https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w en-us 2022-09-02 16:04:02 UTC 2022-09-02 16:37:26 UTC hello@padlet.com jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280911757 The Association of Certified Fraud Examiners (ACFE) defines accounting fraud as "deception or misrepresentation that an individual or entity makes knowing that the misrepresentation could result in some unauthorized benefit to the individual or to the entity or some other party." Put simply, financial statement fraud occurs when a company alters the figures on its financial statements to make it appear more profitable than it actually is,]]> 2022-09-02 16:07:14 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280911757 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280920853  Holding Accounting Periods Open - Improperly holding accounting records open beyond the end of an accounting period can enable companies to record additional transactions that occur after the end of a reporting period in the current accounting period. This scheme commonly involves recording sales and/or cash receipts that occur after the end of the reporting period in the current period. Schemes sometimes include falsification or modification of accounting documentation (dates on shipping documents, purchase orders, bank statements, cash reconciliations, cash receipt journals, etc.) in an attempt to cover the trail of the fraud. ]]> 2022-09-02 16:15:01 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280920853 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280926721 This allows revenue from a future period to be reported in the current]]> 2022-09-02 16:19:21 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280926721 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280929804 Revenue reports must reach a certain level in order to display adequacy, job performance, etc.]]> 2022-09-02 16:21:54 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280929804 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280934894 cash receipts, shipping invoices, purchasing documents, and anything that could incriminate and expose the fraud are modified to maintain the deception.]]> 2022-09-02 16:26:20 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280934894 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280939359 The guilty party accurately hit the desired sales number or other benchmark, resulting in a perceived level of satisfactory performance ]]> 2022-09-02 16:30:17 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280939359 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280940976 2022-09-02 16:31:42 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280940976 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280943120 Now, with an unethical reputation, shady practices can continue and result in more corporate corruption. The company will have inflated numbers, which will snowball into a more extreme loss down the line without proper planning implementation]]> 2022-09-02 16:33:42 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280943120 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280944886 Securities holders and investors will believe the company is performing well in a certain period but in reality, their investments may be in danger]]> 2022-09-02 16:35:24 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280944886 jdiorio02_2 https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280947062 With any fraud, the more frequent the cases of unethical behavior, the less likely an individual will trust the business world. Distrust and fear will hinder economic stimulation]]> 2022-09-02 16:37:18 UTC https://padlet.com/jdiorio02_2/wcenfxp98aapnj6w/wish/2280947062