FRAUD IN CONSTRUCTION PART I: AN OVERVIEW OF FRAUD

[...]incidences can bankrupt companies and individuals, as witnessed in the Enron and Bernie Madoff catastrophes. Corruption is defined as a public official abusing his or her power in order to obtain a financial benefit - usually in a form of a bribe or kickback - such as bid rigging in the constru...

Full description

Saved in:
Bibliographic Details
Published inConstruction Accounting & Taxation Vol. 33; no. 4; pp. 13 - 20
Main Authors Harris, Peter, Harper, Joe
Format Trade Publication Article
LanguageEnglish
Published Boston Thomson Reuters (Tax & Accounting) Inc 01.07.2023
Subjects
Accounting records
Construction industry
Corruption
Earnings management
Embezzlement
Equity
Financial statements
Fraud
Internal auditors
Inventory
Materiality
Rigging
United States > US
Online AccessGet full text

Cover

More Information
Summary:[...]incidences can bankrupt companies and individuals, as witnessed in the Enron and Bernie Madoff catastrophes. Corruption is defined as a public official abusing his or her power in order to obtain a financial benefit - usually in a form of a bribe or kickback - such as bid rigging in the construction industry. Enron is the poster example of financial statement fraud, and it resulted in the passage of the Sarbanes-Oxley Act (SOX) in 2002 (discussed later). If, for example, a poor earnings report is announced, causing the stock price to drop 15 percent, her net worth will be $935 billion, which will remove her from this club.
ISSN:1054-3007