Forensic Accounting on Hard Financial Times Essay Paper

Forensic Accounting on Hard Financial Times Essay Paper Many celebrities fall on hard financial times after earning sums that, to the rest of us, would be a fortune. Why do you think they are so vulnerable? If you were a criminal, how would you try to take advantage of them?

Forensic Accounting on Hard Financial Times Essay Paper
Forensic Accounting on Hard Financial Times Essay Paper

And, if you were not a criminal, how would you try to help them avoid being taken advantage of? Given the scenarios that you come up with, what would you as a forensic accountant do to try to find out where their money went? What other questions do you think that I should have asked that I did not ask? The link below will take you to an article that appeared in the New York Times a long while back. While it concerns Britney Spears, our concern is much more general than her misfortune. PLEASE ANSWER GENERALLY.

Forensic Accounting on Hard Financial Times Essay Paper

I am providing this link ONLY to give you a prominent case of a person whose life has/had gotten badly off track. I AM NOT IN

ANY WAY SUGGESTING THAT ANYONE HAS STOLEN OR MISAPPROPRIATED ANY OF HER PROPERTY. NOTE THAT SEVERAL OTHER CELEBRITIES ARE

MENTIONED, EACH SUFFERING OTHER MISFORTUNES OF UNCERTAIN ORIGIN!!! While considering above, please consider the alleged Madoff Ponzi scheme. In this scheme, many extremely sophisticated individuals and organizations gotten taken for many millions of dollars. (for example, see http://dealbook.blogs.nytimes.com/2009/02/02/the-myth-of-the-sophisticated-investor OR

CLICK HERE: (Links to an external site.)Links to an external site.

Forensic Accounting on Hard Financial Times Essay Paper

The Myth of the ‘Sophisticated Investor’ – The New York Times.pdfPreview the document )

(Links to an external site.)Links to an external site.Do you think that there was anything in particular about Madoff and the way he went about his ‘business’ that pulled people into wanting to invest with him? Why do you think that the so-called wool fell so heavily over these individual’s and organization’s eyes? You might want to think also about the Satyam case.

Here, some of the members of the Satyam firm’s board of directors (including a Harvard professor), apparently did not know what was going on. How do you think the ‘plight’ of these board members relates to the two paragraphs above (‘celebrity’ and ‘Madoff’)?

Forensic Accounting on Hard Financial Times Essay Paper

Please see this article on MS. SPEARS:

https://www.nytimes.com/2008/02/25/business/media/25britney.html (Links to an external site.)Links to an external site.

OR click here:

In the Drama of Britney Spears, a Show Business Fortune Is at Risk – The New York Times.pdfPreview the document

Are there additional considerations that we should consider?

Is there any ‘victim responsibility?’

For example, how would you wrap this (http://www.spring.org.uk/2010/01/the-7-psychological-principles-of-scams-protect-

yourself-by-learning-the-techniques.php (Links to an external site.)Links to an external site.)

OR click here:

The 7 Psychological Principles of Scams_ Protect Yourself by Learning the Techniques – PsyBlog.pdfPreview the document into your analysis?

Further, look at this quote from an article by Mazar and Ariely (the full text can be found at:

http://web.mit.edu/ariely/www/MIT/Papers/dishonesty.pdf (Links to an external site.)Links to an external site.). YOU DO NOT

HAVE TO READ THE PAPER ITSELF, JUST THE SNIPPET BELOW.

“Internal Rewards for Virtuous Behavior

In contrast to the classic economic perspective, there is sample evidence from different academic fields, such as psychology, sociology, anthropology, behavioral and experimental economics, and neuro economics and neuroscience, that in addition to the external reward mechanisms, there are also internal reward mechanisms and that these exert influence on people’s decisions. Economists such as Ernst Fehr

(See, e.g., Fehr and Fischbacher 2003, 2004; Fehr and

Gachter 2002) and James Andreoni (see, e.g., Andreoni, Harbaugh, and Vesterlund 2003; Andreoni and Miller 2006) have repeatedly demonstrated altruism and reciprocity in social dilemma games. For example, in an ultimatum game, two people have the opportunity to split a certain amount of money through a one-time-only, anonymous interaction.

