Suchergebnisse

• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 13: WorldCom (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …was going to be the next fraudulent company. It turned out to be WorldCom, Inc., at the time the second largest long-distance telecommunications… …SEC said that WorldCom’s accounting improprieties were of “unprecedented magnitude”. But as enormous as the fraud was, it was accomplished in a… …relatively mundane way. The modus oper- andi of the fraud was rather simple, and it was carried out over a comparatively short period of time. Yet the… …Corp. because of antitrust objections. WorldCom’s position as fast-growing provider of integrated telecommunications services (it provided a broad… …demanded that his subordinates met those expectations. It was when he had the greatest need to keep WorldCom’s stock price up that the largest part of the… …standards others will follow.” It was shortly after Ebbers had left that the fraud was discovered and disclosed. Fraud detection and disclosure As… …that it was not her problem. When she continued to raise her concerns, she was told by WorldCom’s CFO, Scott Sullivan (to whom internal audit reported)… …advised of the issue, took it seriously and directed prompt attention to it. On June 20, Cooper attended an audit committee meeting at which Sullivan was… …. Accounting Fraud in U.S. Companies 95 WorldCom announced that it intended to restate its financial statements for 2001 and the first quarter of… …2002. It stated that certain transfers from “line cost expenses” to asset accounts, totalling USD 3.85 billion during this period, were not made in…

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• eBook-Kapitel aus dem Buch IT-Compliance

  Treiber von IT-Compliance

  Dr. Michael Rath, Rainer Sponholz

  …und Umstände dazu führen können, dass regulatorische Anfor- derungen an die IT gestellt werden. 3.1 Überblick Wie in den vorangegangenen Kapiteln… …(SOX) eben diesen Weg, ein dokumentiertes IKS im Rechnungs- wesen zu fordern, welches nun auch im Bereich der IT umgesetzt werden muss. Etliche… …führte also zu weiteren Anforderungen an die IT und ist damit ebenfalls Teil der IT-Compliance. Entwicklung regulatorischer Anforderungen von 2000 bis… …IT veröffentlichen. Es entstand eine Situation der Unübersichtlichkeit, die letztlich auch den Anlass für diese Publikation gab, mit dem Ansinnen, die… …Durch die Verkürzung der Entwicklungs- und Produktzyklen und die Auswei- tung der Einsatzmöglichkeiten der Informationstechnologie erhöht sich dieser… …Informationstechnologie durch Informationsnetze, computergesteu- erten Handel und fast durchgängige Börsenöffnungszeiten rund um den Globus eine… …Krisen wie auch die Erweiterung der regulatorischen Anforderungen sind noch nicht abgeschlossen. Die Informationstechnologie, als wesentliches Werkzeug… …der New York Stock Ex- change (NYSE) gehandelt werden, ist verpflichtet, das Interne Kontrollsystem im Bereich der Informationstechnologie gemäß dem… …richtete das IDW einen Fachausschuss für Informationstechnologie (FAIT) ein, der sich mit den aus der Informationstechnologie resultierenden Fragen… …Buchführung versucht wurde, mit dem Fortschritt der Informationstechnologie mitzuhalten. Die korrekte und abschließende Anwen- dung dieser Anforderungen bleibt…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 35: Parmalat (Italy, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …course of a decade. Many analysts took to calling Parmalat “Europe’s Enron”. Indeed, the scandal was so massive that it compares to Enron, WorldCom and… …that its accounting principles were in line with established international accounting standards as well as Italian standards. Yet it appeared not to be… …originality and unique appeal of Parmalat milk soon made it very popular and business expanded to other parts of Italy. Parmalat tried to style itself as the… …“Coca-Cola of milk”. In 1990, Parmalat was listed on the Milan stock exchange – and Tanzi built it into an Italian powerhouse with operations in some… …discovered. The collapse: How it all happened But as Tanzi’s empire grew, so did the debts. Some of the best-known European and American bank… …network of offshore shell companies. Whereas at first, Parmalat did not conform to the usual profile of a risky enterprise, it now operated through a… …, the Isle of Man and Malta. In early December 2003, analysts began to raise questions about Parmalat’s liquidity when the company let it be… …known that it could not access about EUR 500 million in supposedly liquid funds held in an obscure Cayman Islands-registered investment fund called… …“Epicu- rum”. Parmalat soon shocked financial markets when it revealed that it was having trouble coming up with the money to make a EUR 150 million bond… …repayment even though it supposedly had billions in cash and cash equivalents. The scandal came to light with the revelation of a non-existent bank…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 12: Enron (2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …become synonymous with corporate malfeasance. However, compared to other accounting frauds, the Enron fraud was very complicated; it involved many… …reports. They didn’t have to lie. All they had to do was to obfuscate it with sheer complexity – although they lied, too.” The impact of the fraud was… …far-reaching, to say the least. It led to the bankruptcy of the once high-flying energy company in late 2001, marking one of the biggest corporate failures in… …since October 1929”. Besides, the fraud ushered in a wave of prosecutions against white-collar crime at the highest levels of American business, and it… …originated a strong reaction (possibly an overreaction) from the regulatory bodies as well. Thus, it is of great importance to understand what actually… …business model: create a “gas bank” in which Enron would buy gas from a network of suppliers and sell it to customers, contractually guaranteeing both the… …outside the United States. The market endorsed Enron’s “new economy” business strategy. In 2000, Enron reported revenues of USD 101 billion, making it… …of these negative developments, it is quite astonishing that by the end of the year, Enron’s image was in tatters and its stock price had plummeted… …(primarily for the water and broadband businesses). It also disclosed a mysterious USD 1.2 billion reduction in shareholder equity, mainly as a result of the… …reversal of dealings with certain off-balance-sheet partnerships, called “the Raptors” (October 16). - Enron announced that it had changed plan…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Fraud Theories

