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FRAUD EXAMINATION

ALBRECHT, ALBRECHT, & ALBRECHT

Fraud Against
Organizations

Chapter 15
Learning Objectives
1. Recognize the various ways in which
employees, vendors and customers
can steal assets.
2. Describe the nature of thefts of cash
through larceny, skimming, and
fraudulent disbursements.
3. Explain the nature of thefts of
inventory and other assets.
4. Understand the nature of bribery.
Review Some Common
Fraud Statistics
Median Fraud Loss
Who Perpetrates Fraud $1,000,000

$500,000

$-
Employees Owners

Median Losses by Gender


Employees
Management $200,000

$100,000
Owners
$-
Males Females
Define Asset
Misappropriations
Asset Misappropriations
Stealing Stealing Assets Steal Through
1 Receipts 2 on Hand 3 Disbursements

Employee Employee Employee Alone


Alone Alone
Vendor Alone
Customer 2+ Employees
Collusion
Alone Together
Collusion
Match Definitions.

Delaying the recording


Larceny of payments, record
tomorrows payments
as todays
Skimming Stealing cash before it
is recorded

Lapping Stealing cash thats


already recorded
Define & Describe Check
Tampering.
Preparing fraudulent
checks or intercepting &
changing checks for
someone elses or personal
use
Create a false company &
submit false invoices for
payment
Forging signatures, payee,
changing amounts
What Are Three Common
Cash Register Scams?
Describe How Billing
Schemes Work. COMMENT.
1. Set up Dummy Company
Submit False Bills
2. Alter or Double Pay Invoices
3. Make Personal Purchases with
Company Funds
Common & Expensive
Median Loss $250,000
Review Expense
Schemes.
SUBMIT FALSE DOCUMENTATION
FOR REIMBURSEMENT
1. Mischaracterized Expenses
2. Overstated Expenses
3. Fictitious Expenses
4. Submit Same Expenses More
Than Once
Review & Comment on
Payroll Scams.
1. Ghost Employees Largest Losses
$275,000
2. Falsified Hours & Most Prevalent
Salary 55.4%

3. Commission Schemes

4. False Worker False Injuries


Compensation Claims Collect
Insurance
Inventory & Other Asset
Frauds Occur What 2 Ways?
Comment on 4 Types of
Corruption.

9% 1.6% Bribery

Conflict of
Interest
Extortion

89.2% Illegal
Gratuities

.2%
Define & Discuss Bribery.
Offering or giving something of
value to have an official or
commercial act performed

KICKBACKS Attacks Purchasing

BID RIGGING Falsifies


Competitive Bidding
What is Conflict of Interest?

Undisclosed employee
personal interest in the
results of a business
decision that adversely
affects the business
If disclosed in the open- cant be
conflict of interest
Purchasing or Sales Schemes
Define Extortion &
Illegal Gratuities.
Terms Match
Economic Deceive someone to put
Extortion scheme money into a fake
investment
Disbursement Fictitious entity created
Fraud to commit fraud

Dummy or An employee demanding


Shell Company from a vendor in order to
influence a decision
Investment Paying for something or
Scheme paying too much for
something it shouldnt
Terms Match
Bribery Paying off or bribing public
or company officials in order to
get preferential treatment

Corruption Stealing cash once it has been


recorded in the records
Another name for frauds
committed against an
Larceny organization
Offering, giving, receiving, or
soliciting anything of value to
Misappropriations influence an official act
Terms Match
Bid-rigging Stealing cash by preparing
fraudulent checks or intercepting
Scheme
checks made payable to others

Employees assisting vendors in


Check winning contracts by providing
Tampering some kind of unfair advantage

Embezzling a portion of the cash


Illegal receipts of an organization
Gratuities
Payments made to reward
favorable decisions payment is
Skimming made after the deal is approved

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