Forensic Accounting The Energy Company Enron - 1765 Words

In 2001, the energy company Enron was involved in one of the biggest corporate accounting scandals of the 21st century. The company had covered up large amounts of debt to make their financial statements look more appealing to investors; consequently, after the fraud was discovered, many people lost their investments and many employees lost their jobs, including the corporation’s CEOs. After the authorities had been alerted that illegal activities were possibly taking place within Enron, forensic accountants were brought in to determine whether the allegations were true. Forensic accounting, or fraud auditing, is the analysis of financial data to investigate situations involving such things as economic damages, hidden assets, and†¦show more content†¦By covering up large amounts of debt or increasing the number of assets shown on their financial records, corporate officers believe that they can convince stockholders and investors to contribute more money and support t o their companies. Although some people commit fraud to help their business, others do so to harm a former or rival business. Frauds committed by managers or employees of a business are usually internal; those committed by suppliers, third parties, and customers are external. If fraudulent activity occurs internally, then the business usually receives a benefit (e.g. price fixing, overstating profit, tax evasion). Contrarily, external fraud causes harm to the business while only the perpetrator receives the benefit. Examples of this include embezzlement and asset theft, as well as bribery of the business’ employees by competing corporations. Crimes such as â€Å"arson for profit, planned bankruptcy, and fraudulent insurance claims† do not adhere to these categories because they are typically internal activities that hurt the business; however, they should be noted as significant nonetheless (Singleton et al. 21). Disgruntled employees and desperate business owners will sometimes act against their business if they believe that it will lead to the greatest monetary gain. Insurance scams are a po pular form of fraud because it allows thoseShow MoreRelatedForensic Paper1628 Words   |  7 PagesRunning head: Forensic accountant 1 Forensic Accountant Dr. Gina Zaffino Bus 508, Contemporary Business 11/16/2012 Running head: Forensic Accountant 2 Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Although forensic accounting is not a new field, it has become more talkedRead MoreThe Enron Scandal And Its Impact On The Business World1320 Words   |  6 Pagesprofits and success as a company. This is the controversial issue that led to the Enron scandal and ultimately the fall of this company. Enron Corporation was an energy company, and in the peaks of their success, they were the top supplier of natural gas and electricity throughout America. Enron Corporation came about from a merger between Houston Natural Gas and InterNorth. Houston Natural Gas was a gas providing company formed in Houston during the 1920’s. InterNorth was a company formed in NebraskaRead MoreWhite Collar Crime Fbi Investigation1552 Words   |  7 PagesIntroduction: It was 13 years ago that the announcement of bankruptcy by Enron Corporation, an American energy, commodities and service firm at the time, would unravel a scandal resulting in what is regarded as the most multifaceted white-collar crime FBI investigation conducted in history. High-ranking officials at the Houston-based company swindled investors and managed to further their own wealth through intricate, shifty accounting practices such as listing assets above their true value to increaseRead MoreInternal Audit And External Audit1136 Words   |  5 Pagesinside the companies. A review of accounts by independent experts, i.e. external auditors, who has no incentive give out favourable opinions due to personal interests, enhances the reliability of the accounts produced internally. (Arrunada, 2000) 2. Necessity of trustworthy assurance The claim, â€Å"the market can see through† management manipulation, in a sufficient market is based on two assumptions : a) investors are capable of understanding the management’s play through the accounting informationRead MoreForensic Accounting Essay examples2174 Words   |  9 Pagespresent day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession, this is a good opportunity to discuss the following topics: 1) Five skills that a forensic accountant needs to possess. 2) The role of a forensic accountant within a courtroom environment. 3) Analyze the legal responsibility a forensic accountant has while providing service to a business. 4) Examine two cases where forensic accountantsRead MoreEnron Accounting Scandal1927 Words   |  8 PagesENRON ACCOUNTING SCANDAL The Scandal In the history of accounting, Enron scandal means more than just a legend of accounting managements. It exceeds every other accountings deceit, because the need to secrete its real economic situation was not just a matter of hiding failures borne out of unsuccessful business protrusions. In our summary of the ten major accounting scandals that altered the business world, Enron led the set of white collar crimes committed out of pure gluttony (McLean PeterRead MoreClassification of Fraud Cases1382 Words   |  6 Pagesdistribution of losses more than $1,000,000 in 2012 which is 20.6%. Moreover, 55.5% of distribution of losses is less than $200,000 in 2012. (See pg.21 Appendix 3) Findings and discussions (a) Fraud Tree According to book of Fraud Auditing and Forensic Accounting, Association of Certified Fraud Examiners (ACFE) has offered a unified professional fraud classifier in 2010, and this known as â€Å"Fraud Tree† for classifying frauds. (See pg.20 Appendix 1) It categorizes the individual fraud schemes into someRead MoreCorporate Scandals and the Sarbanes-Oxley Act of 20023268 Words   |  14 PagesScandals also known as Accounting Scandals are business scandals that originate from the misstatement of financial reporting by the executives of public companies who are trusted to run these organizations. These misrepresentations happen through overstating revenues, understating expenses, Overstating assets or understating liabilities, use of fictitious and fraudulent transactions and direct falsification of financial statements to give a misleading impression of the companies financial status. TheseRead MoreThe Collapse of Enron Seemed to Be a Thumb in the Nose to the Efficient Markets Hypothesis and Agency Theory. Discuss.2242 Words   |  9 PagesThe collapse of Enron was entirely related to the accounting practices adopted by the company. It is a number of these questionable, and in some cases straight out fraudulent, accounting practices that pertained to the most dramatic collapse of a major company in years. An analysis of some of these accounting practices brings to light the problems with the use of concepts such as mark-to-market accounting and the use of special purpose entity’s (SPE’s). To say that the collapse â€Å"seemed to be aRead MoreReport on Corporate Frauds in Bangladesh5564 Words   |  23 PagesUniversity of Dhaka SUBMITTED TO Tahmina Ahmed Lecturer Accounting amp; Information Systems University of Dhaka SUBMITTED BY Group 18 Date of submission:10.11.14 Group members Name | ID | 1.Sajjad Hossain Sohan | 18022 | 2.Rubina Akther | 18048 | 3.Mohammad Saadman | 18052 | 4.Rumi Akther | 18066 | 5.Hilary Talukder | 18099 | November 5, 2014 Tahmina Ahmed Lecturer Dept. of Accounting amp; Information Systems University of Dhaka Subject:

