Study and analyze below case of accounting fraud/scandal. For each case study figure out

1. The name of the accounting fraud
2. What accounting items (asset, liability, equity, expense, revenue, income) are manipulated in each fraud case.
3. Which financial statement is impacted by this accounting miss practice?
4. If you were the firms' auditor, how would you have detected the fraud.

Bank of Crete (Greece)

George Koskotas was hired in the bank's financial administration department in 1979. He advanced very quickly and soon began making transfers of payments in Greece or overseas as the bank's authorized legal representative. He took advantage of his position and managed to misappropriate a total amount of 32 billion drachmas, mainly stolen from customers' cheques. Soon he managed to own 95% of the bank's shares and became President of its board of directors, a position which helped him cover up his misappropriations for some time. Koskotas had exploited the then existing inefficiency in the accounting banking information systems in Greece, whereby accounting events that affected two or more branches could not be processed simultaneously. A delay in the reconciliation of interbranch accounts allow Koskotas to transfer money outside his bank. For his crimes, Koskotas served a 12-year prison term in Greece and the USA.