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• W317453457 abstract "As he left the county clerk's office, Stanley, a creative writer at a large advertising firm, gazed at the paper he'd just obtained and smiled to himself. For $35, it was easily the best investment he had ever made. Stanley pocketed the document and drove straight to his bank. Less than 30 minutes after presenting the paper to an official, he opened a business account in the name of SRJ Enterprises--a title that reflected his initials. The simple document--known as a fictitious-name or DBA (doing business as) certificate--was the key to his grand plan to defraud his employer. Such documents, available for a modest cost at any county courthouse, allow a person to do business under a different name. Many small business owners choose to obtain an assumed-name certificate instead of incorporating, which can cost thousands of dollars. For example, if Bob Black wanted to open Bob's Body Shop, all he would have to do is go to the courthouse, fill out a simple form and pay a small fee for a document he could use to open a bank account. Voila! He'd be in business. In this study of an actual case, CPAs will learn the first of two ways employees use shell companies to defraud organizations. Moreover, auditors will learn how to set up effective internal controls to prevent these costly occupational crimes. EASY AS 1-2-3 Maybe starting a business was what Stanley had in mind when he established SJR Enterprises, maybe not. But, fiddling with his wedding ring when he opened the bank account with $100 cash deposit, Stanley said his business was located at what was actually the home address of his girlfriend, Phoebe, a disgruntled colleague from his employer's accounting department. On one occasion Stanley had told Phoebe of his latest brainstorm: If he submitted phony invoices to the company they worked for, she could get them approved and paid. It didn't take them long to conclude there was little risk of getting caught, especially if they discreetly saved their illicit gains in a local bank and later used them to start lives elsewhere. SMOOTH SAILING Implementing the scheme was simple. On his home computer Stanley printed an invoice under the name of SJR Enterprises. Following Phoebe's instructions, he billed their employer $4,900 for services performed under contract 15-822 a description similar to that found on many other invoices. Phoebe had chosen that amount because the company rarely scrutinized invoices for amounts less than $5,000. She then created a new vendor file and phony documents to go with it. Once SJR Enterprises was recorded in the computer as a vendor, Phoebe simply put the SJR invoice into a stack of much larger invoices for approval and payment. Right from the start, their plan worked flawlessly. In fact, the scheme worked so well Phoebe and Stanley tried it again--and again and again. Ultimately, they bilked the company out of almost $700,000 in cash over two years. To Stanley and Phoebe, it was a lot of money. But as far as the company's total revenues were concerned, it was insignificant. As long as they didn't get too greedy, Stanley and Phoebe could have gone on billing their $100 million advertising agency indefinitely. But soon two people would foil Stanley and Phoebe's plans--Vivian, Stanley's wife, and Dennis, the advertising agency's internal auditor. SUSPICIONS GROW Vivian had known for some time Stanley was being unfaithful. He displayed the classic signs: a lack of interest in her, late meetings at the office, vague business trips on the weekend. But Vivian knew there was more. For the last two years, Stanley had ceded control of their joint checking account to her and no longer asked for spending money. Vivian considered the possibility that Stanley was stealing from his company. Where else would he get money? If Stanley was embezzling funds to support a girlfriend, that would be the last straw, Vivian thought. …" @default.
• W317453457 created "2016-06-24" @default.
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• W317453457 date "2002-07-01" @default.
• W317453457 modified "2023-09-23" @default.
• W317453457 title "Shell Companies That Don't Deliver: These Scams Are among the Most Costly Asset Misappropriations" @default.
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