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• eBook-Kapitel aus dem Buch Methoden der Korruptionsbekämpfung

  Pre-Employment Screening & Integrity Assessment

  Vorgelagerte Fraud-Prävention bei der Mitarbeiterauswahl
  

  Dr. Hans-Christoph Schimmelpfennig
• eBook-Kapitel aus dem Buch Accounting Fraud

  Chapter 4: Conclusion and Outlook

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …to frequent events, and that there is no scandal arising from infrequent but morally acceptable events. The cases of accounting fraud described in… …led away in handcuffs under indictment for fraud was shocking indeed, and society was outraged at the criminal acts. Most of the scandals occurred… …characterized the scenario in Europe and in Asia, showing that probably no corporate governance system in the world is able to prevent accounting fraud… …. Unfortunately, fraud will continue to hit the headlines of newspapers as well as the bottom lines of companies. Despite the best efforts of those who are respon-… …sible for fighting fraud, one inevitable reality remains: “fraud happens”. It is a given that economic crime will always be with us. Eliminating fraud is… …probability, the malfeasance is detected. Other factors contributing to accounting fraud may include unrealistic performance standards that fail to take into… …course, unethical individuals. According to Michael R. Young, a well-known American fraud and litigation ex- pert, the principal characteristics of… …accounting fraud can be summarized as follows (see Young 2004, pp. 11–13): 1. It generally doesn’t origin from conscious dishonesty. It doesn’t start… …fraud starts with little alterations of results (typically in the form of borrowing from future quarters). It doesn’t start with a grand plan or… …. 5. The fraud grows over time. As the fraud grows deeper, the perpetrators end up taking positions that are truly indefensible and clearly violate…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 5: Phar-Mor (1992)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 46 Case 5: Phar-Mor (1992) In 1982, Michael “Mickey” Monus and a friend, David Shapira, visited a “deep… …growing businesses in the U.S. had been committing massive accounting fraud. Investigators eventually determined that from at least 1987 through 1992… …un- covered the fraud. Phar-Mor’s board of directors insisted that it was plenty active, but fully deceived until it got a tip in late July 1992. Monus… …day, a travel agent who Accounting Fraud in U.S. Companies 47 booked flights for league players received a USD 75,000 check for WBL expenses… …activities and helped to expose an intricate accounting fraud. The fraud was carefully carried out over several years by persons at different organ-… …collusive management fraud was almost inconceivable. The perpetrators made phony journal entries to increase inventory and decrease cost of sales… …, recognized inventory pur- chases but failed to accrue a liability, and double-counted merchandise. Members of the fraud team later indicated that one reason… …the fraud was not detected by the auditors was because Phar-Mor executives knew exactly what the auditors would be looking for. They made sure that… …informed Phar-Mor in advance which stores they would visit. The Phar-Mor fraud team stocked the four selected stores correctly, and allocated the phony… …“Cookies”. The fraud team used these entries to inflate inventory and earnings. As it would not have been practical to carefully scan all the packets, the…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 23: Computer Associates International (2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 149 Case 23: Computer Associates International (2004) Computer Associates International, Inc. may not be… …on a shenanigan called the “Extended Quarters Practice”. In September 2004, the SEC filed securities fraud charges against Computer Associates, Kumar… …, Accounting Fraud in U.S. Companies 150 when the company reported USD 557 million in revenues beyond the USD 1.047 billion it could properly claim. Thus… …unexpired portion of the old license. Accounting Fraud in U.S. Companies 