Forensic Accounting on Hard Financial Times Essay Paper

One of the two players, the proposer, offers a division of the money. The second player, the receiver, must decide whether he or she wants to accept or reject this proposition.

If the receiver rejects the proposed division, both players go home without any money. If the receiver accepts the divi-

4 Dishonesty in Everyday Life and Its Policy Implications sion, each player receives the amount that the proposer offered. From a game theoretical, rational point of view, the proposer should split the money unequally, in favor of him or herself. After all, it is a one-time game, so reciprocation is not an issue. In addition, offering even $.01 to the second player should make the receiver accept the offer because that player will be better off with this amount than with nothing. Instead, however, a majority of the offers are typically split equally, and many offers that are not split equally are rejected. These types of results demonstrate that people care about more than maximizing their own monetary payoffs and that these other considerations include social utility and the care for others’ outcomes. Uri Gneezy (2005) conducted a related study that emphasized this point in the context of (dis)honesty.

Forensic Accounting on Hard Financial Times Essay Paper

Gneezy used a simple deception game

with asymmetric information to demonstrate how people act

selfishly, insofar as they maximize their own payoffs, but

they are also sensitive to the costs that their lies impose on others.

Forensic Accounting on Hard Financial Times Essay Paper

(INSERTED PARAGRAPH BREAK BY DR. K)

/These results are important when we consider daily deception because there are many differences in wealth

(e.g., between employees and employers, between consumers and corporations) and in perceptions of the cost that deception creates for the other party. Essentially, these results suggest that people will be more dishonest when they face wealthier counterparts and when the cost of the deception for these counterparts seems lower.”

Assuming Mazar and Ariely’s discussion of (this part) of the literature is correct, how would this help you in understanding the Spears/Celeb questions asked above?

Is it meaningful, in this context, to differentiate between one’s behavior toward one’s economic peer and how one behaves toward a richer(poorer) person?

Do you think (why/why not) that these things may have affected Madoff’s behavior?

And, to revisit the victim one more time, just what role do you think the following should have played in your answer, as you’ve formulated it so far:

http://www.psyfitec.com/2010/01/freedom-of-financial-choice-is-myth.html (Links to an external site.)Links to an external site.

Forensic Accounting on Hard Financial Times Essay Paper

OR click here (you DO NOT have to read the comment part of the upload):

Freedom Of Financial Choice Is A Myth.pdfPreview the document

In the end, perhaps, everyone should watch this:

http://www.saveandinvest.org/55Plus/Fraud/P118960 (Links to an external site.)Links to an external site.

Also (and, whew, finally), Chabris and Simon (2010) published a book called The Invisible Gorilla, in which they argued that there are six illusions that people are subject to. (Note: You might enjoy viewing the videos illustrating concepts they discuss at their website: http://theinvisiblegorilla.com/gorilla_experiment.html (Links to an external site.)Links to an external site..) Based on their discussion, I will briefly describe these illusions below. You might be interested in viewing

this interview:

From Simoleon Sense:

“How We Pay Attention– Via Farnam St – NPR recently interviewed Christopher Chabris and Daniel Simons, authors of The Invisible Gorilla. Chabris and Simons had some fascinating things to say about how we pay attention.”

Please consider how the following may impact the susceptibility of individuals to fall victim to fraudsters and the willingness of individuals to commit fraud:

 

Forensic Accounting on Hard Financial Times Essay Paper

1) The Illusion of Attention: People believe they will necessarily notice things that are right in front of them, but in reality don’t.

2) The Illusion of Memory: People believe that if they remember something, they actually remember it correctly–especially when the memory is vivid. That is not true. Memories are both syncretic and dynamic–they change over time, with people sometimes remembering murders they thought they witnessed, but did not, etc.

3) The Illusion of Confidence: People believe that if someone is very confident in their testimony or stated belief in something, they necessarily are more credible. According to Chabris and Simon (2010), that is not true. Confidence may be as much a personality characteristic as anything else.

4) The Illusion of Potential: We think we can be capable of more things than we are, of doing more things than we can.

5) The Illusion of Knowledge: The belief that we know more than we do.

6) The Illusion of Cause: The belief that we understand the causes of things, when we really don’t.