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Fraud Case Analysis: Lessons Learned 276 3.3 Fraud Theories 3.3.1 The Fraud Triangle Although it is common knowledge today that people… …may commit fraud, it is often not understood why they do it. Donald R. Cressey, one of the pioneers in fraud re- search, came to the conclusion that… …less rationalization it takes to motivate someone to commit a fraud. Likewise, the more dishonest a person is, the less opportunity or the less… …pressure it takes to motivate fraud. Fraud-fighters focus their preventive efforts primarily on only one of the three elements of the fraud triangle… …simply in the outcome. Scientists call this motivation the “ego challenge”: it relates to the sense of superiority over others and to the gratification… …obtained from the mastery of an exciting situation. It also reflects the pride of a professional “con artist”. Attitudes are the values and ethical… …honest all the time. Another 20% are basically dishonest, and about 60% are “situationally honest” (that is, honest where it pays to be honest and… …dishonest where it pays to be dishonest). However, most of the organizations are convinced that their executives are among the 20% who are honest. Unfortu-… …nately, quite frequently, this is not the case. Rationalization is how the fraudster justifies his inappropriate actions. In other words, it is the… …soon as we get over this financial difficulty.” – “Business is business. Everybody else does it.” Of course, there are countless other…

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• eBook-Kapitel aus dem Buch Global Management Challenges for Internal Auditors

  Company Culture is Worth the Cost

  Sergey Martynov

  …if it is not included in financial reports, and helps to generate value for a company: it should therefore be audited, just like all other company… …than those caused by unfair competition or mass- media hostility. First of all, it is important to understand that company culture is a distinctive… …guaranteeing success and in the effi- ciency of a business, for various reasons. Firstly, it results in increased employee loyalty towards the company. A… …salary increase. 2 Development of Company Culture While in some organisations company culture is created and grows spontaneously, in others it is… …beliefs, come from various different entities. In these situations it is extremely im- portant for the management to make an effort to rapidly develop a new… …can be positive, but the process of establishing a com- pany culture by example may take a long time. It is extremely important, however, for the… …in order for this to happen it must know how to satisfy the individual needs of its employees. The management must also know how to value its workers… …employees, who will cer- tainly not share or defend its values as a result. It is also extremely important to en- sure that there is a relationship between… …, and it is es- sential that each member of the team feels that he is sharing in the recognition for his work. The development of company culture is… …it: it is therefore a factor that should be taken into consideration by the internal audit, just like all other signifi- cant company processes…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 6: Bausch & Lomb (1994)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …with a strong position in the optical products and eye-care sector. It was a leading manu- facturer of contact lenses and sunglasses, and it had charmed… …contact lenses, which were marketed to be worn for short intervals of several days. Bausch & Lomb had entered the disposable lens market late because it… …had not wanted to cannibalize existing product lines, and it wished to continue to maximize its traditional SVS sales. Unfortunately, during 1993, it… …optical practitioners. In September 1993, the CLD concluded a particularly aggressive promotion campaign whereby it sold its distributors a large amount… …estimates indicated that it might take some dis- tributors up to two years to sell the SVS lenses that CLD management was expect- Accounting Fraud in U.S… …US- GAAP, with respect to revenue recognition. Under GAAP, revenue should not be recognized in company statements until it is realized and earned… …date. The accounting scandal led to the departure of several CLD executives, and it severely tested inves- Accounting Fraud in U.S. Companies 53… …After the scheme was discovered, company management replaced all Hong Kong personnel that it held responsible for the fraud. There was no evidence that…

