Suchergebnisse

• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 31: Bankgesellschaft Berlin (Germany, 2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, with the accompanying problems, become so clearly visible. Politicians sat on the bank’s board for decades, and control of the bank’s activities was… …largely lost as a result of the politicians’ failure to fulfil their supervisory role. Said one observer: “Give politicians control of banks, and you… …mix of businesses made it difficult for the supervisory board of the parent institution to maintain control and insist on clear risk reporting from… …to restructure the bank: cutting costs, bringing its subsidiaries more firmly under control, and re- focusing on its core domestic retail and savings…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  The Warning Signs of Fraud

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Analysis: Lessons Learned 270 – Operating without budgetary control; budgets not reviewed or senselessly justified – Difficulty in determining the… …dictate conditions to suppliers or customers that may result in inappropriate or non-arm’s-length transactions (3.) Control structure… …(monitoring of management, internal control components) – Ineffective board of directors or audit committee oversight over the financial reporting process… …; poor data processing controls – Significant accounting system changes, particularly the implementation of new, complex systems, or where control… …transactions – Inadequate physical safeguards over cash, inventory, or fixed assets – Lack of mandatory vacations for employees performing key control… …. Public Companies, www.corpgovcenter.org, 1999 Biegelman, Martin T. / Bartow, Joel T.: Executive Roadmap to Fraud Prevention and Internal Control… …, www.papers.ssrn.com, April 2010 Lundelius, Charles R. Jr.: Financial Reporting Fraud – A Practical Guide to Detection and Internal Control, New York 2003, pp. 9–12…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 34: Royal Ahold (The Netherlands, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …permitted a parent company to fully consolidate the financial data of a joint venture company only if the parent could exercise effective control over that… …firm’s operations. However, Ahold owned no more than 50% of the voting shares and there were agreements that clearly provided for joint control by Ahold… …, which stated, in effect, that Ahold controlled the joint ventures (“the control letters”). But soon thereafter, Ahold and its joint venture partners… …executed side letters that re- scinded the control letters, and thus the basis for full consolidation (“the rescinding Accounting Fraud in European… …Companies 203 letters”). CFO Michiel Meurs, who signed both the control and the rescinding let- ters on behalf of Ahold, knew that the auditors were… …relying on the control letters and were unaware of the existence of the rescinding letters. CEO Cees van der Hoeven was at least reckless in not knowing… …to make up numbers. It usually starts small, here and there, and then it just snowballs out of control.” References: European Corporate…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 40: Kanebo (Japan, 2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …to ensure audit quality control was deemed insufficient by the agency. The penalty was the FSA’s first against one of Japan’s “Big Four” audit firms… …the taint – changed its name to “Misuzu Audit Corporation” and under- went a review to strengthen its quality control functions. But already in February… …a majority of Kanebo’s stock and took over control of the company. The former Kanebo president, Takashi Hoashi, and his deputies won leniency…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Fraud Theories

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …control components � Inappropriate values or ethical standards of management � Strained relationship between management and auditor Incentive/ Pressure… …override”) the internal control system. 2. The person must also be smart enough to “pull it off”. Most of the accounting frauds are being committed by… …intelligent, creative and experienced people with a thorough understanding of internal control weaknesses and vulnerabilities. 3. Besides, the typical… …, www.camagazine.com, May 2003 Biegelman, Martin T. / Bartow, Joel T.: Executive Roadmap to Fraud Prevention and Internal Control, Hoboken/New Jersey 2006, pp. 32–41…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  A Practice Aid for Auditors: Fraud Interviews – An Inquiry Guide

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …how it believes the internal control structure serves to prevent and detect material misstatements due to fraud? If so, what was reported?… …committee on the company’s internal control? Has management discussed any specific concerns about fraud or significant control weaknesses with you? What… …company’s IT internal control? How do you believe the IT internal control structure serves to prevent or detect material misstatements due to fraud? Please…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 24: AIG (2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …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… …Internal Control, Hoboken/New Jersey 2006, pp. 358–361 Securities and Exchange Commission: SEC v. Maurice R. Greenberg and Howard I. Smith, Litigation…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 13: WorldCom (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …in favour of relying on the adequacy of WorldCom’s control envi- ronment. Yet it did not adequately test that control environment, overlooking serious… …limited substantive testing. – WorldCom personnel maintained inappropriately tight control over informa- tion that Andersen needed. Andersen, for their… …Internal Control, Hoboken/New Jersey 2006, pp. 8–9, 13–15 Breeden, Richard C.: Restoring Trust – Report to the Hon. Jed S. Rakoff United States District…

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  Case 20: AOL Time Warner (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …AOL broad and direct powers to control the operations and assets of AOL Europe. Bertelsmann relinquished essentially all control regarding the…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 23: Computer Associates International (2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …deliberately put inexperienced executives in senior positions so that he would have more control. He dis- couraged executives from meeting with each other and… …Prevention and Internal Control, Hoboken/New Jersey 2006, pp. 335–337 Securities and Exchange Commission: SEC v. Computer Associates International, Inc…