Why Fraud Is The Most Common Reason - 2077 Words

Fraud is defined as a deliberate misrepresentation that causes a person or business to suffer damages, often in the form of monetary losses through deception or concealment (Albrecht et al, 2014). Occupational Fraud as defined by the ACFE is the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets (Association of Certified Fraud Examiners, 2012). Traditional fraud triangle theory explains that propensity of fraud occurring in an organization lies on three critical elements, which are Pressure, Opportunity, and Rationalization (Albrecht et al., 2014). Pressure is the driving force behind most fraud being committed (Albrecht et al., 2014). It is†¦show more content†¦Asset misappropriation can be broken down into several â€Å"schemes† (Association of Certified Fraud Examiners, 2012). Revenue and cash receipt scheme which is the skimming or stealing of cash assets before they are been recorded in the accounting record or the theft of merchandise or donated items. Purchase and disbursement scheme which is mainly credit card abuse, and involves using organization credit card for personal use or copying donors card number for illegal usage and fictitious vendor scheme which involves issuing fake receipt to claim payment from the organization. Payroll and employee expense schemes involve the continued payment to terminated workers, overstating employees working hours, and fictitious expenditure fraud. The existence of external fraud is not as common as internal fraud or external theft but occurs in the following forms: fraudulent billing by vendors, which involves double billing, failure to deliver purchases, or price gouging. Financial assistant fraud, involves when financial aid is granted in order to support a project that is actually nonexistent. Sub recipient fraud is the reporting of fraudulent data or program costs to the organization/business that made the award/provided funds for the project. Fraud can been committed at all levels from the CEO, managers, CFO, financial staffs, and fund-raisers (Association of Certified FraudShow MoreRelatedFinancial Fraud Against The Corporation1035 Words   |  5 Pagespremature determination of revenue are by far the most common fraud against the corporation (p.4) Facts and Statistics on Financial Fraud and Embezzlement According to Mitric, Stankovic, and Lakicevic, (2012) financial fraud and embezzlement are clearly two distinct configuration, however share several common characteristics and qualities. Mitric et al. also indicated that company top executives and managers or owners normally are responsible for putting its own company in financial troubles andRead MoreCase Summary : Security Fraud1626 Words   |  7 PagesCase Summary Security fraud is a white collar crime that involves the deception of investors or the manipulation of financial Markets (FBI, 2005). Security fraud is a broad topic that covers many different aspects of white collar crimes that individually can stand as their own form of indictable crime (FBI, 2005). Due to the broad reality associated with security fraud, when considering the different case studies, the Martin Shkreli case was the best option. Mr. Shkreli was a pharmaceutical executiveRead MoreThe Role Of Online Health Records855 Words   |  4 PagesIdentity Theft â€Å"Your identity is your most valuable possession. Protect it.† - The Incredibles Technology in today’s world is forever changing providing individual’s with freedoms they were not able to take advantage of prior to advancements. This can offer many advantages to the average American. The use of online health records is a prime example. Many hospitals are providing online access to a patient’s medical records to provide faster results and quicker response time. Those who receiveRead MoreWaste Management Scandal861 Words   |  4 Pagesone of the most egregious accounting frauds we have seen (SEC). What Mr. Newkirk is describing is a long-standing policy by those at the top of the executive rung at Waste Management to provide their auditors, auditing committee, and the public false and misleading numbers in a variety of ways. First, these highest level executives would set earnings targets without regard to current or recent past results. They would then manipulate the numbers to match the previously set targets. Why? They wishedRead MoreCase Study on Waste Managemnet1329 Words   |  6 Pagesattitude. There are various factors present at WM that are indicative of each of the three fraud conditions. Firstly, the factors present at WM that are indicative of the incentive or pressure to perpetrate fraud are WM paid large audit fees as well as other related fees to the external auditor AA. This incentive causes AA to treat WM as valuable client and agree to compromise with the company to commit fraud. The other factor is the strong interest of the management