Group Project p1

Overview You have learned about big corporate fraud in this course such as Enron and WorldCom, but fraud can happen in any organization. Examine a case that addresses the importance of internal controls, including how the fraud triangle can aid in an investigation and how to find missing cash. Prepare View the media activity, Employee Fraud at Miami Rehabilitation CenterLinks to an external site.. It provides information about a case of fraud that you will address in the assignment. Instructions Based on what you discovered in the media piece, (not including cover and reference pages) paper that addresses the following: Like fuel, air, and heat come together to make fire, the likelihood of fraud increases when the three elements of the fraud triangle come together. Analyze how the 3 elements of the fraud triangle are important and how all 3 elements were present in Helen's case. In 2006, The Committee of Sponsoring Organizations (COSO) published a small company version of its 1992…

Forensic Accounting: Assurance Engagement 2: Net Worth Analysis. You can use the computer-based Electronic Workpapers on the textbook website to prepare the net worth analysis required in this problem.Net worth analysis is performed when fraud has been discovered or is strongly suspected and the information to calculate a suspect’s net worth can be obtained (e.g., asset and liability records, bank accounts). The procedure used is to calculate the person’s change in net worth (excluding changes in market values of assets) and to identify the known sourcesof funds to finance the changes. Any difference between the change in net worth and the known sources of funds is called funds from unknown sources, which might include illgotten gains.Nero has worked for Bonne Consulting Group (BCG) as the executive secretary for administration for nearly 10 years. Her dedication has earned her a reputation as an outstanding employee and has resulted in increasing responsibilities. Nero is also a…

Summary This exercise gets you ready to think about various business assets that might be exploited fraudulently. Here, you'll think about money. Get ready Find and investigate instances of businesses where an employee engaged in cash theft using the Internet. How to locate instances utilizing Library resources is suggested on the MSAC Library Guide's Fraud and Corruption page. Explain the actions and efforts at concealment involved in currency theft. Give instances from your investigation. Separate the actions and efforts at concealment related to cash fraud from those related to non-monetary asset misappropriation schemes. Give instances of the various actions and covert initiatives. When currency is not the aim of fraud, how and why should antifraud methods be used differently? How and why should antifraud methods be used differently when the fraudster's goal is not money? Cite two references to back up your writing. Select reliable, appropriate, and pertinent sources. Make sure to…

Scenario: You are an assistant manager of a high-end retail store and, through routine end-of-day accounting procedures, you have discovered your long-time coworker, who is also an assistant manager and good friend, has been embezzling from the company. Use your knowledge related to the ways employees conduct fraud to build a case for how your coworker might have embezzled money. How would you utilize the store’s accounting software to access data and find the proper evidence to determine if it truly is fraud? To whom would you report your findings? Would you confront your coworker/friend?

List 2 cash management practices that banks and retail companies sometimes implement to prevent cash larceny. Explain how each practice helps in preventing this type of theft.

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.

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 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…

Forensic Accounting: Assurance Engagement 1: Expenditure Analysis. Expenditureanalysis is used when fraud has been discovered or strongly suspected and the informationto calculate a suspect’s income and expenditures can be obtained (e.g., asset and liabilityrecords, bank accounts). Expenditure analysis consists of establishing the suspect’s knownexpenditures for all purposes for the relevant period, subtracting all known sources of funds(e.g., wages, gifts, inheritances, bank balances), and identifying the difference as “expenditures financed by unknown sources of income.”The law firm of Gleckel and Morris has hired you. The lawyers have been retained byBlade Manufacturing Company in a case involving a suspected kickback by a purchasingemployee, E. J. Cunningham. Cunningham is suspected of taking kickbacks from MasonVarner, a salesman for Tanco Metals. Cunningham has denied the charges, but LanierGleckel, the lawyer in charge of the case, is convinced the kickbacks have…

FBI and Financial Fraud This assignment aligns with Outcome 4: Model techniques used to collect and analyze data. Adapted from Question 24 on pages 14-40 & 14-41 of the textbook. Go to the FBI websiteLinks to an external site. and use the search box in the top right corner to conduct a search on financial fraud. The FBI site provides numerous descriptions of financial fraud cases that they have prosecuted. Choose a case and select one of the convicted defendants named in the case. Use the profiling methods described in the chapter to perform a due diligence search and collect all the internet information that you can about this individual. The information that you collect can include news reports, addresses either physical or virtual, education background, etc. Document where you found the information by including the name of the website and its URL.

please answer with reason

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?