Write a 350- to 700-word paper comparing the impacts of fraudulent financial statements, asset misappropriation and...

Write a 350- to 700-word paper comparing the impacts of fraudulent financial statements, asset misappropriation and corruption on the organization.

Include the following:

How does each type of fraud impact the organization?
Consider the relative frequency.

Please help. I have been sick all week and having trouble finding the energy to get all my course work done. Also, I need it to include at least one reference.

Expert Solution

Answer: Fraud- It is a illegal offence. It is an intentional deception to get unlawful gain.Fraud has a huge impact on business no matter what the size is. If the fraud is exposed, it destroys the reputation of the organization.

Type of Fraud and their impact on the organization- Are as following:

Financial statement fraud- Some companies get indulged into financial statements fraud in which they want to show better picture of the liquidity, profitability and financial position of the company, sometimes financial statements have material misstatement to hide the debts or inflate the sales figures.

Impact- When this fraud is exposed, company's reputation and brand value decreases in the market and it does not get further loan from creditors. Its share price comes down in the stock market and bond loses ratings.

Example: There are many financial statements frauds in the history of USA including Enron scandal, AOL, World Com, Sunbeam etc.

Asset misappropriation- It includes taking cash of the company before it is recorded in the system or misuse of assets, personal use of assets etc. Some companies try to show the higher value of their assets that they actually do not have.

Impact- This fraud affects company's cash management, working capital management and operating activities.

Corruption- It includes giving and taking bribe. When company receives bribe from any party to give them contract or company gives bribe to get the loan, it is also a type of fraud.

Impact- Corruption is really very big problem in the business as well as in the society. It destroys company's image in the market.

ekkarill92 answered 8 months ago

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