Principles of Fraud Examination - Case Study Example

On the contrary, fraud can be considered as a crime but the very act of proving a criminal intent to defraud is very difficult.... Enron is clearly in violation of the guidelines that are laid out in the Generally Accepted Accounting principles (GAAP)2.... The Case of Enron and Arthur Andersen Name: Course name: Course instructor: Date: Introduction From a moral standpoint, the massive greed, lack of ethics and collusion among the auditors, company officials, legal counsel engaged, investment firms and bankers of Enron, the greatest losers were shareholders, creditors and employees of the company....

Financial Statement fraud Schemes, Apollo Shoes Company Name: Lecturer: Course: Date Introduction Apollo Shoes Company deals with production of various types of shoes that include: common athletics shoes branded as SPOTLIGHT, the Police shoes branded as SIREN and athletes shoes with speakers branded as SPEAKERS shoes (Timothy, Loretta, & Kenneth, 2011).... Identify potential financial statement fraud schemes would likely be present in Apollo Shoes Company The financial statements fraud schemes has been presented in the Apollo's Company case in numerous ways....

Most cases of fraud are conducted in the accounts department where auditors and top management provide wrong financial statements to investors which may lead to loss of investors' funds and assets investments.... Conan, Chad & Mark (2011) also point out that minus litigations, censures and fines investors and creditors would be exposed to greater risks involved in fraud cases created by management teams and auditors.... In the Phar-Mor case the top management team confessed to financial statement fraud after creditors and investors in the organization filled cases challenging the legibility of their financial statements after a massive loss was recorded....

It does not affect the practice of accounting directly since concepts statements do not require changes in generally accepted accounting principles, amend, modify or interpret existing accounting disclosure standards or require changes in accounting procedures or require disclosure of practices that might be in conflict with the concepts (Foster & Johnson, 2001)....

It addresses basically how firms are structured and reasons as to why corporate form rules, how corporations are administered and the alterations that result, when firms borrow and how they transact… The course will present basic legal doctrines in corporate law, contract law, debtor-creditor law, and bankruptcy, and use economic models to analyze whether and when these doctrines promote economically efficient behavior and economics principles of economics I chose Law and Economics....

Reserves below 100% constitute elements of fraud based on banking systems and full-reserve banking eliminating possible risks of bank operations.... The era of post-World War II showed minimal interest for 100%-reserve is banking despite the examination of issues and conclusion where costs inconvenience full-reserve banking systems outweighing possible benefits (Daly and Farley 65).... Ecological Economics, Second Edition: principles and Applications....

It also contains an overview of the company's business activities and internal processes.... The contents of the financial statements are claims, made by the managing directors, of the company… Users of the financial statements rely on its contents for various purposes.... For that reason, it is imperative that companies avail the statements....

"Scene Crime Processing" paper focuses on crime scene processing, the actions taken at the scene of the crime which consists of the taking of photographs, preparing a sketch of a crime scene, and the collection and preservation of physical evidence and are vital in gathering evidence of the crime....