151 For contracts under its pre-2000 business model, Computer Associates… …. Thus, the USD 3.7 million essen- tially amounted to hush money. In April 2006, Kumar pleaded guilty to accounting fraud charges. Along with Stephen… …sentenced to 12 years in prison for orchestrating the accounting fraud at Computer Associates; he was also fined USD 8 million. Judge Leo Glasser repeatedly… …other things, donations to tsunami relief in Sri Lanka; girls’ education programs in Accounting Fraud in U.S. Companies 152 Kenya; emergency… …225 million to a restitution fund in order to compensate victims of the fraud. It also agreed to take various steps to strengthen its corporate… …monitoring for at least 18 months. In 2006, as part of an attempt to improve its image in the wake of the fraud charges, Computer Associates changed its… …involved in day-to- day matters. But Wang blamed his hand-picked successor Sanjay Kumar and other company executives for the fraud. Wang, the owner of the…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 18: Qwest Communications International (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 122 Case 18: Qwest Communications International (2002) Denver, Colorado-based Qwest Communications… …revenue im- mediately rather than rateably. The fraud surfaced in the summer of 2002, after several critics had publicly ques- tioned why Qwest was… …billionaire investor Philip F. Anschutz (the company’s founder) resigned as chairman of the board. Accounting Fraud in U.S. Companies 123 The… …. “Accounting rules, policies or controls that in- terfered with meeting revenue targets were stretched or ignored outright, creating an environment for fraud… …. Accounting Fraud in U.S. Companies 124 Eventually, Qwest understated USD 231 million in expenses from 1999 to 2002, relating to employee vacations… …former CEO Joseph Nacchio and six other execu- tives with engineering a “massive financial fraud” at the telecommunications com- pany. “This was definitely… …of fear” and enormous pressure on employees to meet those targets. Former CFO Robin Szeliga (who was described as the “overseer of the fraud… …cluded a suspension from appearing or practicing before the SEC as an accountant. Ex-CEO Joseph Nacchio attacked the SEC’s fraud case against him as “a… …collection of unsupported allegations”. In April 2007, however, while still facing the SEC lawsuit that accused him of accounting fraud, Nacchio was… …generated by sell- Accounting Fraud in U.S. Companies 125 ing services on Qwest’s network was not increasing as Nacchio had projected. Also, other…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 24: AIG (2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 155 Case 24: AIG (2005) In his 38 years as CEO of American International Group, Inc. (AIG), Maurice… …AIG were three primary areas of fraud (see SEC 2009): – Sham reinsurance transactions with General Re Corp. (“Gen Re”), in order to make it appear… …boosted AIG’s net investment income and allowed it to improperly recognize capital gains Accounting Fraud in U.S. Companies 156 The “Gen… …. Accounting Fraud in U.S. Companies 157 The transactions to misstate net investment income and capital gains Another set of transactions was designed… …General Eliot Spitzer. “And yet, top management routinely and persistently resorted to deception and fraud in an apparent effort to improve the company’s… …over securities fraud and improper accounting by paying USD 800 million in fines and disgorgement. Settlement of these issues with New York State… …authorities as well as the Department of Justice resulted in payment of another USD 800 million. Accounting Fraud in U.S. Companies 158 Eventually… …, in August 2009, the SEC announced an agreement with Greenberg to settle the accusations that he oversaw the accounting fraud at AIG. The SEC com-… …Greenberg was liable as a “control person” during the fraud, but it had not accused him of fraud directly. Under the settlement, 84 year-old Greenberg… …defiant statement saying that he had “no responsibility” for the fraud at AIG and that the vast majority of the re- statement was “unnecessary”. But he…

