Q: Provide some example of economic crimes in Bangladesh based on the above 6 types classification. What steps should be taken to reduce such crimes in Bangladesh?
In some of these cases, such as morey bundering or infringement of Intelectual property, a sound system of internal controls focused on financial accounting and reporting may not work. Nonetheless, many believe that effective internal control send a message that a company is serious about finding not only economic ame but also errors or misstatements. As a result, many companies are taking a proactive lock as to how they can better prevent both economic crime as well as basic errors In the systems. The chart on the next page indicates the percentage of companies that identified certain factors influencing ther decision to implement controls to deter economic crre. Reasons for Internal Controla US Globa 1 Sarbanes-Oxley Act 99 MAX U.S. Patriot Act 85 29 Advice from extemal consultants 63 50 FCPNOECD Anti-Obery Convention 18 23 Pole sessores 38 33 Federal sentencing guidelines 38 29 Incidents of economic crime 31 34 Local legislation 24 51 Bad esperience avor advice from What happens when companies tal to keep an tow enforcement 17 30 accurate record of their business transactions? Consider Adecco, the largest international employment Services company, which confirmed existence of wearissinis internal control systems and Adecco staffing operations in certain countries. Manipulation wived such matters as reconciation of payroll bank accounts, accounts receivable, and documer tation in revere cognition. These irreguvis forced an indefinite deky na reporting the corrpany's income res, which led to significant decline in share prion Of corsider Nortel Networks Corp., which overstated and understated Rs reserve accounts to manages earnings. This eventually led to the location of the company Even the use of computers is no issurance of accuracy and coney "The conversion to a new system cled Masteriet fouled up data pronsseng records to the extent that Bank of America was trecarity ale to produce or deliver customer statements on a timely bestaand executive at one of the country's largest banks. Although itutions may occur only rarely in large organizations, the strate the point: Comparis must property maintain accounts and detailed records orbice necessary costs. Sources: Action Tonic Carne People and Controls." The Four Gobal Economic Come Survey Pricewaterhouse Cours, 2007 and Cybercrime Protecting as the Growing The Economic ame Survey ProewaterhouseCoopers, 2012 Q: Provide some example of economic crimes in Bangladesh based on the above 6 types classification. What steps should be taken to reduce such crimes in Bangladesh? Sinancial Renardinul In some of these cases, such as morey bundering or infringement of Intelectual property, a sound system of internal controls focused on financial accounting and reporting may not work. Nonetheless, many believe that effective internal control send a message that a company is serious about finding not only economic ame but also errors or misstatements. As a result, many companies are taking a proactive lock as to how they can better prevent both economic crime as well as basic errors In the systems. The chart on the next page indicates the percentage of companies that identified certain factors influencing ther decision to implement controls to deter economic crre. Reasons for Internal Controla US Globa 1 Sarbanes-Oxley Act 99 MAX U.S. Patriot Act 85 29 Advice from extemal consultants 63 50 FCPNOECD Anti-Obery Convention 18 23 Pole sessores 38 33 Federal sentencing guidelines 38 29 Incidents of economic crime 31 34 Local legislation 24 51 Bad esperience avor advice from What happens when companies tal to keep an tow enforcement 17 30 accurate record of their business transactions? Consider Adecco, the largest international employment Services company, which confirmed existence of wearissinis internal control systems and Adecco staffing operations in certain countries. Manipulation wived such matters as reconciation of payroll bank accounts, accounts receivable, and documer tation in revere cognition. These irreguvis forced an indefinite deky na reporting the corrpany's income res, which led to significant decline in share prion Of corsider Nortel Networks Corp., which overstated and understated Rs reserve accounts to manages earnings. This eventually led to the location of the company Even the use of computers is no issurance of accuracy and coney "The conversion to a new system cled Masteriet fouled up data pronsseng records to the extent that Bank of America was trecarity ale to produce or deliver customer statements on a timely bestaand executive at one of the country's largest banks. Although itutions may occur only rarely in large organizations, the strate the point: Comparis must property maintain accounts and detailed records orbice necessary costs. Sources: Action Tonic Carne People and Controls." The Four Gobal Economic Come Survey Pricewaterhouse Cours, 2007 and Cybercrime Protecting as the Growing The Economic ame Survey ProewaterhouseCoopers, 2012 Q: Provide some example of economic crimes in Bangladesh based on the above 6 types classification. What steps should be taken to reduce such crimes in Bangladesh? Sinancial Renardinul
