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Accounting fraud - Coursework Example

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The case of Enron helped me understand the intricate delicacies that revolve around the sole aspect of business. Independent Audit forms an important component of the lessons that I have…
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Accounting fraud
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"Accounting fraud"

Download file to see previous pages The aspect of Fair Value Accounting is being used differently all over the world but it was wrongly used in Enron because it was not being checked upon by the relevant authorities. It becomes necessary for the regulation bodies to keep a check upon any such activity that is being carried out by the different companies. All these examples will help me in avoiding these issues while pursuing my career so that these kinds of fraudulent activities are completely eradicated from the society.
In my view accounting fraud is related to any act that conceals the facts relating to the finances of the company. This concealment of facts can lead the potential buyers to be interested in the company and hence the shares of the company. Another example of accounting fraud can be taken in the case of companies who deliberately delay their financial bookings to an appropriate time in the future where they may balance out the profits. This specifically means that the company would cross out the transactions that are decreasing their total worth. This transaction can later on be put to the journals when the company has enough to overshadow the losses. This can help the company to gain shares and increase their market value as Enron was able to do and achieve higher profits than they actually deserved. In other words this practice can co-relate to the accounting frauds that can easily take place in the absence of the regulatory bodies.
I believe that the companies can take different measures to avoid fraudulent activities that are being conducted. This revolves around the hierarchy of the company and the management is primarily responsible for any type of fraudulent activity that is taking place in the company. The managers should be held responsible for any omission or suppression of the transactions in the journals. This way the managers would be careful when handling their employees ...Download file to see next pagesRead More
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