Term Paper on "Fraud Issues in Accounting and Auditing"

Term Paper 3 pages (1045 words) Sources: 1 Style: MLA

[EXCERPT] . . . .

Fraud: Issues in Accounting and Auditing

There are many types of white-collar crime that are present in modern society including the crime of fraud as related to accounting and auditing. This report will focus on white-collar crime with specific attention to issues that face accountants and auditors committing these crimes, and the organizations they serve.

Rosoff, Pontell & Tillman address the subject of fraud and white-collar crime in their work, Profit Without Honor: White-Collar Crime and the Looting of America. This book provides the reader with an overview of the many types of white collar crimes occurring in the States including fraudulent actions in accounting and auditing. Rosoff, Pontell & Tillman (2004) note how history is infamous for showing the many ways that institutions can create, distribute and store money, and how easy it is for employees to gain access to that money. The manner in which money I stored according to the authors, is partly to blame for the "evolution" of white-collar crime as they refer to it.

Bergevin (2004) notes the authors tend to focus on victims of crime in the book, using many case studies to illustrate how white-collar crime impacts the victims rather than criminals. This approach is one many law enforcement agencies are now adopting, in an attempt to help criminals realize the impact of their actions toward honest and hard working civilians, or the organizations employees work for in this case. Rosoff, Pontell & Tillman (2004) note families and communities, as well as society as a whole are affected by white-collar criminal activity. Many of the white-collar crimes involve accounting and auditing fraud, where company or small business representatives may make misstatements, or attempt to completely fake or falsify information in the accounting records to make a company look good or to make it seem as though the company did not profit as much as it truly did. In this way they commit a crime of "profit without honor" because they reap the rewards of the increased revenues or decrease in taxes without having to worry about reporting these "profits" to the government. Auditors are as much to blame as accountants, for they are frequently bribed by clients that insist they help them make their documentation "look good" during audits, when realistically this violates the code of ethics all accountants must follow (Rosoff, Pontell & Tillman, 2004).

I believe this book provides the reader with an excellent perspective of how white-collar crime is just as damaging as blue-collar crimes because in both cases victims are affected. Victims often learn to "mistrust" or become cynical about the loyalty or trustworthiness of the accountants they hire to represent them. This can spread into other areas of their life, so they may also become cynical about their community or other people they engage with. There is this problem in America according to Rosoff, Pontell & Tillman (2004) that involves the "forces that keep the economy working" at optimal levels (p.340). The authors along with many of their critics including Bergevin (2004) note that "sociopathic greed" is the central component responsible for white-color crime, something Rosoff, Pontell & Tillman highlight… READ MORE

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