These are necessarily brief descriptions extracted from a much longer work. The points, that these are things to keep in mind when thinking about why fraudsters and victims do what they do. Can you think of examples of each, and how it would impact why fraudsters and victims do what they do, and how that may impact your forensic investigation? Chabris and Simon suggest ways to help diminish the impact of these illusions on you (the reader, in this case.) I won’t repeat their suggestions here. Do you have any ideas you would like to share?

Forensic Accounting on Hard Financial Times Essay Paper

YOU MAY ALSO ENJOY (YOUR CHOICE) viewing these additional videos from Dr. Chabris at

http://bigthink.com/users/christopherchabris (Links to an external site.)Links to an external site.

So, is there hope for celebrities? Or any of us, when faced with a fast-talking individual with goals of his/her own in mind?

Is there hope for you, as a forensic investigator, trying to come to an accurate resolution of a potential fraud case and dealing with these problems yourself?

Can a forensic investigation take place considering just the numbers, not the people (including yourselves)?

Forensic Accounting Investigating a Potential Fraud

Forensic Accounting Investigating a Potential Fraud DISCUSSION OF CORPORATE GOVERNANCE AND ENRON

A good deal is made in the reform of corporate governance literature about the need for strong corporate codes of ethics.

Forensic Accounting Investigating a Potential Fraud
Forensic Accounting Investigating a Potential Fraud

The importance of a corporate code of ethics is presumed to be that it sets the tone ‘from the top’ that everyone is expected to follow. This is consistent with the requirements of Sarbanes Oxley that firms have strong internal control systems. A strong internal control system has the virtue of keeping those in lesser positions from making off with corporate assets without being detected (or at least makes escaping from detection more difficult).

Forensic Accounting Investigating a Potential Fraud

The problem with strong internal control systems is that they are always violatable by those at the top of the power pyramid.

A perusal of the SEC report on corporate fraud (see the Doc Sharing file: sox704report.pdf or click here: sox704report.pdfPreview the document ) shows that many of the most egregious corporate frauds were committed by those at the

top of the corporate power structure, who had the power to override the internal control system and do as they wished.

Similarly, strong codes of ethics are only as good as the enforcement mechanisms and manifest dedication to their implementation that top management shows. The Doc Sharing folder of this course contains a file entitles Enron code of ethics or click here:

enron-ethics-code.pdf Preview the documentation-ethics-code.pdfPreview the document

It is 65 pages long and asks individuals to commit themselves to compliance by signing a ‘Certificate of Compliance.’

Obviously, this code of ethics wasn’t effective at Enron. As the Powers Report (also in Doc Sharing or click here:

ENRON-POWERS-REPORT-sicreport020102.pdfPreview the document

, with the Powers Report being the report of a special investigative committee of the Enron board of directors which investigated how things went so badly at Enron, shows–along with other investigations of Enron, people like Fastow were given the right to act in direct contravention of Enron policies regarding being on both sides of transactions with the company.

Forensic Accounting Investigating a Potential Fraud

My question for you is:

What does this tell you about the need for caution by forensic accountants investigating potential fraud, or claim of fraud?

In reviewing the information about Enron, consider also the problems of its counterpart Arthur Andersen. Research an article about the interactions between the Enron Partner-in-Charge David Duncan and Carl Bass of Andersen’s professional practice group. What light does comparing the most well-known interactions within Enron with the goings-on at Andersen suggest, in terms of forensic accounting practice and the organization of such a practice?

In this regard, you might wish to read

http://www.forensicmag.com/news/north-carolina-newspaper-questions-sbi-practices (Links to an external site.)Links to an external site.

(also attached to this thread).

Why do you think I point you to that article? Given how forensic accountants are paid, what are the related issues here?

Accounting Methods in Financial Statement Reporting

Accounting Methods in Financial Statement Reporting Purpose of Assignment

Accounting Methods in Financial Statement Reporting
Accounting Methods in Financial Statement Reporting

This week’s activity illustrates the role of a company’s accounting method plays in financial statement reporting. In this assignment, students evaluate the events occurring in a business setting and determine how to properly analyze those events to identify the impact on both cash and accrual accounting methods.

