Essentials of Corporate Fraud by Tracy L. Coenen

By Tracy L. Coenen

Jam-packed with important suggestions, recommendations, illustrative real-world examples, shows, and top practices, this convenient and concise paperback might help you not sleep so far at the most up-to-date pondering, thoughts, advancements, and applied sciences in company fraud. necessities of company Fraud offers an introductory examine fraud and the categories of fraud which can happen in a number of parts of an organization.

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The owners went along with all of it, believing that he had the best interest of the company at heart. Besides, he came highly recommended and was hired for his expertise in finance. He knew what he was doing! The truth is that all of the CFO’s changes were done to take information and control away from the owners while he was stealing everything the company owned. Any objection to new procedures or lack of information was met with an ‘‘I’m the finance professional’’ response. In less than three years, the CFO succeeded at bankrupting the company while lining his own pockets with enough money to retire and live comfortably for the rest of his life.

The data confirms that the largest fraud losses are caused by executives. 7 It is often easiest to focus on the visible frauds committed by lowlevel employees. Everyone can comprehend the idea of a dishonest teenager stealing from a cash register. It’s not so easy to believe that a long-term, trusted management employee is committing fraud. Yet these less visible frauds need to receive more attention, because clearly they cost companies the most. Position of Fraud Perpetratora The median loss from a fraud perpetrated by8 Employee: $78,000 29 People Who Commit Fraud TIPS AND TECHNIQUES (CONTINUED) Manager: $218,000 Owner or Executive: $1,000,000 a 2006 Report to the Nation, Association of Certified Fraud Examiners, Austin, TX.

To discourage fraudulent behavior, a company must be clear about rules and expectations, and take action when fraud is committed. Management must emphasize the importance of internal controls and adherence to policies and procedures. Internal controls will be discussed in greater detail in later chapters. S ummary Larger frauds are generally committed by those in higher positions within a company. A higher position brings with it more access to information, computer systems, people, and assets; therefore, the opportunity to commit fraud and cover it up is increased.

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