Name and explain the four key attributes of corporate fraud, then explain some of the challenges...

Name and explain the four key attributes of corporate fraud, then explain some of the challenges of catching white-collar crimes within the corporate world. What are some ways that corporations and the law enforcement attempt to catch corporate fraud?

Expert Solution

The four elements to be in fraud are: incentive, opportunity, capability and rationalization. Incentives are lucrative incentives for the managements on the top level or other employees for committing the fraud. Opportunities are circumstances created that permits employees or management for committing the fraud. Attitudes/Rationalization reflects that a character, an attitude, or an ethical value set existence that permits top management or employees for committing a dishonest act or there exists in an environment that leads to a sufficient pressure that results to rationalize for committing a dishonest act

White collar crime is a term used for providing a description on a criminal conduct involving illegal acts that use deceit and concealment to obtain property, money, or services, or to secure a professional or business benefit. It can be stated as a "paper" crime, which means a crime committed in the workplace in white collar industries opposing the blue collar industries. These are often not violent, however effects are devastating and its costs to society are immense. The main challenges in investigations for white-collar crime are the lack of obvious victims; and the available resources to suspects. Also several white collar cases are depending on the cooperation of one or more defendants. Also as the nature of the crime is not the same, thus the dangers and investigations are different as well.

The corporate fraud can be reduced with strong internal control. A strong evaluation of the nature and extent of risks at periodic intervals that also remains flexible for the adaption of changes in the risk environment can restrict the white-collar crimes. A review on regularly basis need to be carried out, to analyse the environment control and test the implementation controls effectiveness, therefore ensuring that the firm's operations are conducted within acceptable limits of risk

Rahul Sunny answered 2 years ago

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