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• eBook-Kapitel aus dem Buch Accounting Fraud

  Chapter 4: Conclusion and Outlook

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …guidelines for “best practice” in fraud risk management. For a summary of basic anti-fraud strategies, see Exhibit 9 (the definitions are extracted from… …and hiring and promotion standards. – A comprehensive fraud risk assessment helps senior management to under- stand their fraud risks, identify gaps… …elements of any integ- rity management approach. Integrity management does not only prevent major fraud risks and save significant costs. In the long run… …Exit Plan?), www.theconglomerate.org, January 2010 KPMG: Fraud Risk Management: Developing a Strategy for Prevention, Detection, and Response… …to frequent events, and that there is no scandal arising from infrequent but morally acceptable events. The cases of accounting fraud described in… …led away in handcuffs under indictment for fraud was shocking indeed, and society was outraged at the criminal acts. Most of the scandals occurred… …characterized the scenario in Europe and in Asia, showing that probably no corporate governance system in the world is able to prevent accounting fraud… …. Unfortunately, fraud will continue to hit the headlines of newspapers as well as the bottom lines of companies. Despite the best efforts of those who are respon-… …sible for fighting fraud, one inevitable reality remains: “fraud happens”. It is a given that economic crime will always be with us. Eliminating fraud is… …probability, the malfeasance is detected. Other factors contributing to accounting fraud may include unrealistic performance standards that fail to take into…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  A Practice Aid for Auditors: Fraud Interviews – An Inquiry Guide

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …to mitigate fraud risks or help to prevent and detect fraud? If so, what are these programs and controls? How does management monitor these programs… …report to? – Has management reported to the audit committee on the process for identify- ing and responding to the risk of fraud? Has management reported… …to the risks of fraud? – Does the audit committee oversee management’s monitoring of operating locations? – Has management reported to the audit… …committee on the company’s internal control? Has management discussed any specific concerns about fraud or significant control weaknesses with you? What… …procedures has internal audit performed to detect fraud? What specific procedures has internal audit performed to address the risk of management override of… …management is often in the best position to perpetrate fraud. Therefore, he has to use professional judgment in deciding whether it is necessary to… …Appendix: Practice Aids 297 Appendix II A Practice Aid for Auditors: Fraud Interviews – An Inquiry Guide Of… …course, some cases of accounting fraud described in this book were so complex and well-concealed that no auditor would have been able to uncover them… …. These cases were well beyond the scope of a traditional audit. Nevertheless, auditors have to be more aggressive in order to detect fraud. They have to… …team have to be motivated to think about how and where fraud might occur. They have to conduct the audit with a mindset that recognizes the possibility…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Introduction

  Professor Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …indicating that the occurrence of white-collar crime (management fraud) and related aberrational behaviour of em- ployees (employee fraud) has been reduced… …risk of fraud in the current environment. 16% stated explicitly that their company management was not committed to fighting fraud. The findings… …17 Chapter 1: Introduction 1.1 Fraud: A Constant Threat to Companies around the World Fraud is nothing new. History has shown that it has… …long been part of our society. In 1941, a well-known American judge said: “Fraud is as old as falsehood and as ver- satile as human ingenuity.” Several… …years later, in 1949, a criminologist from Indi- ana University named Edwin H. Sutherland coined the term white-collar crime, referring to fraud… …committed by the elite upper-world business executive, against either shareholders or the public. Sutherland, one of the pioneers in fraud research, defined… …. According to PricewaterhouseCoopers’ “Global Economic Crime Survey 2007”, fraud remains one of the most problematic issues for companies worldwide. In the… …respondents who suf- fered fraud also stated that this had caused significant damage to their businesses. The survey found that the level of damage was… …decreased. Although different sectors are impacted by different types of fraud, no industry is immune from the threat posed by economic crime. The key… …findings of KPMG’s “Fraud Survey 2009” are quite similar: fraud is a ma- jor threat to companies regardless of their size, location, or industry. About three…

