The photo to the right shows Daniel O'Shaughnessy and Professor Petrucelli at the Undergraduate Research Conference.
Professor Joseph Petrucelli recently oversaw the preparation and finalization of an Honors thesis paper for one of his fraud students, Daniel O'Shaughnessy.
The thesis paper Does the Committee of Sponsoring Organizations (COSO) Framework Prevent Fraud? maintains the idea that the COSO framework is not keeping up with the modern fraudster. The paper goes on to compare the major financial frauds that have occurred in history, including Tulip Mania (considered to be the first recorded speculative or economic bubble, 1637) and the Bernie Madoff Ponzi Scheme (considered to be the largest financial fraud in US history, 2008), to allow one to better understand the fraudster's thinking and to better safeguard the business processes. Daniel O'Shaughnessy correctly identifies changes that need to made in organizations to allow for employees to "accept the COSO framework of internal controls as their own mission and help promote the proper awareness throughout the organization."
Daniel's thoughts on writing an Honors thesis paper:
As an aspiring CPA, this journey has given me both knowledge and exposure to the many areas of the accounting profession. Exploring the effectiveness of the COSO framework has given me an in depth perspective of the issues today's organizations face within the ever-changing work environment. This journey has required my complete dedication and a determination to produce the best final work product. Under the guidance of Joseph Petrucelli, one of New Jersey's most respected accounting professionals and author of Detecting Fraud in Organizations: Tools, Techniques and Resources, I have excelled to new levels of personal development and have benefited tremendously every step of the way. Buckle up as you prepare to embark on the journey of the COSO framework and begin to step inside the mind of the modern day fraudster.
Daniel's thesis paper can be read here.
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