Corporate Fraud in Regina Co.

Paper Summary:

This paper traces the various types of internal fraud committed by Don Sheelan, CEO of Regina Vacuum Cleaner Co. It looks at his motivations for committing the fraud and at the illegal actions he was involved in. It discusses the risk factors contributing to the failure of auditing in the Regina Company. The issues of improper internal control and a troubled personal financial situation are raised. The impact of intentional fraud on the faith of investors is explored. The paper concludes with suggestions about how the auditors can restore the public's faith in the integrity of business dealings in the company.

From the Paper:

"The case of Regina Vacuum Cleaner Co. is simply one of what seems like an endless stream of tales of corporate fraud. The case of Regina offers some important lessons for both the business world, and for auditors as well.

Internal fraud can take a wide number of forms. It can consist of high-tech cyber crimes, simply skimming off the cash register, or "cooking" books. There are a great many types of internal fraud, and many opportunities for internal fraud."

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