Discuss the importance of the role of a wealth manager professional in the context of protecting the integrity of the financial system and preventing financial crime. (500 words)
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- what is the job of a financial intermediary*? What might happen if they fail to do their job? *as part of your response, you should probably name the different types of financial intermediaries“Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?CHAPTER SUMMARY Ethical issues in finance are important because they bear on our financial well-being. Ethical misconduct, whether it be by individuals acting alone or by financial institutions, has the potential to rob people of their life savings. Because so much money is involved in financial dealings, there must be well-developed and effective safeguards in place to ensure personal and organizational ethics. Although the law governs much financial activity, strong emphasis must be placed on the integrity of finance professionals and on ethical leadership in our financial institutions. Some of the principles in finance ethics are common to other aspects of business, especially the duties of fiduciaries and fairness in sales practices and securities markets. However, such activities as insider trading and hostile takeovers raise unique issues that require special consideration. Insider trading is prohibited because it involves trading of information not publicly available or…
- 1. How do you understand Fraud in your own words? Please provide explanation. 2. How do you understand the Fraud Triangle? Please provide explanation. 3. Favorite topic in Forensic Accounting? 4. What recommendations will you give to prevent fraud? 5. Will you consider becoming a Fraud investigator in the Future? Why or why not.How can fraud be prevented in the making use of accounting information systems? How do ethics and internal control play key roles in reporting misstated financial statements? (Accounting Information System Tenth Edition by James Hall chapter 3)What was evolutionary about laws such as GLBA and FACTA? What do organizations need to consider to be compliant with GLBA and FACTA? What is the impact of crimes such as identity theft? How do different jurisdictions (federal, state, or international) deal with financial crimes such as identity theft? Site at least one example.
- Which of the following statements describes disclosures correctly? O a. Hiding certain part of the information O b. Closing all the doors and computers to safeguard products, cash and wealth O c. Openly stating all parts of the information O d. Requesting the recipients to find full information by themselvesMatch definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerl. An insurance policy that reimburses a company for any losses due to employee theft isa/an .__________________________Match the intermediary with the characteristic that best describes its function.I. Provide protection from adverse eventsII. Pool funds of small savers and invest in either money or capital marketsIII. Provide consumer loans and real estate loans funded by depositsIV. Accumulate and transfer wealth from work period to retirement periodV. Underwrite and trade securities and provide brokerage services1. Thrifts2. Insurers3. Pension funds4. Securities firms and investment banks5. Mutual funds A. 1, 3, 2, 5, 4B. 4, 2, 3, 5, 1C. 2, 5, 1, 3, 4D. 2, 4, 5, 3, 1E. 5, 1, 3, 2, 4
- Briefly explain the key concepts below: a. Financial crime b. Fraud triangle c. Money laundering d. Accounting Fraud e. Asset misappropriation f. Consumer fraud g. Data theft h. Tax fraud NB: Answer questions a-hWhat specific skill and knowledge did you acquire in the identity theft unit (personal finance)Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerb. ___________________occurs when management prepares misleading financial statements