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• eBook-Kapitel aus dem Buch Corporate Governance, Compliance und ökonomische Analyse

  Künstliche Intelligenz , Machine Learning und Data Analytics in der Compliance – am Beispiel der Intelligenten Betrugserkennung

  Gabriele Wieczorek

  …. Forrester Consulting: LexisNexis True Cost of Fraud – Europa, Naher Osten und Afrika, 2023, S. 6. 13 Akronym für „Know Your Customer“. 8 Vgl. Scheben… ….: Fraud analytics using descriptive, predictive, and social network techniques: a guide to data science for fraud detection, Hoboken 2015, S. 4 ff. 7 Vgl… …, glauben im ersten Quartal 2024 16 Vgl. Forrester Consulting: LexisNexis True Cost of Fraud – Europa, Naher Osten und Afrika, 2023, S. 3 ff. 15 Vgl… …. Forrester Consulting: LexisNexis True Cost of Fraud – Europa, Naher Osten und Afrika, 2023, S. 3. 84 5 KI, Machine Learning und Data Analytics in der… …: Insights from the leading edge of generative AI adoption in Germany, April 2024, S. 3. 26 Vgl. Baesens, B./Van Vlasselaer, V./Verbeke, W.: Fraud analytics… …using descriptive, predictive, and social network techniques: a guide to data science for fraud detection, Hoboken 2015, S. 78 f. 25 Vgl. Baesens, B./Van… …Vlasselaer, V./Verbeke, W.: Fraud analytics using descriptive, predictive, and social network techniques: a guide to data science for fraud detection, Hoboken… …, V./Verbeke, W.: Fraud analytics using descriptive, predictive, and social network techniques: a guide to data science for fraud detection, Hoboken 2015, S. 43… …f. 31 Vgl. Baesens, B./Van Vlasselaer, V./Verbeke, W.: Fraud analytics using descriptive, predictive, and social network techniques: a guide to data… …science for fraud detection, Hoboken 2015, S. 38 ff. 30 Vgl. z. B. Georgopoulos, A./Georg, S.: Anforderungen an das Controlling, Wiesbaden 2021, S. 10. 29…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 42: Nikko Cordial (Japan, 2007)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in Asian Companies 244 Case 42: Nikko Cordial (Japan, 2007) In late 2006, the Nikko Cordial Corporation was Japan’s… …panel looking into the fraud later found out that Nikko Cordial principal president Hirofumi Hirano was the key figure in the scam, and that he also… …. I would like to offer my heartfelt apologies,” said president Junichi Ari- Accounting Fraud in Asian Companies 245 mura, knowing that a show… …of just USD 4.2 million – a pittance by U.S. standards. And, although in monetary terms, the fraud was some eight times greater than, for… …example, the Livedoor fraud, no one at Nikko faced jail time. The coincidental timing of these two frauds led many observers to contrast the harsh… …Nikko in Accounting Fraud in Asian Companies 246 April 2007. Critics believed that Citigroup, which had been keen to break into the Japanese… …New York Times, December 26, 2006 Panel: Nikko Cordial execs aided fraud, The Japan Times, January 31, 2007 Nikko Cordial revises… …over accounting fraud, The Japan Times, February 28, 2007 Nikko Cordial escapes delisting over scandal, Times Online, March 13, 2007 After Horie’s fall…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 35: Parmalat (Italy, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 206 Case 35: Parmalat (Italy, 2003) Parmalat, one of Italy’s most significant commercial entities and… …and EBIT of about EUR 600 million, Parmalat had Accounting Fraud in European Companies 207 become a global rival to Nestlé, Danone and… …account linked to the Cayman Islands subsidiary known as “Bonlat”, which appeared to be at the heart of the fraud. The Bank of America revealed that a… …creditors all lost money heavily. The case Accounting Fraud in European Companies 208 sent shockwaves through Italy where Parmalat was a household… …revenues through fictitious sales. The core of the fraud was a system of double-billing to supermar- kets and other retail customers. By billing twice for… …divisions. For example, one amount of EUR 65 million found its way to AC Parma, the soccer Accounting Fraud in European Companies 209 team owned… …located in tax havens around the world, and it engaged in complicated bond and derivative deals. The fraud was certainly not of the blatant “take-the-… …had echoes of several other recent scandals (see Trueman 2004, p. 4): – The fraud appeared to have been incremental, growing in magnitude over a… …is one that had been adopted by a great many fraud companies in recent years. Allegations against the auditors Public commentary and debate… …verification carelessly through Parmalat’s internal Accounting Fraud in European Companies 210 mail system instead of following the standard audit…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 15: Xerox (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 106 Case 15: Xerox (2002) For most of the second half of the 20th century, the Xerox Corporation was a… …the problems became public, the Accounting Fraud in U.S. Companies 107 SEC launched an investigation into what happened at the Mexican… …audi- tors refused to sign off on the company’s annual report until they had rechecked the numbers. They said they had not uncovered any signs of fraud… …director Stephen Cutler said in a statement. “In a pattern of pervasive fraud, investors were misled and betrayed over the course of four years.” The alle-… …lessees. Accounting Fraud in U.S. Companies 108 Under US-GAAP, Xerox was required to book revenue from the box at the be- ginning of the lease… …, and, according to KPMG, the potential tax exposure arising out of the transaction was Accounting Fraud in U.S. Companies 109 “remote to low”… …values of the machines by as much as 50%. Accounting Fraud in U.S. Companies 110 Xerox grew progressively dependent on these accounting… …its accounting controls. However, it neither admitted nor denied the fraud allegations in the Com- mission’s complaint. The SEC also filed a civil suit… …also filed fraud charges against the audit firm KPMG for its involvement in the accounting scandal. The Commission alleged that KPMG was part of… …investing public expects auditors to do,” said Paul R. Berger, an associate director of enforcement at the Accounting Fraud in U.S. Companies 111…

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