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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Detect-Prevent Fraud on Financial Statement_Discussion 1

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Q Locate an interesting real-life example of fraud and discuss the following: • The case (for example, name the individual and organization involved) • Type of fraud • The scope of the fraud • The outcome of the case • The impact of an audit on the organization in your example

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The fraud case that I would like to discuss about is American Insurance Group (AIG) Scandal that occurred in the year 2005. It is a multinational corporation of insurance. Accounting fraud that took place in a massive amount of $3.9 billion was unproven together with manipulation of stock price and bid-rigging. The main player in this case was the CEO of the company named Hank Greenberg. Loans were booked by him in an alleged manner as revenue, clients were steered to insurers with whom agreements of payroll were held by AIG and traders were told to inflate prices of stock.