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• eBook-Kapitel aus dem Buch Prüfungsleitfaden BAIT

  Management der Beziehungen mit Zahlungsdienstnutzern

  Axel Becker

  …Zahlungsdienstnutzern“. Es stammt aus dem neuen Rundschreiben „Zah- lungsdiensteaufsichtliche Anforderungen an die IT von Zahlungs- und E- Geld-Instituten“ (ZAIT). Seine…
• eBook-Kapitel aus dem Buch 50 Jahre ZIR: Meilensteine der Internen Revision

  Ein Blick zurück in die Zukunft der IT-Revision

  Warum die IT-Revision schon immer wichtig war und heute unverzichtbar ist
  

  Prof. Dr. Matthias Knoll, Markus Bank

  …bestehende Produkte und Dienstleistungen um zusätzliche Funktionalitäten ergänzt. Die IT war dazu ein willkommenes Werkzeug. Zu Beginn 2… …, Apple, Facebook oder Google, basiert ausschließlich auf IT. Auch Telekommunikations- oder Finanzdienst- leistungsunternehmen sind in hohem Maß auf eine… …störungs- und unterbrechungsfreie IT ange- 1 Ein Trend, der bereits im ersten ZIR-Beitrag zum Thema klar herausgestellt wurde, vgl. Köhler/ Osterloh (1966)… …, S. 81 Ein Blick zurück in die Zukunft der IT-Revision Warum die IT-Revision schon immer wichtig war und heute unverzichtbar ist Die IT… …durchdringt immer mehr Lebensbereiche, Geschäftsprozesse und Produkte. Viele Unternehmen sind hochgradig von ihr abhängig und existieren nur, weil sie auf IT… …Lines of Defense“- Modells eine gleichermaßen professionelle IT-Revision. Der vorliegende Beitrag befasst sich ausgehend von den Anfängen der IT und… …dieser Zeit- schrift mit dem immer bedeutenderen Einsatz von IT und der Reaktion der Revision darauf. Anhand der veröffentlichten Beiträge und weiterer… …„Batch-Jobs“ verwaltet und verarbeitet. Sie besa- ßen eine überaus große Bedeutung, auch wenn durch die asynchrone Abarbeitung von „Aufträ- gen“ in der IT… …Client-Server-Systeme haben auch dem Mittelstand den Einsatz von IT, etwa in Form eines ERP- Systems, ermöglicht. 4 50 Jahre Moore‘s Law – Ein Grundsatz, der die… …IT-Branche seit 50 Jahren antreibt, in: www.zeit.de/digital/2015 – 04/ moorsches-gesetz-computerchip-50-jahre Ein Ausfall der IT, mitunter sogar nur ein…

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• eBook

  Zentrale Tätigkeitsbereiche der Internen Revision

  Aktuelle und zukünftige Schwerpunkte erfolgreicher Revisionsarbeit
  

  978-3-503-11290-6

  Prof. Dr. Dr. h. c. Wolfgang Lück, Reinhart Bubendorfer, Hubertus Buderath, Klaus Heese, u.a.

  …; Prüfung des Internen Kontrollsystems (IKS) durch die Interne Revision (IR); Informationstechnologie (IT) und Interne Revision (IR); Berichterstattung der…