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Offenses Known by Universities and Colleges I'm working with Uniform Crime Reports data, which includes information on Offenses Known by University and College. The data is collected by the united cr...

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Great customer service for me would imply that there would be the obtainment of customized/personalized/prioritized pricing and/or a diversity of service options to choose from. Therefore, I would exp...

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Home Electronics and Energy Efficiency In the U.S., nearly 4.2 million people worked from home in 2000, up from 3.4 million in 1990. Working from home saves energy and time by cutting out the commute,...

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Detect-Prevent Fraud on Financial Statement_Discussion 1

Detect-prevent fraud on financial statement_Discussion 1

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.