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• eBook-Kapitel aus dem Buch Handbuch der Internen Revision

  Ausgewählte Sonderthemen

  Prof. Dr. Thomas Amling, WP/StB Prof. Ulrich Bantleon

  …Schadenshöhe steigt überproportional zur hierarchischen Positio- nierung des Täters1029 und ist damit naturgemäß beim Management- Fraud am höchsten. Ein durch… …den Unternehmensinhaber bzw. das Top- Management verursachte Schaden ist durchschnittlich mehr als fünf 1028 Vgl. Wells, Corporate Fraud Handbook und… …. 1032 Vgl. auch AICPA, Management Override. 1033 Vgl. IDW HFA, E-IPS 240, S. 636, Tz. 19 und S. 657, Tz. 74. 1034 Vertiefend zum Top Management Fraud… …siehe Lechner, DStR 2006. 1035 Vgl. IDW HFA, IDW PS 210, S. 10, Tz. 18. Management Override of Controls Bekämpfung Management Fraud Prüffeld… …Rolle der Internen Revision ist in der Geschäftsordnung und der Fraud Policy festzulegen. Aufgabe des Management hinsichtlich Fraud Investigation ist… …, lähmender und geschäftsprozessver- schlammender Kontrollhysterie und Misstrauenskultur“ meistern. Nach Schätzungen von befragten Certified Fraud Examinern… …entfal- len bei einem typischen US-amerikanischen Unternehmen auf Fraud- Schäden jährlich 5 % der erwirtschafteten Umsätze1006 Der hierbei nicht… …Geschäftsbeziehungen, der Reputation und des Marken- images.1007 Vor allem Fraud eigener Angestellter führt zu Reputations- schäden. In der US-amerikanischen… …der amerika- nischen Internen Revisoren (The Internal Auditor) unter dem Schlag- wort: „Fraud Findings“ und im Organ der amerikanischen Wirtschafts-… …IIR, IIRÖ und SVIR bei IIRÖ, Wirtschaftskriminalität. 1007 Vgl. ebenso PwC, Wirtschaftskriminalität 2005, S. 4 und S. 15. Herausforderung Fraud…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 13: WorldCom (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …improve results when management felt this was needed. Governance failures at WorldCom The setting in which the fraud occurred was marked by serious… …senior management was final and not be challenged. Most of WorldCom’s people did not know that the fraud was occurring. Rather, it occurred as a result of… …fraud was not confined to Ebbers, Sullivan and Myers. Others at WorldCom either knew or suspected that senior management was engaged in improper… …Accounting Fraud in U.S. Companies 93 Case 13: WorldCom (2002) When Enron collapsed at the end of 2001, worried investors searched for who… …were managed. Former President George W. Bush condemned the fraud as “outrageous” and vowed to address the problems shaking Corporate America. The… …SEC said that WorldCom’s accounting improprieties were of “unprecedented magnitude”. But as enormous as the fraud was, it was accomplished in a… …relatively mundane way. The modus oper- andi of the fraud was rather simple, and it was carried out over a comparatively short period of time. Yet the… …reverberations of the fraud would echo around the world of business for years to come. Background: WorldCom from 1983–2002 The fraud was the consequence… …source of the culture that gave birth to this fraud. In 1983, he had discovered the telecom business and founded WorldCom. In the 1990s, the Clinton… …in this endeavour. Yet he continued to feed Wall Street’s expectations of double-digit Accounting Fraud in U.S. Companies 94 growth, and he…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  The Warning Signs of Fraud

