What was the fraud?

  

Writea 1,050 word paper on the impact of asset misappropriation on an organization of your choice.Includethe following as headings for your paper:What was the fraud?Who committed this fraud?Why did they commit this fraud?How did they commit this fraud?How did they get caught?What are the consequences and impact for the individual and the organization?What could have been done to lessen the likelihood this type of this type of fraud occurring at that time and in the future?Clickthe Assignment Files tab to submit your assignment as a MicrosoftWord documentThis is for Forensic accounting class
Week 1 Short Answer Quiz
ACC/556 Version 8
University of Phoenix Material
Week 3 Case Study: Asset Missapropriation
Write a 1,050 word paper on the impact of asset misappropriation on an organization of your choice.
Grading:
Week 3 Assignment:
Asset Missapropriation Case Study
Introduction: What is the paper about? Why is it important?
1
Body
5

Score
What was the fraud?
Who committed this fraud?
Why did they commit this fraud?
How did they commit this fraud?
How did they get caught?
What are the consequences and impact for the
individual and the organization?
What could have been done to lessen the likelihood
this type of this type of fraud occurring at that time
and in the future?
Conclusions
What is the take away message? What did we learn?
Formatting: Title page, running header, page numbers,
spacing, font size, references, 1050 words
TOTAL
1
3
10
Copyright 2015 by University of Phoenix. All rights reserved.
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Introduction:

Asset misappropriation is a type of occupational fraud that involves the theft or misuse of an organization’s assets, such as cash, inventory, equipment, and proprietary information. This type of fraud is the most common form of white-collar crime, and it can have significant financial and reputational impacts on businesses. In this paper, we will discuss the impact of asset misappropriation on an organization of our choice. We will examine the details of the fraud, its perpetrators, the motive for the offense, the methods used to commit the crime, and the consequences for both the individual and the company. Furthermore, we will provide suggestions for how to lessen the likelihood of this type of fraud happening in the future.

Description:

Fraud is a significant concern for organizations, as it can harm their reputations and financial stability. Asset misappropriation is a category of fraud that is particularly common and can encompass a broad spectrum of activities, from petty theft to embezzlement of large sums.

In conducting our analysis, we will choose a prominent organization that has experienced an asset misappropriation episode. We will research the details of the case to answer the following questions:

– What was the fraud?
– Who committed this fraud?
– Why did they commit this fraud?
– How did they commit this fraud?
– How did they get caught?
– What are the consequences and impact for the individual and the organization?
– What could have been done to lessen the likelihood of this type of fraud occurring at that time and in the future?

The answers to these questions will provide insight into the nature and impact of asset misappropriation on businesses. Furthermore, we will provide recommendations for how organizations can detect and prevent fraud in the future.

In summary, this paper will provide a comprehensive analysis of the impact of asset misappropriation on an organization, with a focus on the fraud, its perpetrators, its causes, and its consequences. By examining the details of a specific case, we will provide a template for how organizations can mitigate the risks of fraud and safeguard their assets.

Objectives:
1. To understand the impact of asset misappropriation on an organization of our choice.
2. To identify the fraud, its perpetrators, the reasons for the fraud, and the methods used to commit the fraud.
3. To analyze the consequences and impact of the fraud on the individual and the organization.
4. To evaluate the measures that could have been taken to prevent the occurrence of this type of fraud.

Learning Outcomes:
1. Students will be able to identify and describe a case of asset misappropriation in an organization.
2. Students will be able to analyze the motivations and methods used by perpetrators to commit fraud.
3. Students will be able to evaluate the impact of fraud on the individual and the organization.
4. Students will be able to suggest measures that could have been taken to prevent fraud from occurring.

Introduction:
The purpose of this paper is to analyze a case of asset misappropriation in an organization of our choice. In this paper, we will describe the fraud, the individuals that committed it, their motivations, the methods they used to commit the fraud, how they were caught, the impact of the fraud on the organization and individuals, and the measures that could have been taken to prevent the occurrence of this type of fraud.

What was the Fraud?
The fraud we will be analyzing in this paper is the case of asset misappropriation at Petrobras, a Brazilian multinational energy company. Over the course of several years, former executives and employees at the company reportedly misappropriated approximately $2 billion USD through various schemes, including overbilling contracts, creating shell companies, and paying bribes to politicians.

Who Committed this Fraud?
The individuals that committed this fraud include former executives and employees at Petrobras, as well as contractors and politicians who were complicit in the schemes. Some of the individuals involved have been arrested and convicted, including the former CEO of Petrobras.

Why Did they Commit this Fraud?
The individuals involved in the fraud at Petrobras committed the act for personal gain, often through paying bribes and embezzling money. The fraud was also fueled by a culture of corruption within the company and the political environment in Brazil at the time.

How Did they Commit this Fraud?
The fraud was committed through various schemes that included overbilling contracts, creating shell companies, and paying bribes to politicians. These schemes were aided by a lack of proper oversight and internal controls at the company, as well as a culture of complacency and corruption among some members of the organization.

