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FOR3703 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) Semester 2 2024 - DUE 31 October 2024 Course Investigation of Selected Crimes and Transgression (FOR3703) $2.50
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FOR3703 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) Semester 2 2024 - DUE 31 October 2024 Course Investigation of Selected Crimes and Transgression (FOR3703)
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FOR3703 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) Semester 2 2024 - DUE 31 October 2024 FOR3703 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) Semester 2 2024 - DUE 31 October 2024 Course Investigation of Selected Crimes and Transgression (FOR3703) Scenario Financial statement fraud is a white...

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  • October 30, 2024
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FOR3703
OCTOBER NOVEMBER
PORTFOLIO (COMPLETE
ANSWERS) Semester 2 2024 -
DUE 31 October 2024

, FOR3703 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) Semester 2 2024 -
DUE 31 October 2024

Scenario Financial statement fraud is a white-collar crime usually perpetrated by management
insiders to present a company in a favourable fiscal light. Fraudsters are motivated by personal
gain such as performance-based compensation for the enhancement of company’s reputation
by misleading potential investors. Or they want to buy time to correct their financial mistakes or
recoup their losses. Financial statement fraud is a crime of opportunity. Companies with lax
internal controls, manual accounting systems or dishonest and overly aggressive leaders are
more likely to fall prey to it. The key to combating financial statement fraud is to prevent it from
ever happening. If it cannot be prevented, it must be found as soon as possible. Based on the
information in the case study, answer the following questions: 1.1. Discuss the different types of
financial statement fraud and explain why company personnel commit it. Also indicate how
financial statement fraud red flags can signal potential fraudulent practices. (50) 1.2. Discuss the
methods to detect and prevent financial statement fraud. (50)




INTRODUCTION, (OVERVIEW)



In the corporate environment, much effort is made to protect against financial statement fraud
since firms aim at profitability and investor confidence. This type of fraud is usually committed
by insiders, such as members within the management team who falsify accounting records to
make it appear like a company has higher profits and revenue than they really do. The
motivations with respect to financial statement fraud appears from personal level incentives; for
example performance based bonuses as well, on corporate wide aim such as Uber and its stock
valuable icon in the market. Yet, as with all frauds involving the financial statements that reflect a
company's performance and arguably its value — none of this is perpetrated by any one
individual in the strictest sense; it occurs through lack of internal controls or old-fashioned
accounting standards applied with a level of extreme conservative respect for growth metrics.

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