w-9 - I A History of Frauds a Ponzi i Convinced some people...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
I. A History of Frauds a. Ponzi i. Convinced some people to invest money in a financial instrument ii. Investors only have to wait for a return iii. Creates buzz, leads to more investors iv. Scammer uses new money as returns for earlier investors v. Eventually scammer leaves or market collapses and they are caught b. Enron i. Used loopholes to hide billions in debt ii. Lost 11+billion, 21,00 employees in 40+ countries lost jobs, Arthur Anderson folds, Senators Sarbanes and Oxley propose legislation c. WorldCom i. Ebbers found guilty of orchestrating 11bil fraud ii. Underreported interconnection expenses with other telecomm cos by capitalizing these expenses iii. Inflated revenues with bogus accounting entries II. Are Accountants Accountable a. Firms inspected Madoff’s books and books for “feeder” funds i. Didn’t realize fraud 1. Claim their job is to make sure numbers add up not to detect fraud III. Ethics a. Business leaders only trusted by 31% of people b. Ethical Issues in AIS
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
i. Misappropriation of assets ii. Financial reporting disclosures iii. Oversight of contracts iv. Information technology usage v. Purchasing and kickbacks vi. Letter vs spirit of internal controls vii. Use of estimates, budget forecasts viii. Risk assessment, lack thereof, enforcement c. Ethics in not just… i. Religion ii. Following the law iii. Following cultural accepted norms iv.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern