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Corporate Fraud: Case Studies in Detection and Prevention by John D. O'Gara

By John D. O'Gara

Real-world aid for corporations battling fraud – from significant administration fraud to fraudulent monetary reportingFrom the author’s greater than thirty years of company auditing adventure, company Fraud gains rankings of invaluable case stories that illustrate the rules of diverse varieties of fraud and the way to prevent them on your business.A must-have for all auditors, controllers, CFOs, and enterprise managers, company Fraud bargains huge insurance of:The most typical and destructive kinds of fraud in today’s company environmentThe many points of fraud, together with administration fraud, company governance, and top-level forensics matters, in addition to financial plan fraud and the interconnected nature of eachCorruption: bribery, together with contracting, subcontracting, and leasing; and outsourcingMisappropriation: seller billings, skimming, and diverted receiptsFraud for the association: funds laundering, rate solving, and fraud within the overseas arenaOrder your replica this day!

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The results were significant: Substantial amounts of material were not the quality called for in the production specifications and should not have been used in production. After more sampling was undertaken, it was determined that some products had not been obtainable by Gulf from the established producers. When that was the case, a generic version was obtained (at a much lower price) but billed to Mike’s company as if it were the brand-name product. The investigation was complete. The team added up the quantifiable damage and discovered that Gulf had been overpaid $900,000 over the continued 39 40 F R A U D A G A I N S T T H E O R G A N I Z AT I O N (CORRUPTION) past year and a half.

What was the effect on margins? What was the apparent or stated rationale—in the beginning and on a continuing basis? • Changes in margins not supported by external or inherent economic conditions. See the preceding point regarding timelines and the rela- MIDDLEMEN 35 tion to other things that are happening in the organization at that time. • Margin analysis—consistently out-of-line margins on sales to one particular company (“sore thumbs”). • A pattern of considerable, recurring shipments to one address billed to other, seemingly unconnected companies.

Mike had actually received the run of the facility the first weekend he was there—all meals and refreshments were on the house for the audit team that day. Almeida was quite open about this business interest and explained that he had come into an inheritance on his wife’s side. Mike also became aware of vague allegations of kickbacks relating to the construction of the plant approximately eight years ago. Interestingly, the local manager at that time was now the manager of supply and distribution, the feisty individual who had requested this audit.

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