How Did they Get Caught?
The fraud at Petrobras was uncovered through a combination of investigative journalism, internal audits, and a widespread government investigation known as Operation Car Wash. The investigation resulted in the arrest and conviction of numerous individuals involved in the fraud, including executives and employees at Petrobras, contractors, and politicians.

What are the Consequences and Impact for the Individual and the Organization?
The consequences of the fraud at Petrobras have been far-reaching and severe. The company has been forced to pay billions in fines, settlements, and reparations. The scandal has also damaged the company’s reputation and resulted in significant losses for shareholders. Many individuals involved in the fraud have been arrested and convicted, including the former CEO of Petrobras. The impact on society as a whole has also been significant, with the revelations of widespread corruption leading to protests and calls for reform.

What Could Have Been Done to Lessen the Likelihood this Type of Fraud Occurring at that Time and in the Future?
To lessen the likelihood of fraud occurring at Petrobras, and in other organizations, there are several measures that could have been taken. These include implementing stronger internal controls, increasing oversight and accountability, promoting a culture of integrity and whistleblowing, and increasing transparency in financial reporting. Additionally, regulatory reform and enforcement could help to prevent this type of fraud from occurring in the future.

Conclusion:
The case of asset misappropriation at Petrobras highlights the devastating impact that fraud can have on an organization, its stakeholders, and society as a whole. Through proper oversight, internal controls, and a culture of integrity, organizations can take steps to prevent fraud from occurring and to promote accountability and transparency. It is important that organizations take these steps seriously, and that regulatory bodies and law enforcement agencies enforce laws and regulations to prevent this type of fraud in the future.

Solution 1: Implementing a Strong Internal Control System

Introduction: Asset misappropriation can have a significant impact on an organization, leading to loss of funds and reputation damage. In this paper, we will discuss the impact of asset misappropriation on XYZ Company and suggest possible solutions to prevent such fraud in the future.

What was the fraud?
XYZ company faced asset misappropriation where an employee had been misusing company funds for personal expenses. The employee who was the manager of the finance department, siphoned company funds for over a year.

Who committed this fraud?
The manager of the finance department was responsible for committing this fraud.

Why did they commit this fraud?
The finance manager committed fraud with the intention of supporting his lavish lifestyle as he was going through a financial crisis.

How did they commit this fraud?
The finance manager forged purchase orders, made fake invoices, and sent payments to a shell account that he had created for personal use.

How did they get caught?
One of the company’s IT professionals noticed suspicious activities on the finance manager’s laptop and reported to the management that led to an investigation that uncovered the fraud.

What are the consequences and impact for the individual and the organization?
The finance manager was fired and handed over to the authorities, leading to severe financial consequences and possibly a jail sentence. The organization also faced monetary losses, distrust from stakeholders, and long-term damage to their reputation.

What could have been done to lessen the likelihood of this type of fraud occurring at that time and in the future?
Implementing a robust internal control system, including routine audits and employee background checks, could be highly effective in preventing similar frauds from occurring.

Solution 2: Enhancing Fraud Education and Training

Introduction: In today’s world, it is essential to create a fraud-savvy workforce. This paper explains the impact of a misappropriation of assets on an organization and suggests ways of mitigating fraud risks through fraud education and training.

What was the fraud?
XYZ company suffered from asset misappropriation where one of its employees unlawfully used company funds for personal expenses.

Who committed this fraud?
An employee in the finance department committed this fraud.

Why did they commit this fraud?
The employee committed fraud due to financial problems.

How did they commit this fraud?
The employee created fake invoices, manipulated purchase orders, and made bank transfers to personal accounts.

How did they get caught?
The organization found some inconsistencies in the monthly financial reports and discovered the fraud during an investigation.

What are the consequences and impact for the individual and the organization?
The employee was fired, arrested, and faced legal proceedings, leading to severe financial losses and reputation damages for the organization.

What could have been done to lessen the likelihood of this type of fraud occurring at that time and in the future?
The organization could have mitigated fraud risks by providing thorough fraud education and training to its employees. Such training can enable employees to understand the red flags of fraudulent activities, encourage reporting of any fraudulent behaviors they might observe, and establish proper measures to mitigate fraud risks.

Suggested Resources/Books:

1. “Forensic Accounting and Fraud Examination” by Mary-Jo Kranacher, Richard Riley, and Joseph T. Wells
2. “Fraud Examination: Albrecht, Albrecht, and Albrecht” by W. Steve Albrecht, Chad O. Albrecht, and Conan C. Albrecht
3. “Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports” by Howard M. Schilit and Jeremy Perler
4. “The Art of Investigative Interviewing” by Charles W. Yeschke
5. “The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron” by Bethany McLean and Peter Elkind

Similar Asked Questions:

1. What are some of the most common types of asset misappropriation?
2. How can companies prevent asset misappropriation from occurring?
3. What are some red flags to look out for in terms of potential asset misappropriation?
4. How does asset misappropriation impact a company’s financial statements?
5. What are some legal consequences for individuals who commit asset misappropriation within an organization?

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