Call us Now for Inquiries on 08168759420 and 08068231953

FINANCIAL STATEMENT FRAUD IN AN ORGANIZATION: ISSUES AND SOLUTIONS

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

 

INFORMATION:

YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420

 

 

FINANCIAL STATEMENT FRAUD IN AN ORGANIZATION: ISSUES AND SOLUTIONS

 

CHAPTER ONE

INTRODUCTION

 

BACKGROUND OF THE STUDY

The web star dictionary defines fraud as “an intentional deception to cause a person to give up property or lawful right, which could also mean deceit, trickery or cheating. According to statement of internal audit standard No2 of the Institute of Internal Auditors, USA, fraud is defined as an array of irregularities or legal acts characterized by international deception.

The world of financial statements fraud needs no introduction. The practice of manipulating the financial statements of companies to bolster their position is act new but got to a height in Enron and world.com saga (Razace.2002).

According to the Association of Certified Fraud Examiners (ACFE), financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise accomplished through the intentional omission mount in the financial statement of organization to deceive financial statements users. It caused the accounting firm a very big embarrassment and saw the demise of the world leading accounting firm, Author Anderson (AA) (Isaac, 2008.2).

The current business environment, have pushed the top of many companies and organization with paying attention to how to make the financial statement look better in order to attract investors or paint a good picture of their companies, using aggressive accounting (Anumaka; 2007:1)

Fraud is classified into two categories:

*          Fraud involving the manipulation of the records and accounts

*          Fraud usually by employees involving the theft, un-appropriation or embezzlement of companies funds in the form of cash or its other assets usually by junior staffs.

Apart from the problem of scarce resource, organization run the typical risk of fraud and errors even more problems solution to fraud is not sought far. In this project work, problems of financial statement fraud will be extensively assessed with its solution in relation to organization.

STATEMENT OF THE PROBLEM

The current business environment and even more economic recession, have in recent times pushed the top management of many organization into paying  attention to how to make financial statements of their companies look better in order to attract investors by manipulating figures in their financial statement either by increasing or decreasing the figures depending on what they want to achieve at the moment using aggressive or creative accounting otherwise known as financial statement fraud (Anumak, 2007).

In recent times, fraud has been discovered to pose a big threat on organizations. It is a big business risk which can incur a very big cost leading to a lot of problems of which one of the problems is loss of confidence of shareholders and the public on the company. This research work tries to solution to financial statement fraud. Another area on which the research work will focus on “is auditor involvement in solving fraud problems. We will also look into corporate governance as a tool in fraud prevention cost of fraud will be discussed too.

Fraud is a very big business risk which if not prevent will have a very big negative impact on organizational performance.

 

1.3      OBJECTIVE OF THE STUDY

The major purpose of this research work is the assessment of the problems of financial statement fraud on organizations with solution to it. Areas like reason for fraud, types and implication of costs of fraud will be discussed.

Since auditors are to express their opinion on the financial statement of an enterprise as to truth and fairness of such statement, the internal auditor’s role in the prevention of fraud will be looked into. The use of corporate governance as a tool on the fraud prevention will be discussed or properly examined plus the current effort of the Nigerian Accounting Standard Board to curb fraud.

1.4      RESEARCH QUESTIONS

Some research questions that have been drafted in financial statement frau in an organizations: Issues and solution are as follows:

Is financial statement fraud a problem in an organization?

Can I prevent fraud?

How can I prevent fraud?

What are the cost of fraud?

Who can significantly reduce fraud in an organization?

Is auditor impropriety a yardstick to fraud?

Who can be held liable for fraud?

Can I detect fraud?

Fraud can be prevented/there is solution to fraud?

1.5      RESEARCH HYPOTHESIS

As a means of solving the problems mentioned in the research questions, the following hypothesis are formulated:

ALTERNATIVE:        There is no solution to fraud

NULL:       There are problems associated with fraud

ALTERNATIVES:      There are no problems associated with fraud

NULL:       There is solution to fraud.

1.6      SIGNIFICANCE OF THE STUDY

As the major objective of this write-up is the assessment of problems/costs of financial statement fraud on organizations with solution to it, the study will benefit various parties. One of the benefits is to the management of business organizations. It will help them to know the effect/cost of fraud, how to prevent it, even how to recognize fraud. It will also benefit investors, share-holders, financial information users etc. who may resort to audited financial state of organizations to take investment decisions. It will also be readily available for academic consumption.

1.7      LIMITATION OF THE STUDY

The research study was carried out under a tight schedule. It was undertaken within a short time and was carried out intermittently with lectures and private studies.

There was also a problem of data collection due to reluctance on people’s side to provide information. Also another limitation is the insincerity of some respondents in the filling of the questionnaire. For instance, some of the questionnaires were revisited through oral interviews. Financial constraint was another limitation as a student.

1.8      DEFINITION OF TERMS

Fraud:

An intentional deception to cause a person to give up property or some legal right, which could also mean deceit, trickery and cheating.

Financial Statement:

A yearly book that contains summarized information of the form’s affairs organized systematically.

Audit:

A person assigned to carry-out an independent examination of evidence supporting the financial statement of an organization.

Corporate governance:

A set of process, customs, policies, laws etc affecting the way a corporate is directed, administered or controlled.

Financial statement fraud:

The deliberate misrepresentation of financial condition of an enterprise accomplished through the intentional misstatement of amount in the financial statement to deceive financial statement users.

 

HOW TO GET THE FULL PROJECT WORK

 

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

 

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

 

(1)    Your project topics

(2)     Email Address

(3)     Payment Name

(4)    Teller Number

We will send your material(s) immediately we receive bank alert

 

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

 

OR

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

 

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

 

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

 

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

 

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

 

CAUTION/WARNING

Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project.  Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.

 

That you ordered this material shows you have agreed not to copy word-to-word.

 

 

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

 

 

 

AFFILIATE LINKS:

myeasyproject.com.ng

easyprojectmaterials.com

easyprojectmaterials.net.ng

easyprojectsmaterials.net.ng

easyprojectsmaterial.net.ng

easyprojectmaterial.net.ng

projectmaterials.com.ng

 

 

 

Tags:

7 years ago 0 Comments Short URL

Author: daniel

Enjoyed this Post? Share it!

Share on Facebook Tweet This!

Comments are closed.