in employing inappropriate meansRead MoreThe Most Problematic Social and Economic Problem in Today’s Society997 Words   |  4 PagesTheft might just be the most problematic social and economic problem in the US. Identity theft can cause many problems for the victim and the thief, obviously. One problem is the victims personal record, it is extremely important to have a clean one if you want to apply for college, buy a house, become a citizen, etc. Another problem is after the identity theft has taken their toll, the victim is suffering with trying to recover all the money that they have lost. And the most dangerous pro blem is victimsRead MoreClarified Statements On Auditing Standards1705 Words   |  7 Pagesafter (AU-C), bringing both significant and subtle changes. For some of the standards only the format changed but others significantly impacted the auditor’s work. This project was very important for the globalization of the auditing standards. The most significant changes of the project are the consistent and clear format for all standards; changes in the auditor’s report; changes in the standards for group audits. Each statement on auditing standards (SAS) has the same format consisting of introductionRead MoreForensic Investment1144 Words   |  5 PagesSituation analysis    Important internal controls that were ignored? The auditors of Enron did fail in their task of providing a duty of care to all of the parties. The main reason for this is that they failed to correctly audit the assets and financial position of Enron resulting in all stakeholders having no clue about the forthcoming collapse of Enron. This resulted in the stakeholders facing a very critical condition or a phase where in they were not sure if they would be able to recover theirRead MoreThe City Of Wortropolis Faced An Economic Recession996 Words   |  4 Pagesrecession between 1980-2000. Wortropolis was a city that thrived from 1950-1980 with an economy based on large-scale manufacturing. The unemployment rate was 3% and the majority of residents owned their homes. In 1980 the city was hit with corporate frauds and illegal investment practices which lead to the collapse of the banking sector. The banking sector collapse lead to the economic recession. The recession caused problems of increased poverty, social inequality, and crim e. Between 1980-2000 theRead MoreMiniscribe Essay949 Words   |  4 Pages 2. Comment on the internal accounting control of MiniScribe, specifically the reasons for its ineffectiveness in preventing fraudulent financial reports. Internal accounting control is crucial to internal control in a company. Accounting control is the methods and procedures for authorizing transactions, safeguarding assets and ensuring the accuracy of the financial records. I think the most important reasons of the totally failure of internal control to prevent fraudulent financial reports

salem witchcraft trials cause and effect Essay - 572 Words

In 1692 the area of Salem town and Salem village became very vulnerable to conflict. Severe weather such as hurricanes had damaged land and crops, the effects of King Phillips War began to impact New England society, and colonists were being forced off of the frontiers by Native peoples. The Church and the government were in heavy conflict. And those residing in Salem began to grow suspicious of one another when some prospered and others hadn’t (Marcus, p13). Suddenly people seemed very paranoid and soon residents were placing blame on one another and accusing each other of witchcraft. In a fifteen month period between 1691 and 1692 nearly twelve dozen people were accused of witchcraft in or near Salem (Norton, p8).†¦show more content†¦Relationships between people and families seemed to crumble in the light of hysteria as children accused parents and friends pointed out friends (Boyer, p67). Some confessed to witchcraft and saved their own lives, others refused to tarnish their names and proclaimed innocence to their grave. The fact that these people did not have freedom of speech and were proven guilty without any tangible evidence caused even more hysteria throughout New England. People realized that at anytime anyone of them could be pointed out and so the society fell even more. nbsp;nbsp;nbsp;nbsp;nbsp;One can see the Salem witch trials as being an excessive representation of the social and economic changes taking place in New England at this time (Boyer, p67). Differences between those who accepted change and those who feared it are what divided the colony. The hanging of witches can be seen as the murder of difference or of change. Perhaps if they had not been so insecure about their methods of governing the colony, the Puritans wouldn’t have felt threatened by the slightest change. It took nineteen innocent deaths for the leaders of Salem to even begin to see the wrong doing in their trials. The Salem