Resources:

Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC)

Accounting Methods in Financial Statement Reporting Scenario

BizCon, a consulting firm, has just completed its first year of operations. The company’s sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing – meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company, its equipment suppliers insist on being paid cash on delivery. Also, it had to pay up front for 2 years of insurance. At the end of the year, BizCon owed employees for one full month of salaries, but due to a cash shortfall, it promised to pay them the first week of next year.

Accounting Methods in Financial Statement Reporting

As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments.

Prepare the memo in a maximum 700 words including the following information to better outline the situation:

Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.

Assess how at the end of the year, BizCon reported a favorable net income, yet the company’s management is concerned because the company is very short of cash. Explain to management how BizCon could have positive net income and yet run out of cash.

The Board of Trustees for International Accounting

The Board of Trustees for International Accounting Your client is Sunshine Growth Super (SGS), an Australian superannuation fund based in Brisbane, Queensland.

The Board of Trustees for International Accounting
The Board of Trustees for International Accounting

The Board of Trustees is responsible for the management of the fund which has more than 500,000 members and in excess of $60 billion in funds under management.

Your Role and Investment Task:

You are an independent investment consultant in Australia and you have been employed by Sunshine Growth Super (SGS) in order to assist them to improve their investment returns to their superannuation fund members. As part of increasing the returns to fund members, SGS has the combined objectives of diversifying investment risk and expanding their investments in global companies who are committed to developing sustainable business projects.

Estimating Cost Functions for Major Retailers

Estimating Cost Functions for Major Retailers For this Assignment, you use your assessment of cost function estimation methods in the context of the Netflix and Amazon Data Spreadsheet.

Estimating Cost Functions for Major Retailers
Estimating Cost Functions for Major Retailers

Then, you use this assessment, along with the ideas generated in this week’s Discussion, to develop cost function estimates for both Netflix, Inc., and Amazon.com, Inc. Use the following methods:

Account classification

High-low

Regression analysis methods. The inventory system under consideration consists of one central warehouse and a few non-identical retailers controlled by a continuous review inventory policy (R,Q). The retailers face an independent Poisson demand. The inventory system under consideration consists of one central warehouse and a few non-identical retailers controlled by a continuous review inventory policy (R,Q).

Adjusted Trial Balance For Tool Time tool Time Inc

Adjusted Trial Balance For Tool Time tool Time Inc The adjusted trial balance for Tool TimeTool Time, Inc., as of June 30, 2018, is presented next:

Adjusted Trial Balance For Tool Time tool Time Inc
Adjusted Trial Balance For Tool Time tool Time Inc

Tool Time, Inc.

Trial Balance

June 30, 2018

Account

Debit

Credit

Cash

$22,000

Accounts receivable

38,500

Inventory

21,400

Estimated inventory returns

2,000

Supplies

2,400

Equipment

70,000

Accumulated depreciation, equipment

$12,300

Accounts payable

6,300

Estimated refunds liability

1,400

Unearned sales revenue

2,800

Note payable, long-term

35,000

Common stock

38,000

Retained earnings

28,800

Dividends

41,000

Sales revenue

225,000

Cost of goods sold

103,500

Selling expense

27,800

General Expense

20,500

Interest expense

500

Total

$349,600

$349,600

The previous chapter presented adjustments that might be needed at the end of each accounting period. These adjustments were necessary to bring a company’s books and records currently in anticipation of calculating and reporting income and financial position.

Making Capital Budgeting Decisions Research Paper

Making Capital Budgeting Decisions Research Paper Why do we focus on cash flows rather than accounting profits in making our capital-budgeting decisions? As a financial manager, explain which types of cash flows you would consider in evaluating an investment and why.

Making Capital Budgeting Decisions Research Paper
Making Capital Budgeting Decisions Research Paper

Explain what is meant by options in capital budgeting and how they could influence a capital investment decision.

Search the internet for an academic or industry-related article. Select an article that relates to these concepts and explains how it relates to doing business in Saudi Arabia.

For your discussion post, your first step is to summarize the article in two paragraphs describing what you think are the most important points made by the authors (remember to cite the information, as appropriate). For the second step, include the reference listing with a hyperlink to the article. Please note, do not copy the article into your post and limit your summary to two paragraphs. Let me know if you have any questions. Enjoy your search.