My Understanding Of Nga Takepu Essay - 1216 Words

In this assessment I am going to identify and explain some of the Nga Takepu principle that I would practice when engaging in respectfully relationship with people of diverse cultures. I believe Nga Takepu principles are the foundation to engaging respectfully with relationships in almost and nearly every ethnic culture. Though Nga takepu is a Maori Kaupapa but most ethnic culture has similar terminology that relates to terms of their meaning and use. Ata Haere the key Nga Takepu principles that I would identify and explain. I also like to compare this takepa to the Fijian ethnicity Culture practice of Veidoka. This is the Fijian word that I relate closely to Ata – haere which I will explain to show my understanding of Nga Takepu in my culture. According to the Akonga handbook, Nga takepu are applied principles that are informed by Maori world view and Maori practice. They are applied to a range of Kaupapa (issues) when dealing or engaging with oneself, Whanau or others in the community and even with other cultures. They are sentinels that mark the deliberate use of Maori knowledge, rationales and application that are used in Te Tohu Paetahi Nga Poutoko Whakarara Oranga (Bachelor of Social) programme to inform the social work theory and practice.As applied principles, Takepu informs us the Akonga of how to be professional social worker. They also indicate how to live our lives, behave and engage with people of diverse cultures as we pursue our own and others’ aspiration

Philosophy of Love and Sex Free Essays

Describe the three kinds of love: Eros, Philia and Agape Eros: †¢This is Greek term that refers to a type of love that is passionate, shows intense desire for something and is often referred to as sexual desires. Another word to describe this type of love is known as â€Å"Erotic. † As Plato writes: â€Å"he who loves the beautiful is called a lover because he partakes of it. We will write a custom essay sample on Philosophy of Love and Sex or any similar topic only for you Order Now † This quote explains that someone who admires the beauty of another is a lover because he shows the affection. The Platonic-Socratic explains that you can’t truly be friends with another after having sex with them. Philia: †¢Refers to the opposite sex and showing a tremendous amount of affection and appreciation towards friendship, parents, humanity. It should be a non-sexual relationship. Having friends is a good part of life. You need friendship to give you a notion to keep you happy to adjust to yourself. Forming a friendship is from liking each other, talking to one another or having the opposite of what you are (different). He also believes that friendship is based on pleasure but he also says that it’s not a real friendship then. Agape: †¢The love of humanity, belief in god and the combination of both Eros and Philia. You love everybody and everyone. Show affection towards your enemies and be nice to everyone. Love is unique and is distinguished by its nature and its character and how it is shown. It is also known as brotherly love. How to cite Philosophy of Love and Sex, Papers

