Fraud An Intentional Act - 1384 Words

Fraud is defined as an intentional act performed by an individual with the aim of gaining some benefits by the perpetrator (Kristin 4). The World Bank Group (2016) describes fraud as a practice involving an action or omission such as a misrepresentation through reckless, knowing misleads or with attempt to mislead another party so as to gain financial or other type of benefit, or with the intention of avoiding a responsibility. Fraud is any trick used by one party for the purpose of gaining through a dishonest advantage over another individual. An individual commits fraud with the intention of inducing another party some form of loss or inflict injury. Ashworth and Horder (368) state that fraud is a form of a dishonesty offense because its intention is to steal, deceive, deprive, take a conveyance without consent and handling of stolen goods as well as money laundering. Any type of fraud is a crime and questionable under the law. In fact, fraud as a crime calls for severe penalties s uch as prosecution and punishment like that of a murder. There should be no limitations as to why a fraudster should not be convicted with a criminal offense. There are different types of fraud committed through dishonesty means. Government assistance fraud is a type of crime that is common in organizations owned by the state (Bohm Haley, 2014). Based on the level of offense committed through government assistance fraud, it is even recommended that people committing such a crime get a higherShow MoreRelatedFinancial Fraud : An Intentional Act Of Deception Involving Financial Transactions1850 Words   |  8 PagesIdentity Thief, but they fall under the term Financial Fraud. Financial fraud can be broadly defined as an intentional act of deception involving financial transactions for purpose of personal gain. Fraud is a crime, and is also a civil law violation. Many fraud cases involve complicated financial transactions conducted by white collar criminals such as business profess ionals with specialized knowledge and criminal intent. Financial Frauds are dangerous and can cause harm to everyone no matterRead Moretrueblood Essay878 Words   |  4 Pagesï » ¿In the aftermath of corporate scandals and the passage of the Sarbanes-Oxley Act of 2002 (SOX), the audit committee is vested with greater authority to oversee ï ¬  nancial reporting and the appropriation of assets. As a result, the audit committee is responsible for adequate supervision and reporting and for responding to: †¢ fraud in a ï ¬  nancial statement audit; †¢ actual, perceived or potential conï ¬â€š icts of interest; †¢ anonymous tips and complaints; and †¢ through interaction with generalRead MoreComputer Fraud And Abuse Act ( Cfaa ) And Cyberbullying Essay1665 Words   |  7 PagesEmily Jessep Intellectual Property Crimes Professors Dreyfuss and First November 15, 2016 INCOMPATIBLE: The Computer Fraud and Abuse Act (CFAA) and Cyberbullying I. Introduction The Computer Fraud and Abuse Act (CFAA) does not cover cyberbullying done via social networking websites and should not be used to prosecute it. Application of the CFAA to cyberbullying prosecutions is inconsistent with the intended scope of the statute and the existing interpretations of its provisions. PracticallyRead MoreClarified Statements On Auditing Standards1705 Words   |  7 Pagesunderstand and apply. 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Will Rob Jr. (technically, his parents will sue the churchRead MoreHipaa And The Health Care Market1543 Words   |  7 Pageswhat purpose it serves, and most importantly how the breach of HIPAA could severely impact our organization financially and hinder us from competing in the health care market. So what is HIPAA? HIPAA or Health Insurance Portability and Accountability Act is a federal privacy law enacted by the congress in 1996 to protect the individual personal information held by health care organizations and its business associates. The primary purpose of this law is to safeguard the confidentiality and the securityRead MoreJP Morgan Chase1658 Words   |  7 Pagesbanking, a foundation of the economy. 2. Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. 3. Compare and contrast the differences between intentional and negligent tort actions 4. Discuss the tort action of â€Å"Interference with Contractual Relations and Participating in a Breach of Fiduciary duty† and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in suchRead MoreThe Sarbanes Oxley Act Of 20021356 Words   |  6 PagesFinancial Statement Fraud Over the past decade the world has been taken by surprise by the numerous accounting scandals that have occurred, for example, Enron, WorldCom, Tyco, Xerox, and Global Crossing (Suyanto, 2009, p. 118). Since those accounting scandals occurred the United States Congress passed the Sarbanes-Oxley Act of 2002 (SOX) to help improve a company’s corporate governance and help deter fraud (Chinniah, 2015, p.2). In addition to SOX, the Accounting Institute of Certified Public AccountantsRead MoreSusan Cooper s Extraordinary Circumstances855 Words   |  4 Pagesanything, even commit fraud. Bernie Ebbers told the senior staff that they would lose everything if the company did not improve its performance. This leads into my second pressure, which deals with personal lives. Employees were receiving tremendous benefits due to the company’s great performance. However, if the company did not improve, people’s salaries would be cut or even worse, their jobs would be cut. That is why so many people were willing to engage in the fraud, because they felt WorldComRead MoreThe Ethical Dilemma Of Susan Faces1500 Words   |  6 Pagesthe fraudulent financial statements. 3) There are a few alternatives that are available to Susan: a) accepts the CEO’s request and increase net income as suggested; b) rejects the CEO’s request and act in accordance with the rules and law; c) convinces the CEO that it is in his best interest to act in accordance with the rules and law; and d) reports the conversations to the audit committee. 4) By complying with Derek’s request, Susan could maintain her job, get promoted, and gain monetary compensations