Write a fraud examination report based on the Vatican Money Laundering case. References included.
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Write a fraud examination report based on the Vatican Money Laundering case. References included.
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Solved in 2 steps
- Write a fraud examination report on the Vatican real estate scandal, also known as the "London Property Scandal"Why is it that Bank Deposit Secrecy became a highly-sensitive issue with respect to the implementation of the Anti- Money Laundering Act ( RA#9160)?Answer the following questions and give an example for each case: In which areas can the embezzlement scheme be identified? What can cause fraud to be committed in the presentation of financial statements?
- Does Anti-Money Laundering Council have the authority to freeze deposits? Explain.How is skimming scheme fraud carried out? In which areas can the embezzlement scheme be identified? What can cause fraud to be committed in the presentation of financial statements?What was evolutionary about laws such as GLBA and FACTA? What do organizations need to consider to be compliant with GLBA and FACTA? What is the impact of crimes such as identity theft? How do different jurisdictions (federal, state, or international) deal with financial crimes such as identity theft? Site at least one example.
- the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non Financial Institutions. In your opinion, will there be any implication if we do not have any Money Laundering related laws or regulation?Refer to Exhibit 2.1 a. What is a Ponzi scheme? b. Describe the key elements of the Bernie Madoff fraud. c. Is this fraud primarily a case of asset misappropriation or fraudulent financial reporting?What is the purpose of a bank confirmation and why are bank confirmations an important piece of audit evidence? What are some errors and frauds that can occur in the revenue cycle?
- Answer the following questions and give an example for each case: What category does inventory related fraud fall into? What documents does a perpetrator use to commit billing fraud? What are the three categories in payroll fraud? How is skimming scheme fraud carried out? In which areas can the embezzlement scheme be identified? What can cause fraud to be committed in the presentation of financial statements?Define the following and give 1 actual case as an example for each type of fraid and methods of prevention.a) Counterfeiting Fraudb) Credit Card Fraudc) Embezzlement d) Insider TradingMany countries have now made money laundering a criminal offence. In some countries, such as the UK, Australia, Singapore and the USA, the criminal offences include those directed at accountants. In the UK, the basic requirements are for accountants to keep records of clients’ identity and to report suspicions of money laundering to the National Crime Agency (NCA). These obligations apply both to firms and to individuals. A firm must establish anti-money laundering programmes which help to reduce to the possible barest minimum, the impact of money laundering on the firm. There are specific regulatory obligations imposed on accountants and auditors in relation to detecting and reporting money laundering activities. As the audit manager of Queenstar Consults, you have been asked to provide a training session to the new audit juniors on auditors’ responsibilities in relation to money laundering. Required: (a) Prepare briefing notes to be used at your training session in which you: i.…