Brand Management Individual

Questions: 1. In addition to the sales-related figures, why was it necessary to explore consumer insights when measuring the effectiveness of advertising campaign? 2.The case emphasizes the effectiveness of advertising to branding. Advertising is important to brand development, however, in order to build a successful brand, what other elements do we need to take into account? Discuss the possible elements in the case of BQ. Answers: 1. To measure the effectiveness of the advertising campaign BQ can take use of the sales figures or the annual reports for ascertaining the profit attained in that particular year through the advertising campaigns but merely taking information from the sales-figures is not an appropriate analysis of the effectiveness of the advertising campaigns. In the present scenario, there is a need to evaluate the experiences and feedbacks of the customers by taking their insights regarding the campaigns developed by the company. The actual performance and effectiveness can only be drawn by communicating with the customers and evaluating their understanding and responsiveness towards the campaigns. If the customers perceived the campaigns in a positive manner and facilitate to buy the products of the company then it can be said that the advertising campaigns were effective but if the customers do not find the advertisement striking and eye-catching then may be because of various other reason the sales-figures got extended but the brand recognition would not be in place. And to retain the customers and to attain brand sustainability there is a need to take insights of the customers that what they actually feel about the campaigns and the advertising strategies adopted by the company and taking their feedbacks regarding the effectiveness of the advertising campaigns rather than just focusing over the companys sales figures (Elliott, Elliott and Percy, 2007) 2. Advertising possess great significance in the development of a brand as advertising is an extensively wider term. In the case of BQ, to build a successful brand there are several other elements which can be take into account. These elements comprise of firstly the integrating marketing communication, for building up of brand equity, the company needs to develop a model which is highly customer based. Through this practices, the experiences, images, perceptions and feeling of the customers are directly associated with the brand and it helps in developing the brand (Keller, 2009). Other important elements which can develop a successful brand are involvement of the employees in the brand building. The customers get knowledge of the products and services from the employees and there is a need that employees must influence the customers by displaying the efficiency of the companys brand in the home improvement sector. There is a need that the employees effectively communicate with the customers and represent the brand. Another vital element for enhancing brand recognition could be increasing the flexibility of the business operations which means that BQ must be consistent in providing improved and quality services but adopt practices to bring innovativeness and change in its products so that the new generation can be facilitate and attract. Being rigid with the old concepts can never give an opportunity to any brand to be recognized from future perspectives, flexibility increases brand sustainability, development and recognition (Stec, 2015). The company can also take use of multi platform campaigns such as email, outdoor and print within the already existing local market campaign so that there can be effective brand building of BQ (Aronstam, n.d.). References Aronstam, S., n.d. Measuring the Effectiveness of Multi Platform Advertising, Spa Future Thinking, Pp.5, Accessed on: 22nd September, 2016. Accessed from: https://irisnetwork.org/media/work/SPA_Multi-Platform-Advertising.pdf Elliott, R.H., Elliott, R. and Percy, L., 2007. Strategic Brand Management, Oxford University, Pp.265. Keller, K.L., 2009. Building strong brands in a modern marketing communications environment, Journal of Marketing Communications, 15(3), Pp.139-155, Accessed on: 22nd September, 2016. Accessed from: https://markenmanagement.files.wordpress.com/2012/01/buildingbrands.pdf Stec, C., 2015. Introduction to Brand Strategy: 7 Essentials for a Strong Company Brand, Accessed on: 22nd September, 2016. Accessed from: https://blog.hubspot.com/blog/tabid/6307/bid/31739/7-Components-That-Comprise-a-Comprehensive-Brand-Strategy.aspx#sm.001374assixke8y102620q422fy4d