Accounting Writing Assignment Response Equity Fund Fraud (Case Study Sample)
writting a reflection on the cases (equity funding) and its impact on the recommendations of the Cohen Commission.source..
Response Equity Fund Fraud
The fraud perpetrated in Equity Fund institution was well crafted and involved over 20 individuals. There was a lot of insurance policies sold to companies as well as individuals that were not real per se. This move was designed to ensure that the earnings of the company remained elevated for several years to solidify the stocks of the company in the market. This way the owners of the company stood to gain a lot from the company through such fraud earning millions in profit.
It can be argued that the fraud could not have been successful had the company had independent auditors. The three auditors who were also convicted made it possible to defraud the public of millions of funds. Through their work, all other auditors could not notice any problem with the company’s finances. Therefore, the
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