraud found among employees and frequently includes theft of cash and inventory.