Fraudulent financial reporting

July 18, 2023

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Fraudulent financial reporting

What is fraudulent financial reporting?

Fraudulent financial reporting is the deliberate misrepresentation of a company’s financial statements, whether through omission or exaggeration, to create a more positive impression of the company’s financial position, performance and cash flow. This type of fraud can have a significant impact on investors, creditors, and other stakeholders, who may rely on the financial statements to make decisions about the company.

Types of fraudulent financial reporting

There are many different types of fraudulent financial reporting, but some of the most common include:

Improper revenue recognition: This involves recognizing revenue prematurely or in an inflated amount. For example, a company might record revenue from a sale that has not yet been completed, or it might inflate the amount of revenue from a sale by including items that are not actually part of the sale.

Improper asset valuation: This involves overstating the value of assets on the balance sheet. For example, a company might overstate the value of inventory by including items that are not actually in stock, or it might overstate the value of property, plant, and equipment by failing to depreciate them properly.

Improper liability understatement: This involves understating the amount of liabilities on the balance sheet. For example, a company might fail to record a liability for a known obligation, or it might intentionally underestimate the amount of a liability.

Improper expense understatement: This involves understating the amount of expenses on the income statement. For example, a company might fail to record expenses for employee compensation, or it might intentionally underestimate the amount of expenses for marketing and advertising.

Motives for fraudulent financial reporting

There are many different motives for fraudulent financial reporting, but some of the most common include:

To inflate the company’s stock price: This can make it easier for the company to raise capital or to attract new investors.

To meet earnings expectations: This can help the company avoid disappointing investors or creditors.

To conceal financial problems: This can help the company avoid bankruptcy or other financial difficulties.

To enrich management: This can involve things like using company funds for personal expenses or awarding themselves excessive bonuses.

Detection and prevention of fraudulent financial reporting

There are a number of things that can be done to detect and prevent fraudulent financial reporting. Some of these include:

Strong internal controls: Internal controls are designed to prevent, detect, and correct errors and irregularities in the financial reporting process.

Audits by independent auditors: Independent auditors are responsible for providing an independent assessment of the fairness of the financial statements.

Corporate governance: Corporate governance is the system of checks and balances that is designed to ensure that the company is managed in the best interests of its stakeholders.

Employee training: Employees should be trained on the importance of ethical behavior and the potential consequences of fraudulent financial reporting.

Consequences of fraudulent financial reporting

The consequences of fraudulent financial reporting can be severe. For the company, fraudulent financial reporting can lead to fines, penalties, and even criminal prosecution. For investors, fraudulent financial reporting can result in losses of money and confidence. For employees, fraudulent financial reporting can lead to job losses and damage to their reputations.

Conclusion

Fraudulent financial reporting is a serious problem that can have a significant impact on individuals, companies, and the economy as a whole. It is important to be aware of the different types of fraudulent financial reporting, the motives for this type of fraud, and the ways to detect and prevent it. By taking steps to prevent fraudulent financial reporting, we can help to protect the integrity of the financial markets and ensure that investors have access to accurate and reliable information.

Fraudulent financial reporting

RUBRIC

QUALITY OF RESPONSE	NO RESPONSE	POOR / UNSATISFACTORY	SATISFACTORY	GOOD	EXCELLENT
Content (worth a maximum of 50% of the total points)	Zero points: Student failed to submit the final paper.	20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking.	30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking.	40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete.	50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing.
Use of Sources (worth a maximum of 20% of the total points).	Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper.	5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6^th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper.	10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6^th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources.	15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6^th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources.	20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6^th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment.
Grammar (worth maximum of 20% of total points)	Zero points: Student failed to submit the final paper.	5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors	10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors	15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage.	20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free.
Structure of the Paper (worth 10% of total points)	Zero points: Student failed to submit the final paper.	3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6^th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6^th edition requirements whatsoever.	5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6^th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper	7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment.	10 points: Student provides a high-caliber, formatted paper. This includes an APA 6^th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.

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Fraudulent financial reporting

Description/Paper Instructions

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