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, projected, or forecasted results – Overly unstable organizational structure (e.g., high turnover of senior management or board members) Fraud Case… …functions Fraud Case Analysis: Lessons Learned 271 (4.) Top management – Ineffective implementation, communication, or enforcement of the… …other laws and regulations (criminal record) – Claims against the entity, its senior management, or board members alleging fraud or violations of… …Fraud Case Analysis: Lessons Learned 272 (5.) Relationship between management and auditor – Frequent disputes with the current or predecessor… …: Consideration of Fraud in a Financial Statement Audit, October 2002 AICPA: Management Override of Internal Controls: The Achilles’ Heel of Fraud Prevention… …Fraud Case Analysis: Lessons Learned 268 3.2 The Warning Signs of Fraud 3.2.1 A Schedule of Fraud Red Flags In almost all of the cases… …described in this book the signs of impending doom have been apparent for some time – for those who wished to see them. According to numerous fraud… …detected more quickly had the warning signs not been ignored. These warning signs are often being referred to as fraud risk factors, fraud risk indicators… …not necessarily indi- cate that fraud is occurring within the organization. Their presence, however, either individually or in combination, could… …indicate the occurrence of fraud or an in- creased likelihood thereof. Red flags should therefore, when encountered, trigger a higher level of…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 5: Phar-Mor (1992)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …collusive management fraud was almost inconceivable. The perpetrators made phony journal entries to increase inventory and decrease cost of sales… …Accounting Fraud in U.S. Companies 46 Case 5: Phar-Mor (1992) In 1982, Michael “Mickey” Monus and a friend, David Shapira, visited a “deep… …growing businesses in the U.S. had been committing massive accounting fraud. Investigators eventually determined that from at least 1987 through 1992… …un- covered the fraud. Phar-Mor’s board of directors insisted that it was plenty active, but fully deceived until it got a tip in late July 1992. Monus… …day, a travel agent who Accounting Fraud in U.S. Companies 47 booked flights for league players received a USD 75,000 check for WBL expenses… …activities and helped to expose an intricate accounting fraud. The fraud was carefully carried out over several years by persons at different organ-… …, recognized inventory pur- chases but failed to accrue a liability, and double-counted merchandise. Members of the fraud team later indicated that one reason… …the fraud was not detected by the auditors was because Phar-Mor executives knew exactly what the auditors would be looking for. They made sure that… …informed Phar-Mor in advance which stores they would visit. The Phar-Mor fraud team stocked the four selected stores correctly, and allocated the phony… …“Cookies”. The fraud team used these entries to inflate inventory and earnings. As it would not have been practical to carefully scan all the packets, the…

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  Types of Fraud

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …less-than-arm’s-length transactions – Improper disclosure of management compensation – Improper disclosure of fraud committed by officers, executives, and others in… …257 Chapter 3: Fraud Case Analysis: Lessons Learned 3.1 Types of Fraud 3.1.1 A Classification System for Fraudulent Acts: The Fraud Tree… …Joseph T. Wells, chairman and founder of the “Association of Certified Fraud Ex- aminers” (ACFE), has developed a classification system – known informally… …as the fraud tree – that accounts for all of the most common types of fraud. The fraud tree encompasses a wide range of misconduct by executives… …2007, p. 46; ACFE 2008, p. 7). Occupational Fraud Fraudulent Statements (Accounting Fraud) Asset Misappropriation Corruption Fictitious Revenues… …Economic Extortion Exhibit 3: The Fraud Tree Fraud Case Analysis: Lessons Learned 258 According to Wells, the types of occupational fraud can… …generally be broken down into three broad categories: asset misappropriation, corruption, and fraudulent statements (accounting fraud). Within each of these… …three major categories, there are several sub-categories of fraud scheme types. It should be noted, however, that a number of cases described in… …this book involve aspects of more than one of the three basic categories. For example, several cases involve both accounting fraud and asset… …misappropriation, or both accounting fraud and corruption. In these cases where there are multiple schemes, it is impossible to subdivide the losses in order to…

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• eBook-Kapitel aus dem Buch Accounting Fraud aufdecken und vorbeugen

