ACC 423. 4-4 Case Study An Unholy Trinity

Assume that brooke miles accounts payable clerk for west coast design inc.stole $48,350 by paying fictitious companies and cashed the checks at a local banks.  Describe a control procedure that would have prevented or detected the fraud?

Answer multi choice question in photo please

1. A local bank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by "employee fraud." Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Situational(Accidental) vs Predatory Fraud The two main categories of fraudsters are predatory and situational (accidental). Distinguish between these two categories of scammers. Analyze the different instruments and methods that criminals frequently use to transfer funds related to money flow concealment. Make sure to reply to a minimum of one post made by your peers.

The fraud triangle asserts that the following three factors must exist for a person to commit fraud. A. Opportunity B. Pressure C. Rationalization. Identify the fraud risk factor (A, B, or C) in each of the following situations.

The Laundry Money Skim The case below tells the actual story of a cash embezzlement scheme. The case has two major parts: (1) problem and (2) audit approach. For the case, please consider how the auditor may have discovered the cash embezzlement scheme.ProblemAlbert owned and operated 40 coin laundries around town. As the business grew, he could no longer visit each one, empty the cash boxes, and deposit the receipts. Each location grossed about $140 to $160 per day, operating 365 days per year—gross receipts of about $2 million per year. Each of four part-time employees visited 10 locations, collecting the cash boxes and delivering them to Albert’s office where he would count the coins and currency (from the change machine) and prepare a bank deposit. One of the employees skimmed $5 to $10 from each location visited each day.The daily theft does not seem like much, but at an average of $7.50 per day from each of 10 locations, totaled about $27,000 per year. If all four of the…

3.  Billy Goodshoes Billy Goodshoes is one of two Accounting Department assistant managers at Kvetch Textiles, Inc. Last week Billy noticed that Sam Clueless, the other assistant manager who is in charge of petty cash disbursements, among other things, withdrew what appeared to be a sizeable amount of currency from the fund without inserting a voucher to evidence withdrawal. Billy didn’t think much of it until the internal auditors detected a $100 discrepancy during their recent count of petty cash. Billy was told by one of the auditors that these discrepancies had been increasing in frequency and amount over a number of months. According to the auditor, Sam had explained the differences as due to lax documentation procedures on his part. Sam promised to begin a new program whereby funds would not be disbursed in the future until petty cash vouchers were submitted and approved in advance. Question:  Assume you are Billy Goodshoes.  You have No obligations in this case.  Group of…

Listed below are seven errors or problems that might occur in the processing of cash transactions. Also shown is a list of internal control principles. Evaluate each possible error and cite a principle that is listed that would reduce the probability of the error occurring. If none of the principles given will correct the problem, write "None." If you think more than one principle is appropriate, list all principles that apply. Internal Control Principles Establishment of responsibility Segregation of duties Physical control devices Documentation procedures e. Independent internal verification a. b. C. d. f. Human resource controls

Ma3. Please answer this I'll leave a review!! 24   1) The most damaging type of fraud, per event, is   A) corruption.   B) misappropriation of assets.   C) fraudulent financial reporting.   D) grand theft.   2) The most common type of fraud, in frequency, is   A) corruption.   B) misappropriation of assets.   C) fraudulent financial reporting.   D) Fortnite fraud.   3) Fraudulent financial reporting is ________ likely than corruption. The amounts involved in corruption are much ________ than fraudulent financial reporting.   A) less; more   B) less; less   C) more; less   D) more, more

Assume that Brooke Miles, accounts payable clerk for West Coast Design Inc., stole $48,350 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the fictitious companies and cashed the checks at a local bank. Please use at least 150 words to describe a control procedure that would have prevented or detected the fraud.