Free The White Collar Crimes Essay Sample

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In the case of Koss Corp Company is against the former vice president of Finance after she was declared liable by the court for the loss of 31million dollars in the company. In this case it was right to hold the vice president in Finance liable as she had breached the contract. On the other hand the company also blames the company's auditors, Grant Thornton, who was serving at the moment the fraud was discovered. Such a crime is referred to a white collar crime whereby it is committed by a person who is least suspected to do so.

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According to the FBI, America is well known for losing a lot of its money through the white collar crimes (Pontell 2010 pg 1). Due to this, many companies are encouraged to practice interpersonal interaction with their members because the best way to monitor behavior is through interaction. Companies should avoid placing all their trust in those employees who have served them for long but should ensure personal interaction with them.

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In the case above, firing the auditors just because they suspected them was not a solution. In any case, the Koss Corp Company should be liable for breach of contract with the auditors as they did not have a right to terminate the contract without reasonable action. Conversely, the auditors owed no obligation towards the company for their loss because they were just independent contractors and not agents. In this case the verdict was that the Grant Thornton auditors had no liability towards the company for the loss they incurred and if they were to be fired, the company should pay for all the work done. Companies should be more cautious of the white collar crimes which are least expected yet they come along with huge losses.