  Annäherung an das Thema und Forschungsgegenstand

  Dr. Corinna Boecker

  …(Fehlleistungen 1994), S. 34 ff.; Gross, Gerhard (Regelungen 2005), S. 90 ff.; zu den bedeutenden Auswirkungen von Top- Management Fraud siehe auch Zahra, Shaker… …1 1 Annäherung an das Thema und Forschungs- gegenstand 1.1 Relevanz von Accounting Fraud Accounting Fraud – i.S.e. Verstoßes gegen… …ein mahnendes Beispiel für die Auswirkungen fehlerhafter Prüfung bleiben. Die Gefahr von Accoun- ting Fraud ist jedoch nicht nur bei großen Konzernen… …A./Klinger, Oskar (Internes Kontrollsystem 2000), S. 1; Albrecht, W. Steve/Searcy, David I. (Increasing Fraud 2001), S. 58 ff. 5 Vgl. Klinger, Michael… …, Zabihollah (Financial Statement Fraud 2002), S. 69; Welp, Cornelius/Leendertse, Julia (Konflikt 2007), S. 112 ff.; Nölting, Andreas/Wilhelm, Winfried… …A./Priem, Richard L./Rasheed, Abdul A. (Top-Management Fraud 2005), S. 818. 8 Vgl. Ernst & Young (Wirtschaftskriminalität 2003), S. 4 und S. 13. 9 Vgl… …offensichtlich an- ders dar15. Das Themengebiet Accounting Fraud kann von zwei Seiten betrachtet wer- den. Während sich einerseits die Unternehmen zwar der… …Bedeutung des Zufalls auch Wehling, Jörg/Weiß, Christian (Abwehr 2005), S. 104. 14 Vgl. ähnlich auch Comer, Michael J. (Corporate Fraud 1998), S. 5 ff… …Verschär- fung der Vorschriften für kapitalmarktorientierte Unternehmen, um damit Ac- counting Fraud möglichst zu verhindern, zumindest jedoch die Quote… …seiner Verant- ___________________ 16 Während die Aufdeckung als der schwierigere Teil im Rahmen der Bewältigung von Accounting Fraud gilt, nimmt die…

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• eBook-Kapitel aus dem Buch Revision von Vertrieb und Marketing

  Fraud im Vertrieb

  DIIR – Deutsches Institut für Interne Revision e. V.

  …45 5 Fraud im Vertrieb Fraud im Vertrieb? Viele werden beim Thema Fraud zuerst an den Beschaf- fungsbereich denken: Ein illoyaler Mitarbeiter im… …Einkauf, der Zahlungen entgegennimmt. Doch von wem? Von einem Vertriebsmitarbeiter des Liefe- ranten. Fraud im Vertrieb ist verbreiteter als vermutet… …betroffen sind.3) Es gilt, Fraud im Vertrieb als solchen zu erkennen, zu vermeiden und im schlimmsten Fall die Schäden zu begrenzen. 5.1 Fraud – Hintergründe… …und Ursachen Der Begriff Fraud wurde aus dem Englischen übernommen und bezeichnet dort den Betrug, die Täuschung, die Unterschlagung, allesamt… …: Als Fraud werden dort falsche Angaben in der Rechnungslegung bezeich- net, die beabsichtigt sind (Verstöße). Darunter fallen Sachverhalte wie Täu-… …, ein Fraud-Delikt zu begehen? Häufig wird hier als Erklärungsmodell das so genannte „Fraud Triangle“ von Donald R. Cressey herangezogen. Es geht davon… …aus, dass Fraud dann auftritt, wenn der Täter � ein Motiv, � eine Rechtfertigung, � eine Gelegenheit zu einer wirtschaftskriminellen Handlung hat… …. In neueren Abhandlungen wird dieses Dreieck zu einem „Fraud Pentagon“5) ergänzt. Hinzu kommen die Anlässe � Arroganz bzw. Überheblichkeit, �… …Unregelmäßigkeiten im Rahmen der Ab- schlussprüfung 5) nach Jonathan Marks Fraud im Vertrieb 46 Odenthal6) nennt als Einflussfaktoren auf den Kriminalitätsumfang… …Kontrollen genannt. Weniger, aber dennoch bedeutsam waren die fehlende Überwachung durch das Management und die Miss- achtung existierender Kontrollen.9) 5.2…

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