witch trials of the 1690’s had an immense impact on American history. These dark times cast a shadow that would forever haunt this country’s past, knowing that our fore fathers were not theShow MoreRelatedEssay on Ergotism, Hysteria, and Disorders Detected in Salem889 Words   |  4 PagesMany people believe the Salem Witch Trials were caused by Ergotism, while others believe it to be just a form of hysteria, but what if I told you it could have been all of those combined together with another theory added in? In the story, The Crucible, mass hysteria broke out all through Salem being caused by the witch trials. The witch trials, however, may not have been the only thing causing the hysteria . Argot poisoning in the water along with puritan pressure causing the little girls to actRead MoreSalem Witches and Ergot of Rye Essay1055 Words   |  5 PagesSalem Witches and Ergot of Rye While researching texts written about the Salem Witch Trials, I found a few authors who published articles and books about the Salem Witch Trials. These authors often showed that the most likely cause of the fits coming from the victims was produced by ergot of rye. However, I could not find much discussion about another important source of the fits’ cause: witchcraft. My goal in this paper is to produce a convincing argument that the victims during the Salem WitchRead MoreThe Salem Witch Trials Of 16921281 Words   |  6 PagesThe Salem Witch Trials were a sequence of hearings, prosecutions, and hangings of people who were thought to be involved in witchcraft in Massachusetts. These trials occurred between February 1692 and May 1693(The Salem Witch Trials, 1692. ). The Trials resulted in the execution of twenty people, in fact, most of them were women. The first of the trials began in several towns in the Province of Massachusetts Bay, such as Salem Village (currently kno wn as Danvers), Salem Town, Ipswich, and Andover(SalemRead MoreThe Salem Witch Trials Essay1674 Words   |  7 PagesAlthough many people have their assumptions as to what specifically caused the Salem Witch Trials, no one has a definite account. One must use logic and prior knowledge to come to the conclusion and realize that multiple factors play a key role in causing the trials. The Salem Witch Trials were caused by religion, politics, teenage boredom, family feuds, economic conditions, and fears of the people. The overall effect of the trials was a major part in American history, not only was it a learning experienceRead MoreRed Scare And The Crucible Comparison Essay1008 Words   |  5 PagesRed Scare and The Salem Witch Trials were both events that left a mark in American history. The Red Scare began in 1917 and took place across the United States. The Red Scare was known as the widespread promotion of anti-communism. The Salem Witch Trials began in 1692 and took place in Sa lem, Massachusetts. The Salem Witch Trials were various court hearings and prosecutions of people in Salem accused of Witchcraft. Arthur Miller wrote The Crucible, a play about The Salem Witch Trials, to send a messageRead MoreSymptoms And Symptoms Of A Fever Of Salem, By Laurie Winn Carlson966 Words   |  4 Pageswrote a book, A fever in Salem, and argued that the girls may be haven suffering from Encephalitis Lethargica. This is an inflammation of the brain spread by insects and birds. The symptoms of this illness include behavior changes, tremors, neck rigidity and abnormal eye movements. Carlson goes on to say that a doctor had been called in to see the girls and was unable to find a physical cause of their symptoms, and so he concluded that they suffered from possession by witchcraft. This was a common diagnosisRead MoreSalem Witch Trials : The Witch Trial Hysteria920 Words   |  4 PagesSalem Witch Trial Hysteria In 1692 the actions of three girls quickly launched Salem onto the path of committing one of the largest witch hunts the New World has ever known. The witch hunt was fueled by a mass hysteria among the townspeople, this hysteria was the result of the strictness of their society and a number of internal and external stressors. The initial wave of panic when rumors of witchcraft arose gave way to compete hysteria when accusations began. Salem massachusetts was the perfectRead MoreTheocracy As The Cause Of The Salem Witch Trials1025 Words   |  5 PagesTheocracy as the Cause of the Salem Witch Trials The Crucible by Arthur Miller is a play that shows how the Salem witch trials unfold. As a Puritan society, Salem functions as a theocracy. Unlike today s United States government in which Church and State are entirely separate entities, a theocracy is essentially the Church acting as the government. Because of the theocratic nature of Salem s governing body, religion plays a principal role in the lives of every character and has a major effect on the progressionRead MoreThe Crucible By Arthur Miller1056 Words   |  5 Pagescrucible is a severe test as of patients or belief, a trial. The play The Crucible is a journey through the trials of many townspeople caused by the superstitious belief of witchcraft. In The Crucible, Arthur Miller progresses and evolves the outlooks and views of the townspeople of Salem and shows how events, people, and catastrophes cause the characters to change their views on whether the people prosecuted were guilty or innocent of witchcraft. Reverend John Hale changes his view, more and moreRead MoreThe Salem Witch Trials : The Causes Of The Deadly Accusations912 Words   |  4 PagesPeriod 1 11 April 2015 The Salem Witch Trials: The Causes of the Deadly Accusations In Arthur Miller’s The Crucible, he writes, â€Å"We are what we always were in Salem, but now the little crazy children are jangling the keys of the kingdom, and common vengeance writes the law!† (Miller 77). This partially fictionalized tale of the Salem Witch Trials points to one of the causes of the trials, vengeance, but the over dramatized tale s early stages were quiet. The Salem Witch Episode had humble beginnings

Hospitality Industry for Marina Bay Sands- myassignmenthelp.com

Question: Discuss about theHospitality Industry for Marina Bay Sands. Answer: Introduction Despite Singapore having a small size, the country prides itself in a pool of wealth making it a wealthy nation characterized by an open economy. According to the World Bank, it has been ranked as the best country for starting and running a business successively. The rise of Singapore was mainly attributed to exports. The hospitality industry is one of the largest as compared to other industries and has more than 200 million employees employed globally. It has been realized that the number of talents is still growing as demand increases in such an industry. One of the main key drivers in the Singapore economy is the hospitality industry which has seen the countrys reputation and fame rise. Singapore continuously offers lucrative offers regarding a destination that has a lifestyle. Singapore boasts of an integrated resort that is a world resort and a Marina Bay Sands. Other developments that are still ongoing are the orchard road, and a shopping town ranked as one of its own in Asia. With such prospects, it becomes crucial for Singapore to step up its efforts in service delivery by providing excellent service to ensure customer satisfaction. There is the need for professionals and talents in the hospitality industry to increase the pool of skills that can assume management positions as well as recruiting teams that are well trained and qualified to fill more jobs that are created as a result of the growth of the industry. The hospitality industry aims to see growth and more prospects future. Due to the expansion and growth of the business, it is the role of the human resource management to provide more workforce a dictated by business needs across all sectors. Also, the human resource ensures that there is maximization for each team.In Asia for instance, skills and techniques formed an important part in analyzing peoples performance, their engagement capacities or even getting apprenticed in various training through development programs that were meant to measure productivity at workplace. Human resources are tasked with the responsibility of ensuring the right staff is in place in the advent of a booming industry. The high demand for increasing the number of staff is a challenge for the hospitality industry at a time when the pool of labor is shrinking.To solve such a challenge, it would be prudent to identify the possible causes of such a problem, and it is, therefore, the place for the industry to work in close cooperation with the labor unions and form strategic alliances. Such a move will ensure that more time is created paving the way for resource mobilization such as money needed in developing the recruitment project. The politicians, on the other hand, need to be educated on the hospitality industry need to impact on economic and immigration policies needed in the hospitality industry. Challenges to the hospitality industry Low turnover The hospitality industry globally faces some many threats not only in Singapore but also globally such as low turnover and a shortage of skills in the workforce. For instance, in the hospitality industry, it is expected that all organizations face the same hurdle of inadequate talent to assume management and leadership roles to ensure operations and teams are lead effectively (P Spencer, 2011). The intense and aggressive competition for quality graduates among various industries has led to high demand and shortage for employees leaving the hospitality industry with inadequate talents (Chalkiti Sigala, 2010). The hospitality industry perceives the fresh graduates as inexperienced and without the necessary skills as unfavorable for employment