Financial Fraud and Case Analysis

Executive Summary

The paper examines the types of Fraud and also the case of HP claims Fraud prompted $5B overpayment for co. From the Book written W. Steve Albrecht is actually designed for preparing the readers to detect, prevent and identify the financial frauds. In the financial sector, fraud can be perpetrated for the benefit or detriment of an organization and individuals both external and internal to the organization. It is a fact that Ethics also govern the way businesses carried out and their contributions towards society. Today, only those businesses, survive that assume their ethical duties and fulfill those most prominently. Thus, from going through the case and after reviewing a Fraud examination, one can say that people commit fraud when they are under pressure, rationalized or either finds opportunity.

Financial Fraud and Case Analysis

Introduction

A breach of contract occurs whenever one party violates its contractual obligations or additional obligations. Obligations under main duties are to understand that define the nature of the contract, main duties lay so whether it is, for example, is about an agreement for sale or lease. Ethics in the business world deals with the evaluation with the creation for moral standards which are needed in a more specific economic sector. It has fairly a long history and it is a type of aspect with the research ethics. This led to focus on human activity in the sphere of business, not dealing with other spheres their life (Frazee, 1996).

Ethics in the business world can be judged on different other aspects as well such as to avoid defaming the competitors unethically and trying to use negative ideas to promote themselves the organizations also have to follow the government guidelines for import and export of raw materials (Collier, 1995). Organizations should avoid using such products which banned by the government due to various reasons. In the end, it can be said that if a company has to grow at a rapid pace it has to be ethically sound and environment friendly to succeed. From the Book written W. Steve Albrecht is actually designed for preparing the readers to detect, prevent and identify the financial frauds. This also outlines the nature and different types of fraud, which includes a unique e-business fraud and this is now possible in today's modern world.

Discussion and Analysis

Some business frauds occur due to lack of adequate policies and procedures of internal control in the organization. Others fraud may be the result of failure to implement proper control procedures, neglect in reviews, inadequate separation of staff functions, or to ignore management override of internal controls. Immediate supervisors should ensure that opportunities for fraud are minimized. A high probability of being caught will deter those who would otherwise be willing to commit a fraud; the organization can reduce opportunities to commit fraud through the design, implementation and proper operation of a good system of internal control, directly proportional to risk (Federal Trade Commission, 2007). The term "fraud" is difficult to define ...