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Corporate fraud

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documents in English
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term papers
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6 pages
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  1. Introduction
  2. The consequences of fraud
  3. The prevention of fraud
    1. Typology of different types of fraud
    2. Diversion of non-monetary assets
    3. Fraudulent financial statements
  4. Fraud prevention measures
  5. Profile of fraudsters
  6. Fraud detection: A key issue and problem for businesses
  7. Managing the post-detection of fraud

Corporate fraud is a growing threat to business. It has increased due to rapid technological change and increasing dependence on information systems. These frauds are prevalent across industries. A corporate fraud occurs when an employee uses his job for personal financial benefits while abusing or deliberately diverting resources or assets of the company.

The corporate fraud can take many forms, from varied infringement, misappropriation of assets, misuse of common resources corruption, accounting irregularities which include falsifying financial statements to give a better picture of the company, insider trading, purchasing fraud, fraud in investment and technological fraud to name a few.

[...] I The prevention of fraud, an essential step for companies in the fight against fraud Typology of different types of fraud Corporate fraud is classified into three categories: Misuse of assets, corruption and fraudulent financial statements. Diversion of assets refers to any plot involving the theft or misuse of assets belonging to an organization. Two methods can be used by the fraudster to divert money (including checks or money orders): Skimming: It refers to diversion of revenue before the organization records the same in the books. [...]


[...] Reports are an important mode of detection. It is essential that all stakeholders have access to signaling devices namely employees, customers, suppliers and other stakeholders. Detection of major frauds is undertaken by company alerts. In case of small companies, external audits are effective tools for determining fraud. The alert system is less efficient in this type because they have no formal reporting mechanisms. Detection of fraud in listed companies requires the presence of internal controls. External audits are rather inefficient, [...]

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