Corporate Fraud: Case Studies in Detection and Prevention / Edition 1

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Overview

There is no singular type of corporate fraud. Written to uncoverthe many different dimensions of fraud and theirinterrelationships, Corporate Fraud analyzes management fraud for acompany (fraudulent financial reporting) and fraud against acompany (corruption and misappropriation) to help you detect fraudbefore your company suffers devastating losses.

Until now, management non-financial-statement fraud has notreceived enough recognition in professional literature, even thoughit represents the largest single category of loss from occupationalfraud. Since major management fraud involves leveraging positionalpower, effective recognition requires monitoring from both amanagement and accounting perspective.

Supported by cases derived from real-world incidents, theprocesses behind numerous types of fraud are brokendown–defining such concepts as the roles of middlemen,telltale debits, and bank accounts–so readers can more easilyidentify symptoms of specific types of fraud. Brimming withillustrative case studies based on the author’s more thanthirty years of corporate auditing experience, Corporate Fraudpresents helpful information on such topics as:

  • The red flags of management fraud
  • Who commits fraud
  • Corruption: bribery, including contracting, subcontracting, andleasing; and outsourcing
  • Misappropriation: vendor billings, skimming, and divertedreceipts
  • Fraud for the organization: money laundering, price fixing, andfraud in the international arena

Corporate Fraud is an essential volume for auditors,controllers, CFOs, and business managers who need real-world helpkeeping their companies free from fraud.

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Editorial Reviews

From the Publisher
"This is one more that receives a "buy recommendation" from AuditNet." (AuditNet, 5/1/2004)
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Product Details

  • ISBN-13: 9780471493501
  • Publisher: Wiley
  • Publication date: 3/11/2004
  • Edition number: 1
  • Pages: 202
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.56 (d)

Meet the Author

JOHN D. O’GARA is former director of internal audit at a Fortune 500 company. He is a frequent speaker and has presented at the MIS Super Strategies conference, the Institute of Internal Auditors (IIA) International Conference, and the Association of Certified Fraud Examiners (ACFE) annual conference.

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Table of Contents

Chapter 1. Overview.

Varieties of Fraud/Perspective.

More Than Fraudulent Financial Statements.

Emphasis: Recognition and Detection—Case Studies.

Major Management Fraud Is Different.

Chapter 2. Perspective (ACFE Studies).

1996 and 2002 ACFE Reports to the Nation.

Breakdown of Estimated Total Occupational Fraud Loss by MajorCategory.

Classifications.

Chapter 3. Management Fraud against the Organization(General).

Characteristics.

Major Symptoms of Management Fraud.

Opportunities Afforded by the System for PerformanceAccountability.

Chapter 4. Red Flags of Management Fraud.

Six Major Fraud Profiles—Common Elements.

Red Flags of Management Fraud.

Contrast with Nonmanagement Fraud.

Bullet-Proof and Invisible Leads to Flaunting.

Chapter 5. Fraud against the Organization (Corruption).

Middlemen.

Real Estate/Related Parties.

Bribery—Contracting/Subcontracting/Leasing.

Outsourcing.

Mani pulation of Performance Bonuses/Co-opting Others.

Chapter 6. Fraud against the Organization (AssetMisappropriation).

Various General Accounting-Cycle Fraud Symptoms.

Vendor Billings—False Invoices/Phantom Vendor (ShellCompany).

Other Disbursement Fraud.

Inventory.

Skimming/Cash Receipt Misappropriation Fraud.

Chapter 7. Fraud for the Organization.

Financial Reporting.

Money Laundering/Illegal Practices.

International Arena.

Price-Fixing/Bid Rigging.

Commercial Bribery.

Chapter 8. Methodology: Detection/Investigation.

Differences—Management versus Employee

Accounting-Cycle-Type Fraud Detection/Investigation.

Recognition/Detection.

Detection/Investigation.

Investigation.

Chapter 9. CAAT Scans for Scams.

Middlemen/Related Parties.

Top-Down Forensic Monitoring.

Telltale Debits of Misappropriation.

Bank Accounts/Addresses.

Chapter 10. Conclusion.

Low Frequency of Detection/Prosecution versus EffectivePrevention.

Managerial as Well as Accounting Perspective.

History: Good Old Days.

Risk/Reward Dynamic.

Thoughts on Recent Accounting Scandals.

Appendix A: Practice Advisory 1210.A2-1: Identification ofFraud.

Appendix B: Practice Advisory 1210.A2-2: Responsibility forFraud Detection.

Appendix C: Derivation: Management Non-Financial-Statement Fraudas a Percentage of Total Occupational Fraud Loss.

Appendix D: Percentage of Total Occupational Fraud LossAttributable to Management Fraud.

Appendix E: KPMG Study.

Appendix F: Classification: Management Fraud Categories.

Glossary of Terms.

Notes.

Index.

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