International Accounting Assignment

International Accounting
International Accounting

International Accounting

The written assessment in the form of a project.

The project must be an in-depth study of a topic associated with International Accounting, related to the syllabus of International Accounting. It may therefore be: A country study (ie the historical development of Accounting), or

A topic of international interest in the Accounting field.

If for international interest in accounting field would like to do about how technology use/apply in accounting service (eg. financial statement, big data, AI (may replace manpower in accounting field) etc.) Some information maybe useful is uploaded.

If for country study will be comparing the accounting standard and system between the UK and Japan or any other countries .

Coursework marking criteria:

80+ As below plus:

  • Outstanding work – contains accurate, relevant material, demonstrates understanding of complex subject matter & is able to view it in a wider context. Shows originality & confidence in analysing and criticizing assumptions, is aware of the limits of knowledge. Likely to add new insights to the topic & approaches the quality of published material
  • Evidence of extensive research, uses & presents references effectively
  • Outstanding quality in terms of organisation, structure, use & flow of language, grammar, spelling, format, presentation, diagrams, tables etc

70-79 As below plus:

  • Outstanding work – contains accurate, relevant material, demonstrates understanding of complex subject matter & is able to view it in a wider context. Shows originality & confidence in analysing and criticizing assumptions, is aware of the limits of knowledge
  • Evidence of extensive research, uses & presents references effectively
  • Excellent in terms of organisation, structure, use & flow of language

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MASTERING ACCOUNTING INFORMATION SYSTEMS

MASTERING ACCOUNTING INFORMATION SYSTEMS
MASTERING ACCOUNTING INFORMATION SYSTEMS

MASTERING ACCOUNTING INFORMATION SYSTEMS

Burwood Health is a small medical centre with five doctors (GPs). Dr Brown, the owner of the medical centre,will start his business in July this year. There will be five doctors and two receptionists in his medical centre. The consultation fees will be paid in three categories; bulk bill; patients pay in full amount or patients pays the gaps.
Dr Brown has requested your IT consulting team to set up a general ledger accounting package for Burwood Health. In this project, your team is asked to do the following tasks.

1. Write a proposal for Burwood Health accounting systems. In your proposal, you should include:
a. comparison of general ledger accounting packages,
b. the justifications of the selected package,
c. the cost of the selected general ledger accounting package,
d. technical requirements,
e. training strategy.

2. In your proposal, discuss the following features of the selected general ledger accounting package:
a. Ease of installation,
b. Flexibility in initial setup of the chart of accounts and during subsequent modifications,
c. Frequency of updates from subsystems (invoices, cash receipts, payrolls etc)
d. Report flexibility (how easy it is to design reports, etc)

3. Provide samples of statements of financial position, financial performance and a cash flow statement for which of these reports will be generated by your selected general ledger accounting package. List all these sample statements in the Appendix section of your proposal.
Marks will be allocated as below.
A. Proposal [8 marks]
B. Features Discussions [6 marks]
C. Financial Statements Samples listed in the appendixes [3 marks]
D. Use of academic and accounting discipline conventions and sources of evidence [3 marks]

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Calculate Annual Return and Annualized Rate Of Return

Calculate Annual Return and Annualized Rate Of Return And Determine Standard Deviation.

Tom bought 5000 Apple shares on 18 September 2018,

Calculate Annual Return and Annualized Rate Of Return
Calculate Annual Return and Annualized Rate Of Return

On 25 August 2018, the board of directors of Apple announced a dividend of $0.20 per share to shareholders of record on 22

September 2018.

The figures below shows Apple’s return from the year 2012 to 2017:

Year Returns

2012 26.4%

2013 9%

2014 3%

2015 13.6%

2016 -38.5%

2017 3.5%

  1. a) Demonstrate your understanding by Calculating the average annual of return for Apple’s shares.
  2. b) Demonstrate your understanding by calculating the annualized rate of return for Apple’s shares.
  3. c) Demonstrate your understanding by determining the standard deviation of Apple’s returns over the six-year period and then interpret your answers.

 

Hint: Use ROI and make use of the 5-year return.