Analysis and Critique of Current Fraud Cases: The Sagas Of Corporate Fraud

The Sagas Of Corporate Fraud
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THE SAGAS OF CORPORATE FRAUD
Considering the level of corporate fraud in the contemporary world, it is clear that it has become one of the most common scams in practice. This brings a personal concern of where it intends to place businesses and persons that continue get frustrated after its encounter. The corporate fraud actions involve the activities that companies or individuals take in illegal or dishonest manner, designed to offer some advantage to the perpetrating company or individual. It is shocking to realize the reports of fraud being discovered every day and yet some of these acts go unnoticed. The schemes of fraud exceed the scope of a stated position of an employee, being marked by their economic impact and complexity on the business, other workers as well as the outside parties. With the look of things, corporate fraud has been quite challenging to prevent, detect or catch, showing the requirement of applying effective policies by the companies to limit these cases. The comparisons of three different corporate cases of fraud in their characteristics and factors brought about personal knowledge on what they entail.
Through the perusal of the cases of corporate fraud, I discovered that the department of internal audit is usually in charge of investigating the fraudulent financial reporting, misappropriation and corruption. Some companies that have faced this ordeal and experts advices that it is significant for the security professionals to be familiar with the way corporate crimes are carried out as well as how they are detected, since they cause great losses companies. Liam Eagle, a contributor to the web host industries reported such a case of corporate fraud around the year two thousand and twelve in BC, Canada. The person in question was a twenty-four year old based in an Island called Gabriola who faced multiple charges that included sending out fake invoices for website hosting services (Eagle, 2012). The main suspect was a young man, Gabriola Island of twenty-four years and faced multiple charges that relates to fraud. The Canadian federal law enforcement group investigated the fraud that engaged one thousand invoices that were sent out through Enterprise Corporate Web Hosting for the work that was not preformed. The invoices were requesting the sum ranging from around one hundred and thirty, to one hundred and fifty-five dollars.
Get to realize the impacts of frauds, as in this case around one hundred and fifty thousand dollars had been affected, making it logical to imagine that this amount would put the individuals at a loss. The auditor would have been keen to notice this incidence if it was an inside plot, but quite challenging to notice the actual perpetrator. Most of the companies that received the invoices paid for the services, where the suspect had used fake bank account and identification to deposit the checks of those who responded. Although it wa...