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Fraud Assignment

Fraud Assignment - Kelsey Brozek Fraud Homework Assignment...

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Kelsey Brozek Fraud Homework Assignment 1/26/2011 1. Asset Misappropriation: Asset misappropriation is the most seen of all types of fraud (Coenen, CPA, CFF, 2011). Asset misappropiation is commonly defined as the misuse or theft of assets that belong to a company (Coenen, CPA, CFF, 2011). Asset misappropriation has become common in terms of the number of cases that occur, they are the white collar crimes we hear about most (Coenen, CPA, CFF, 2011). Corruption: Corruption is the act of unrightfully giving advantage that you know is inconsistent with official duty and/ or the rights of others ("Corruption," 2011). Fraudulent Financial Reporting: Fraudulent Financial Reporting is the intentional or reckless act or omission that results in materially misleading financial statements (Mancino, 2011). The biggest concern with fraudulent reporting is the diminishment of confidence in the operation of capital markets and therefore the fall of the once successful system of public disclosure (Mancino, 2011). 2. Corruption example: A Korean businessman was ordered detained today for his alleged role in a bribery conspiracy for a $206 million telecommunications contract involving employees of the Army Air Froce Exchange Service ("Korean businessman detained," 2008). Gi-Hwan Jeong, 44, was arrested in Dallas on Nov. 19, 2008, on a criminal complaint charging him
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