Corporate Fraud Handbook : Prevention and Detection

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  • Edition: 3rd
  • Format: Hardcover
  • Copyright: 2011-05-03
  • Publisher: Wiley
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Fraud continues to be a serious and costly problem for businesses. This practical resource, written by the founder and chairman of the Association of Certified Fraud Examiners, is filled with real-world cases and statistics on the various types of fraud and their real cost to organizations. It reveals the various, incredibly creative fraud schemes used by employees, owners, managers, and executives to defraud their customers. Auditors, fraud examiners, and criminal investigators will discover how to spot the "red flags" of fraud and prevent it from happening in the first place.

Author Biography

Dr. Joseph T. Wells, CFE, CPA, is the founder and Chairman of the Association of Certified Fraud Examiners (ACFE) and has previously served as an adjunct professor of fraud examination at the University of Texas at Austin. He writes, researches, and lectures to business and professional groups on fraud-related issues and is frequently quoted in the media. He has won top writing awards from both Internal Auditor and the Journal of Accountancy, and is a winner of the Innovation in Accounting Education Award presented by the American Accounting Association. For his landmark research in fraud detection and deterrence, Dr. Wells has been inducted into the American Institute of Certified Public Accountants Business and Industry Hall of Fame and named nine times to Accounting Today's list of top 100 most influential people.

Table of Contents

Prefacep. ix
About the ACFEp. xiii
Introductionp. 1
Defining "Occupational Fraud and Abuse"p. 2
Research in Occupational Fraud and Abusep. 6
2010 Report to the Nations on Occupational Fraud and Abusep. 25
Notesp. 42
Asset Misappropriationsp. 45
Introduction to Asset Misappropriationsp. 47
Overviewp. 48
Definition of "Assets"p. 48
How Asset Misappropriations Affect Books of Accountp. 49
Notesp. 58
Skimmingp. 59
Overviewp. 63
Skimming Data from ACFE 2009 Global Fraud Surveyp. 63
Unrecorded Salesp. 68
Understated Sales and Receivablesp. 73
Theft of Checks through the Mailp. 74
Short-term Skimmingp. 79
Converting Stolen Checksp. 80
Concealing the Fraudp. 83
Detectionp. 89
Preventionp. 90
Notesp. 91
Cash Larcenyp. 93
Overviewp. 96
Cash Larceny Data from ACFE 2009 Global Fraud Surveyp. 96
Incoming Cashp. 101
Cash Larceny from the Depositp. 106
Miscellaneous Larceny Schemesp. 110
Detectionp. 111
Preventionp. 113
Check Tamperingp. 115
Overviewp. 118
Check Tampering Data from ACFE 2009 Global Fraud Surveyp. 119
Forged Maker Schemesp. 123
Intercepted Checksp. 129
Forged Endorsement Schemesp. 129
Altered Payee Schemesp. 133
Concealed Check Schemesp. 137
Authorized Maker Schemesp. 137
Concealmentp. 141
Detectionp. 149
Preventionp. 151
Electronic Payment Tamperingp. 153
Prevention and Detectionp. 153
Notesp. 155
Register Disbursement Schemesp. 157
Overviewp. 157
Register Disbursement Data from ACFE 2009 Global Fraud Surveyp. 161
False Refundsp. 165
False Voidsp. 171
Concealing Register Disbursementsp. 171
Detectionp. 174
Preventionp. 174
Billing Schemesp. 177
Overviewp. 181
Billing Scheme Data from ACFE 2009 Global Fraud Surveyp. 181
Cash-Generating Schemesp. 185
Invoicing via Shell Companiesp. 186
Invoicing via Nonaccomplice Vendorsp. 191
Personal Purchases with Company Fundsp. 195
Detectionp. 202
Preventionp. 203
Payroll and Expense Reimbursement Schemesp. 205
Overviewp. 208
Payroll Scheme Data from ACFE 2009 Global Fraud Surveyp. 208
Payroll Schemesp. 212
Expense Reimbursement Data from ACFE 2009 Global Fraud Surveyp. 226
Expense Reimbursement Schemesp. 230
Detection of Payroll Schemesp. 237
Detection of Expense Reimbursement Schemesp. 238
Prevention of Payroll Schemesp. 239
Prevention of Expense Reimbursement Schemesp. 241
Inventory and Other Assetsp. 243
Overview: NonCash Misappropriation Data from ACFE 2009 Global Fraud Surveyp. 246
Misuse of Inventory and Other Assetsp. 251
Theft of Inventory and Other Assetsp. 252
Concealmentp. 264
Detectionp. 266
Preventionp. 269
Misappropriation of Intangible Assetsp. 271
Notep. 272
Corruptionp. 273
Briberyp. 275
Overviewp. 278
Corruption Data from ACFE 2009 Global Fraud Surveyp. 282
Bribery Schemesp. 286
Something of Valuep. 300
Economic Extortionp. 301
Illegal Gratuitiesp. 301
Detectionp. 301
Preventionp. 303
Notesp. 305
Conflicts of Interestp. 307
Overviewp. 311
Purchasing Schemesp. 312
Sales Schemesp. 315
Other Schemesp. 316
Detectionp. 318
Preventionp. 319
Notep. 319
Fraudulent Statementsp. 321
Fraudulent Statementsp. 323
Introductionp. 323
Fraud in Financial Statementsp. 327
Major Generally Accepted Accounting Principlesp. 330
Responsibility for Financial Statementsp. 334
Users of Financial Statementsp. 335
Types of Financial Statementsp. 335
Sarbanes-Oxley Actp. 336
Financial Statement Fraud Data from ACFE 2009 Global Fraud Surveyp. 347
Notesp. 352
Fraudulent Financial Statement Schemesp. 353
Methods of Financial Statement Fraudp. 359
Fictitious Revenuesp. 359
Timing Differencesp. 362
Concealed Liabilities and Expensesp. 368
Improper Disclosuresp. 371
Improper Asset Valuationp. 374
Detection of Fraudulent Financial Statement Schemesp. 379
Prevention of Financial Statement Fraudp. 395
Occupational Fraud and Abuse: The Big Picturep. 401
Defining "Abusive Conduct"p. 401
Measuring the Level of Occupational Fraud and Abusep. 402
Understanding Fraud Deterrencep. 405
Corporate Sentencing Guidelinesp. 409
Ethical Connectionp. 411
Concluding Thoughtsp. 413
Notesp. 414
Appendix: Sample Code of Business Ethics and Conductp. 415
Introductionp. 415
Conflicts of Interestp. 417
Company Assetsp. 421
Political Contributionsp. 423
Employee Conductp. 423
Compliance Letter and Conflict of Interest Questionnairep. 425
Bibliographyp. 427
Indexp. 435
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