defalcate

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defalcate

to misuse or misappropriate property or funds entrusted to one.
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In 1951, the Codification of Statements on Auditing Procedure noted "the issuance of an opinion respecting financial statements is not designed and cannot be relied upon to disclose defalcations and other similar irregularities" (AICPA, p.
Institutional reputation, alumni relations, endowment growth, employee productivity, and even enrollment, can all be negatively affected by a major defalcation.
Although the profession's leadership argued that human behavior, not lack of procedures, had been the primary cause of all these defalcations, the subsequent negative publicity caused the American Institute of Accountants (AIA) to extend accepted auditing procedures (Baxter, 1999).
"[W]hile arguably the immediate cause of the damage was indeed 'floodwaters,' the causation for such floodwaters' force and breadth [is] alleged to have been the defalcations of the government with respect to the MRGO," Duval wrote in his opinion.
These trends have also inflated the nominal sanctions associated with corporate governance defalcations, by applying criminal sanctions to behavior that traditionally would have brought only exposure to civil suits.
Villiers soon came under attack by the Attorney-General of Manitoba, being accused of "irregularities and defalcations connected with his discharge of the duties of his office." He was dismissed in 1872.
Issues: Medical Malpractice--Tort reform legislation passed during the 2005 legislative session, but there is still room for improvement; Title Insurance--At least five defalcations of title agencies over the past two years.
Focus on the results of management's investigation and follow-up procedures related to fraudulent acts, defalcations and accounting irregularities.
In addition, defalcations perpetrated by employees are in many cases immaterial.
Not coincidentally, insurance companies providing crime coverage for a corporation or partnership are willing to take on the risk of defalcations by employees.
c) Financial scams, defalcations manipulations have resulted in lack of good performance reflected in financial statements of Corporate Sector Stock Exchanges have lost their credibility and consequently faith in Corporate Governance is eroding.
Both employee fraud (defalcations and theft) and management fraud (fraudulent financial reporting) are usually accomplished by circumventing internal controls.