losing them to other sectors such as outsourcing, entrepreneur and human resource (Qu Tse, 1996). Generation diversification The intensified awareness on multi-generation workforce and the implications of having variances in workplace expectations and values among workers are raising eyebrows among relevant stakeholders. There are huge disparities among the young generation regarding disparities in the so-called generation Y (La Lopa, 2010).As opposed to the older cohorts, the young generation values more self-actualization, career progression leading to high expectations.Such groups are dynamic regarding changing jobs frequently in different industries and institutions to achieve their desired goals and objectives in life (Hyun Jeong Kim, Tavitiyaman, Woo Gon Kim, 2009). Lack of appropriate infrastructure The hospitality industry also lacks sophisticated mechanisms necessary for analyzing employee engagement. It is through having long-term projections that human resource management can predict and forecast for areas that may be short of talent and thus adopt training programs in management levels needed in anticipating future demands as a result of growth. Staff needs are overstretched An industry such as hospitality is an integration of many components and departments and identifying which areas are in short of talent is another hurdle. For instance, there is the front office, food, and beverages among others. It has been discovered that the front office and food and beverage are the ones that mainly suffer from a shortage of staff. According to recent research, it was discovered that the biggest challenge facing the hospitality industry is the shortage of human resources. According to Sam Sake, MENA travel organizers, the average ration of staff needs is estimated at five staff per room. However, as of 2010, the ratio went higher putting staff needs for more than 50000, and in 2016 the ratio tripled to 150,000 number of staff needed. However, in luxury hotels, the ratio was favorable putting staff needs at seven to one. Also, there is the problem of retaining the workforce; it is estimated that only 20 percent of the staff will prefer staying their employer and i ndustry management forecasts that poaching may dominate the issue of recruiting staff (Moncarz, Zhao, Kay, 2009). Long working hours The long working hours in the hotel industry is also another issue when it comes to recruiting staff in such an industry. The hotel industry commands only a small percentage for instance out of 14,000 graduating from polytechnics only 3000 choose to join the hospitality industry representing 1.9% which is relatively a small percentage compared to what other industries absorb. As of todays graduates they would prefer being off duty I the weekends and also during the public holidays. However, looking at the hospitality industry, there is no room for such accommodations as there are no frameworks that can schedule fix offs during the weekends. Most hotels operate twenty-four hours, hoteliers, for example, are required to operate for a minimum of 198 hours monthly. Hoteliers are also expected to work overtime more so during the peak season. The overtime may be a two-hour session or may overlap the next day depending on the situation. It is a requirement that the hoteliers are given two d ays off duty, the weekends are offered on a rotation basis. It is due to the demanding nature of the hospitality industry that makes most individuals prefer working in other industries. Seasonality of the industry In Singapore, July, August, and October are the slow period for the hospitality industry.It is evident that most businesses in the hospitality industry such as tourism and hotel are seasonal.As a result of seasonal nature of such industries, it becomes a major challenge of maintaining the employees during low seasons forcing the businesses to be closed or lay off some workers due to lack of finances to run such businesses in low seasons. As a consequence, most individuals prefer working elsewhere to ensure that they have a job security in the long-run. The businesses in the hospitality industry are in most cases at a loss regarding losing experienced staff that had drained company resources regarding training.In acquiring new staff in anticipation of peak period has the effect of straining the company finances in training the new staff so as they may acquire the required set of skills thus increasing the costs of operation for such ventures. The hospitality industry in most cases is also affected by political issues in some regions making it unfavorable for some of the talented workers to move in such countries. For instance, in some countries, there are strict entries for foreign workers thus restricting entry of talents that would help in developing the industry as they possess a unique set of skills from their countries.The shortage