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Corporate Fraud: Case Studies in Detection and Prevention

ISBN: 978-0-471-49350-1
202 pages
March 2004
Corporate Fraud: Case Studies in Detection and Prevention (0471493503) cover image
Real-world help for companies combating fraud – from major management fraud to fraudulent financial reporting

From the author’s more than thirty years of corporate auditing experience, Corporate Fraud features scores of useful case studies that illustrate the principles of numerous types of fraud and how to avoid them in your business.

A must-have for all auditors, controllers, CFOs, and business managers, Corporate Fraud offers broad coverage of:

  • The most common and damaging types of fraud in today’s business environment
  • The many facets of fraud, including management fraud, corporate governance, and top-level forensics issues, as well as financial statement fraud and the interconnected nature of each
  • Corruption: bribery, including contracting, subcontracting, and leasing; and outsourcing
  • Misappropriation: vendor billings, skimming, and diverted receipts
  • Fraud for the organization: money laundering, price fixing, and fraud in the international arena

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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 Major Category.

Classifications.

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

Characteristics.

Major Symptoms of Management Fraud.

Opportunities Afforded by the System for Performance Accountability.

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 (Asset Misappropriation).

Various General Accounting-Cycle Fraud Symptoms.

Vendor Billings—False Invoices/Phantom Vendor (Shell Company).

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 Effective Prevention.

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 of Fraud.

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

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

Appendix D: Percentage of Total Occupational Fraud Loss Attributable to Management Fraud.

Appendix E: KPMG Study.

Appendix F: Classification: Management Fraud Categories.

Glossary of Terms.

Notes.

Index.

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