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Fraudulent financial reporting has cost investors hundreds of billions of dollars over the past decade, and due to the degree of malfeasance, regulators have responded with the Sarbanes-Oxley Act (SOX). SOX contains mechanisms that are designed to reduce the occurrence of financial statement fraud by strengthening potential sanctions through increased sentencing guidelines and by increasing the certainty of sanctions through the promotion of stronger internal controls. However, little research has been conducted to determine whether the deterrence mechanisms inherent in SOX are effective for reducing an individual's propensity to fraudulently report financial data. This study utilizes General Deterrence Theory (GDT)--a utility-based criminological theory that suggests the threat of punishment will deter illicit behavior--as a theoretical base to examine how individual attitudes about fraudulent reporting, and intentions to commit such acts, are affected by SOX-based deterrence mechanisms. Specifically, the study uses an experiment to examine how threats of longer jail time relate to individual attitudes and perceptions of subjective norms about financial statement fraud. In addition, the study examines how internal controls enhance those relationships. The findings reveal that participants' intentions to commit financial statement fraud are significantly related to their attitudes and perceptions of subjective norms and jail time. The results also show that the influence of jail time has a diminishing incremental effect and is enhanced by strong internal controls and a variety of other factors. This study contributes to the accounting and ethics literatures by assessing the effectiveness of SOX-based deterrence mechanisms. It also contributes to criminological literature by investigating the boundary conditions of GDT.
Using the Theory of Planned Behavior (TPB), the purpose of this study is to better understand what factors lead to increased intentions to externally report financial statement fraud and to determine if the addition of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) monetary incentives and retaliation protections will increase survey groups' intentions to repo. The estimated 2018 annual global fraud loss is around $7.1 billion. At this time, whistleblowing is the most common fraud detection method. However, prior literature reveals that potential whistleblowers view the activity as dissident. A better understanding of potential whistleblowers' decision-making process could help firms and policy makers alike when constructing incentives to increase the number of tips to uncover financial statement fraud. A fictitious fraud scenario and survey instrument are administered to an online panel of accounting and finance professionals. Two survey groups, a Pre-DFA Scenario group (offered no mention of a monetary incentive and weak retaliation protection) and a Post-DFA Scenario group (offered a high monetary incentive and strong retaliation protection), are used in the evaluation of the proposed hypotheses. Structural equation modeling (SEM) is employed to analyze the relationships between the TPB latent variables and the measured variables to test the hypothesized associations in the research model. SEM is also used for multi-group invariance testing. The results indicate that potential whistleblowers' attitude toward externally reporting financial statement fraud, for both scenario groups, is statistically significant. For the Pre-DFA Scenario group only, the latent variable of subjective norms is also significant. For both scenario groups, perceived behavioral control is found to be insignificant in the decision to report. The multi-group invariance testing reveals that potential whistleblowers' intent to report does not differ when offered no monetary incentive and weak retaliation protection than when offered a high monetary incentive and strong retaliation protection.
Jennifer Arlen brings together 13 original chapters by leading scholars that examine how to deter corporate misconduct through public enforcement and private interventions. Scholars from a variety of disciplines present both theoretical and empirical analyses of organizational and individual liability for corporate crime, liability for foreign corruption, securities fraud enforcement, compliance, corporate investigations, and whistleblowing. This Research Handbook also highlights promising avenues for future research.
White Collar Crime: The Essentials is a comprehensive, yet compact text addresses the most important topics in white collar crime, while allowing for more accessibility through cost. Author Brian Payne provides a theoretical framework and context for students and explores such timely topics as crimes by workers sales oriented systems, crimes in the health care system, crimes by criminal justice professionals and politicians, crimes in the educational system, crimes in the economic and technological systems, corporate crime, environmental crime, and others. This is an easily-supplemented resource for any course that covers white collar crime.
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Updated with an exciting new chapter on political crime that highlights the debated connections between crime and politics, the Third Edition of White-Collar Crime: A Systems Approach provides students with a comprehensive introduction to the most important topics within white-collar crime. Brian K. Payne provides a theoretical framework and context for students to explore white-collar crime as a crime problem, a criminal justice problem, and a social problem. By introducing the topics within a systems-focused framework, Payne encourages students to examine the many types of white-collar crime as well as the various systems for responding to white-collar crime. Included with this text The online resources for your text are available via the password-protected Instructor Resource Site.
Practical examples, sample reports, best practices and recommendations to help you deter, detect, and prevent financial statement fraud Financial statement fraud (FSF) continues to be a major challenge for organizations worldwide. Financial Statement Fraud: Prevention and Detection, Second Edition is a superior reference providing you with an up-to-date understanding of financial statement fraud, including its deterrence, prevention, and early detection. You will find A clear description of roles and responsibilities of all those involved in corporate governance and the financial reporting process to improve the quality, reliability and transparency of financial information. Sample reports, examples, and documents that promote a real-world understanding of incentives, opportunities, and rationalizations Emerging corporate governance reforms in the post-SOX era, including provisions of the SOX Act, global regulations and best practices, ethical considerations, and corporate governance principles Practical examples and real-world "how did this happen" discussions that provide valuable insight for corporate directors and executives, auditors, managers, supervisory personnel and other professionals saddled with anti-fraud responsibilities Expert advice from the author of Corporate Governance and Ethics and coauthor of the forthcoming Wiley textbook, White Collar Crime, Fraud Examination and Financial Forensics Financial Statement Fraud, Second Edition contains recommendations from the SEC Advisory Committee to reduce the complexity of the financial reporting process and improving the quality of financial reports.
Valuable guidance for staying one step ahead of financial statement fraud Financial statement fraud is one of the most costly types of fraud and can have a direct financial impact on businesses and individuals, as well as harm investor confidence in the markets. While publications exist on financial statement fraud and roles and responsibilities within companies, there is a need for a practical guide on the different schemes that are used and detection guidance for these schemes. Financial Statement Fraud: Strategies for Detection and Investigation fills that need. Describes every major and emerging type of financial statement fraud, using real-life cases to illustrate the schemes Explains the underlying accounting principles, citing both U.S. GAAP and IFRS that are violated when fraud is perpetrated Provides numerous ratios, red flags, and other techniques useful in detecting financial statement fraud schemes Accompanying website provides full-text copies of documents filed in connection with the cases that are cited as examples in the book, allowing the reader to explore details of each case further Straightforward and insightful, Financial Statement Fraud provides comprehensive coverage on the different ways financial statement fraud is perpetrated, including those that capitalize on the most recent accounting standards developments, such as fair value issues.
Spans the relationships among business, ethics, and society by including numerous entries that feature broad coverage of corporate social responsibility, the obligation of companies to various stakeholder groups, the contribution of business to society and culture, and the relationship between organizations and the quality of the environment.