of human resources for the hospitality industry continues to increase due to such inflexibilities in labor laws that affect the overall performance of both the foreign and nationals working in such sectors. Strategies for addressing the challenges The issue of salary and remuneration is one factor that can motivate people to enter the hospitality industry (Jeetesh K, 2015).The players in such an industry should offer lucrative and competitive salaries for employees to attract and lure top talents that are poached by other industries. Also, the issue of benefits for the employees and their families at the workplace should be many such as health and pension schemes are one way of maintaining employees in the industry (Mosley, 2007). The government should work closely with the human resource management when drafting some policies that favor the nationals and the foreigners working in the hospitality industry. For instance, in Singapore, it was noted that most of the workers working in the hospitality industry came from foreign countries and very few nationals worked in such an industry (Pizam Shani, 2009). The labor laws and policies should offer more chances to the nationals and not the other way round no wonder the country is in short supply of labor. The practical frameworks in a hospitality industry also ought to be adjusted to incorporate the freedom and flexibility for those who wish to work in such an industry. For instance, the working hours and the weekend where many people need time with their families should be balanced so that employees can work some weekends and not all of them (Yazinski, 2009). Motivation should also be offered especially during peak when people work tirelessly, and this could be offered regarding cash and work bonuses. Conclusion and recommendations As evidenced in the above discussion, it is evident that indeed there is the shortage of talent in the hospitality industry. Lack of the necessary talent may cripple the industry shortly, and thus the necessary mechanisms are needed to ensure continuity of the sector. It is important for the firms in such an industry to provide competitive salaries and packages that will attract the best talent which will increase the labor supply solving the problem of shortage of the needed workforce. It is also critical for the legislature to work with labor unions and other relevant stakeholders in ensuring that the policies in place favor the nationals and the foreign workers in the hospitality industry. As discussed, it has been pointed some of the policies are the causes of the shortage of human resources in the hospitality industry, and therefore it is necessary to review the already existing laws and policies to ensure a favorable working environment (Christensen Hughes Rog, 2008). Works Cited Bai, L. ., Bai, B. (2011). special issue on development and progress in contemporary hospitality management research. International Journal of Contemporary Hospitality management. Chalkiti, Sigala. (2010). staff turnover in the Greek tourism industry. International journal of contemporary hospitality Management, 335-359. Christensen Hughes, Rog, E. (2008). Talent management. International Journal of Contemporary Hospitality Management, 743-757. Hyun Jeong Kim, Tavitiyaman, P., Woo Gon Kim. (2009). The effect of Management commitment to service on employee service behaviors:the Meditating Role of Job Satisfaction. journal of hospitality Tourism Research. Jeetesh K, S. (2015). The Effects of Job Satisfaction towards Employee Turnover in the Hotel Industry: A Case Study of Hotels in Kuala Lumpur City Center. Journal of Tourism and Hospitality. La Lopa, J. (2010). Guest Editorial:Food for Thought on Management Turnover in the Hospitality Industry. journal of hospitality Tourism Education, 11-13. Moncarz, E., Zhao, J., Kay, C. (2009). An exploratory study of US lodging properties' organizational practices on employee turnover and retention. International journal of contemporary Hospitality Management, 437-458. Mosley, R. (2007). Customer experience, organisational culture and the employer brand. Journal of Brand Management, 123-134. P, C., Spencer, A. (2011). Hospitality quality:new directions and new challenges. International journal of contemporary hospitality Management, 463-478. Pizam , A., Shani , A. (2009). The Nature of the Hospitality Industry: Present and Future Managers' Perspectives. Anatolia, 134-150. Qu, H., Tse, S. (1996). An analysis of employees' expectations satisfaction levels and turnover in the Hong Kong Industry. Tourism Recreation Research, 15-23. Yazinski, S. (2009). Strategies for Retaining Employees and Minimizing Turnover. Retrieved September 30, 2017, from Hr.blr.com: Yazinski, S. (2009). Strategies for Retaining Employees and https://hr.blr.com/whitepapers/Staffing-Training/Employee-Turnover/Strategies-for-Retaining-Employees-and-Minimizing-