Question Description
In this chapter, you will learn about the role of accounts and accounting information. After you have read Chapter 15, please use the topic below as a starting point for class discussions, but please feel free to generate and initiate your own topics, including any questions or comment you may have for the concepts and content of this chapter.
At a minimum for every chapter, you need to submit at least one primary discussion posting(s) in response to the instructor’s topic or a new topic initiated by another student. You also need to submit at least one secondary posting(s) commenting on other students’ postings. Please note that initiating a new topic is classified as a primary posting. In the subject line of your posting, please indicate whether it is primary, i.e. initiating a new topic, responding to the instructor’s topic or to a new topic initiated by another student, or secondary, i.e. commenting on other student’s postings.
1. Please read the chapter-opening case “CSI: Wallstreet” on page 479 and answer the following questions: Why do these high-level educated executives like Dennis Kozlowski commit this kind of fraud? What topics can be educated or trained in business schools or companies to prevent this type of fraud? Have you ever witnessed any fraud in the workplace? If so, what was it?
https://drive.google.com/file/d/1qKjEsq2Uudlyc7abVD7KoiaNDLHltFZB/view?usp=sharing
2 short replies
Primary Response To Instructor
Countless factors take into account as to why high-level educated executives like Dennis Kozlowski commit this kind of fraud. When it comes down to it, it's their greed and corruption plain and simple. It seems that people who are on the CEO level like Kozlowski tend to have a "power trip" has they have to much power and some don't even know what to do with it. Money has a big role in this situation as it led to a big lifestyle that usually many can't afford.
There are many methods of training and or types of education that can be taught in order to prevent this type of fraud. Firstly, discipline and self-control is necessary so that they don't act for their own benefit and only for the business it self. Second, I would think that they should be taught the consequence and severity of the actions they commit, most would think they are unstoppable or have little to no consequences.
I have mostly heard stories about fraud from others but have experienced a few examples of fraud with ex-coworkers. One employee has lied on their resume saying they were part of the military for the past 25 years, later on seeing that he was actually a convict. A couple of other ex-employees would bill clients for more money then what was actually needed. For context, employees charge per hour for work. They would do 3 hours of work but then write down 6 hours of work to get paid more. While it is small compared to what Kozlowski did, the case usually means the same and that is the desire for more money regardless if it's an illegal method.
2. Primary post- response to Instructor's prompt
High-level educated executives like Dennis Kozlowski commit this kind of fraud because of several reasons.
- Greed- access to funds that can be hidden or manipulated from investors is tempting.
- Lifestyle- once someone like Kozlowski is accustomed to a higher standard of living, he wants to maintain it and will steal funds from his company.
- Prestige and success appearance- looking wealthy and spending money on expensive things to impress his colleagues and future investors; that is what Kozlowski wanted to attract and give the appearance of wealth and success.
- Ignorance- pretending that what he did was justified because he was running the company even though he is highly educated and knows better.
Topics to be educated or trained in business schools or companies to prevent this type of fraud include auditing, fraud management, forensic accounting, risk analysis, corporate responsibility and business law. Companies need to instill from the top down that fraudulent activities hurt the employees, the company and its investors. Educating its employees and letting them know the harsh consequences of committing fraud is good risk management for the company.
I have not ever witnessed fraud in the workplace because I am not in the workforce yet.
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