Some researchers however classify fraud as yet another form of corruption, stating that corruption can be prevalent in four different types: bribery, embezzlement, fraud and extortion, therefore hinting that corruption is a wider category and fraud is a subset of it Andvig et al. If this approach is taken, then immeasurability of one would automatically make the other immeasurable as well. It is extremely crucial to keep in mind that the entire international community does not unanimously accept the definition of corruption, and therefore this ambiguity in defining the term itself has major effects on the measurement level of corruption.
The gathering of objective data is very difficult, perception surveys are the leading method to attain objective results, but these rely on assumptions and statistical analysis, therefore there is always room for errors and residual factors which are unaccounted for, and hence the estimation might differ from actual, the detection and measurement of fraud and corruption takes place through procedural steps discussed below. In the private sector, corruption is usually identified by the auditors who analyze the financial statements and accounting records of a company to detect and measure fraudulent cases.
The audit team discusses the most susceptible areas to fraud and corruption by consideration of internal and external factors which would be a source of incentive for the management or others to indulge in fraud or corruption. The next step requires the audit team to obtain information which is necessary to measure fraud, such as analysis and inquiry of the management, unusual relationships between financial data and performance, the risk factors for the particular industry or business. If the work is submitted on an academic course it will be detectable by university plagiarism scans and Turnitin software.
The fraudulent individual with then not only be removed from his or her degree course, but will also face very serious criminal charges.
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Surname 1 Name: Tutor: Course No. Date: Financial Fraud and Investigation Fraud has been a common practice in the business and financial industry. The greed for money and the increasing demand to satisfy one's requirements have sustained the existence of fraudulent activities in the business industries. Therefore, there emerged the concept or the field of forensics and auditing. The two have meshed with the legal practice in a bid to curb and reduce the instances of fraud. Companies have also stepped up their measures for preventing and punishing this menace. This paper seeks to describe, discuss and provide an analysis of fraud in the Rudy Wine scam case which involved auctioning of fake wine.
Introduction: Forensics is a field that has a full berth when it comes to the investigation of cases of fraud. The examples that are mostly dealt with in the forensics industry include autopsies in the case of murders and audit of the records of a particular firm. Wine is a common drink that is held in high regard by the developed countries. It is a sign of prestige and affluence and thus rich people tend to purchase aged wines at high prices during wine auctions. In most cases, the employees do not report these cases since they are found to be a part of these illegalities.
Measures have to be taken to ensure that these cases are addressed at the earliest opportunity.
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The case at Hand: The case at hand is that involving a young man by the name Rudy Kurniawan who oversaw the largest scam in the wine industry. He cultivated himself as a wine connoisseur and rubbed shoulders with the high and mighty during wine sales. He purported to have been selling the finest and most aged wines to the world market and would rake in millions of dollars during wine auctions.
A security check by the police revealed that Rudy had kept a cellar in his house where he produced the wine all by himself. This is the greatest scam in the wine industry that saw many units of wine sold at exorbitant prices without the original product being sold. Rudy perpetrated fraud and this is a red light in the wine industry and also in any other company. Several methods of ascertaining the originality of these products had to be ascertained.
From the case described above, it is a tale of one man and perhaps a syndicate of employees from Merrall swindling billionaires of large sums of money at an auction. The person who revealed the information about the late production of the wine is a whistleblower. He took the initiative to unravel the mystery behind the so called gems that Rudy dished out.
It was a prudent step in ensuring that the wine industry never experienced any scams in the future. It also revealed that indeed people can be fooled easily and prudent measures had to be taken. Surname 3 Whistleblowing is one of the most common methods of revealing and reporting instances of fraud.
The person who made the call realized that business was not being conducted in the right manner and above all, the prices were hiked at their own expense.
This brings us to the realization that there are red-flags whenever there is fraud in a company. Once we realize that these red-flags are beaming on our faces that are the right time to act before things get out of hand. Red-Flags of Fraudulent Activities: The following are some of the red flags that Acker and Merrall ought to have seen before or during the transactions with Rudy: 1. The evidence of having duplicate payments made to the customers and vendors. This comprises the lack of evidence as to the site of wine production.
The offering of gifts among other forms of reward that are designed to communicate gratitude for a favor that was executed while transacting any business. Tips are given to the employees during and after operational hours. The Acker employees who may have been privy to the fraud by Rudy are capable of receiving tips and bribes to buy their silence.
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Increase in the amount of vendor spending. In this case, investigating the banks that Rudy operates is a first step. The matching of the employee-vendor addresses. This communicated the hint that there may be a conventional physical location between the vendor and one of the employees who work for the particular company. In an investigation, the networks that Rudy has ought to be traced.debacibaca.tk
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Surname 4 The Extent of Fraudulent Activities and Forensic Posture: As earlier stated, the extent of fraudulent activities is stretched from the personal interactions to the businesses and corporations of the global economy. Everywhere some people are always out to extort money from people and even solicit bribes. Fraud is defined as the intentional and deliberate distortion of internal and external records to conceal the misappropriation of a company's assets for gain.
On the other hand, we have the issue of corruption. Corruption is defined as the offering or soliciting of a reward to influence a particular person or group of persons. The definitions offered to provide a clear picture as to what each entails. The case of Rudy defrauding wine tasters most likely involved the exchange of gifts and money.
Of equal weight is the relationship between the manager and his father. The kind of fraud will be a civil fraud where the manager intentionally changed the sub-contracting firm by hiring another that has his father as the owner. Such a move gives lee way to the duo to commit all sorts of fraud when transacting on behalf of their companies for personal gain.
In the year during the Bi-Annual fraud survey, some figures were provided for the extent of fraud in the world economy. The figures that were presented are average and median values that show the extent of fraud.
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