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Corporate Frauds in the 21st Century

   

Added on  2021-05-27

5 Pages990 Words423 Views
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ContentsIntroduction...............................................................................................2Type of Fraud...........................................................................................2How the fraud was exposed......................................................................3Prevention.................................................................................................4Reference..................................................................................................5
Corporate Frauds in the 21st Century_1

IntroductionCorporate fraud cases have become commonplace now with big and small companiesalike indulging in unfair practices and committing corporate frauds. Corporate frauds lead tofinancial instability in the companies, the result if which, the employees suffer as well as theeconomy is hampered (Wells 2017). Corporate frauds start on s small scale and with time theyassume great momentum and harm the company as well as the employees. Volkswagen is anautomotive company of international repute. Volkswagen has come under the scanner for dupingthe Environment Protect Agency and making them believe that all it hunky dory with thecompany. With the rising concern of environmental degradation and harm, it is important forevery company to maintain a strong protection of environmental and maintain all policies thatpreserve and protect the nature (Khanna, Kim and Lu 2015). Most vehicles have been found tobe emitting nitrogen oxide which is extremely harmful for the environmental and theEnvironment Protection Agency has been very actively in trying to curb the emission ofdangerous and fatal gases. Nitrogen oxide has been found in the exhaust of most cars and theEPA has recommended strong guidelines that need to be followed by all automotive companies(Comer 2017). Type of FraudIn the year 2015, Volkswagen was found to be in breach of the emission test requirement. Theemission test which was mandatory for every company to pass was duped by Volkswagen.Volkswagen wanted to make the Environment Protection Agency to believe that Volkswagen isfollowing all the standards and to deceive the EPA into believing the same conducted all theresearch in the lab. This is a prime case of how a big company has tried to shape the ethical and
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