Essay Available:
Pages:
1 page/β275 words
Sources:
Check Instructions
Style:
Other
Subject:
Accounting, Finance, SPSS
Type:
Other (Not Listed)
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.68
Topic:
How Pressure, Opportunity, and Rationalization can Lead to Fraud
Other (Not Listed) Instructions:
Please follow the link I give you and watch the video according to the assignment instructions. Second, answer eight questions from ZZZZ Best Fraud Scandal file. Be sure to watch the video and answer those questions carefully. Thank you
The fraud triangle indicates that fraud is most likely to occur when three things are present— (1) pressure, (2) opportunity, and (3) rationalization. Watch the 10-minute YouTube video to learn more about the ZZZZ Best Fraud Scandal and how it relates to the fraud triangle.
https://www.youtube.com/watch?v=7fZVyyWvWE8
Other (Not Listed) Sample Content Preview:
Fraud
Student’s Name
Institution
Fraud
1 What was Minkow's excuse for always needing more money?
Barry Minkow would claim that he needed more money to restore the buildings damaged by fire and floods.
2 Why does Minkow say that "accounts receivable are a wonderful thing"?
Minkow praised the idea of accounts receivables terming it as a tool that facilitates fraud by displaying earnings and guaranteeing loans.
3. How did Minkow get auditors to avoid taking a closer look at the restoration side of the business? Give two examples.
Minkow enticed the auditors with luxury, living in a beautiful house with Ferrari parked outside, and therefore, they were fond of believing that Minkow was actually a rich person while in the real sense, the car was a lease and the house was a mortgage. Also, Minkow had a legitimate carpet cleaning business to cover up the illegitimate restoration business.
4 What does Minkow say about an auditor's responsibility and their duty to be objective?
Minkow suggested that the auditors had a responsibility to stop the fraud by sticking to their objectivity besides getting to know their clients.
5. Why did the fraud go undetected for so long? Give two reasons.
Many people were making a lot of money, lawyers, accountants...
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