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Essay

Internal Fraud

Essay specific features

 

Issue:

Business

 

Written by:

Corey C

 

Date added:

May 26, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

7 / 1956

 

Was viewed:

5909 times

 

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Essay content:

According to one organization: Here are some shocking statistics: • $652 billion in revenues are lost annually to fraud, or 5% of total revenues • The average fraud scheme lasted 18 months before it was detected • Organizations lose 20% of every dollar earned to some type of workplace fraud • Fraud reduces net income dollar for dollar, meaning that if the profit margin is 10%, an additional $100,000 of revenue would have to be generated to cover a $10,000 fraud (Upcoming Events , 2006) There are two categories of internal fraud, misappropriation of assets and fraudulent financial reporting...
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Each of these issues requires different but equally important internal controls to ensure they do not occur. This is where a company’s accounting information system (AIS) plays a large roll. Along with the many other aspects of an AIS, internal control is crucial to that company’s success. Lastly, companies either hire or contract out auditors, who have the job of detecting and reporting these instances of fraud both for the company itself as well as for external government agencies...
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General issues of this essay:
Fraud Accounting Fraud Accounting,Fraud Corporate Fraud E-Commerce Fraud Fannie Mae Fraud Fraud Fraud Insurance Fraud Internal Fraud Securities Fraud Fraud comparison of Medtronic's financial statements to Baxter's financial statements Fraud Scientific Fraud
 

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