Answer #2 only The case:In this case, a medium-sized, family-owned business suffered a significant loss of inventory due totheft by several long-time employees.Overall: Several factors played into the inventory theft, including poor internal controls, a lack oftimely accounting records, and difficulty in measuring and tracking inventory items.Inventory was not reconciled or monitored for the company-owned retail outlets which enabled themisappropriated inventory to be removed from inventory records without detection.Identify and describe the followings:1. a measure that could have prevented the theft2. a measure that could have detected the theft3. a step to take once fraud is suspected.My work:Internal controls are protocols and procedures used by a business to protect its assets and maintainthe accuracy of its financial records. Employee theft is a common problem that can have seriousconsequences for businesses, with 75% of businesses being affected by it and 33% going bankruptdue to employee theft. Many businesses do not report employee theft to law enforcement, oftenbecause they do not want to damage their reputation or because they have weak internal controls inplace. Segregation of duties is a key component of internal controls that involves assigning differenttasks and responsibilities to different employees, which can help prevent and detect employeetheft. To detect employee theft, businesses can use techniques such as surprise audits, dataanalysis, and surveillance. To prevent and deter employee theft, businesses can implement stronginternal controls, such as segregation of duties, background checks, and employee training, as wellas create a positive corporate culture and conduct regular audits.My question:What else can be done to help detect the theft? can you use internal control methods.

Inventory fraud refers to the fraud which includes the theft of physical items of the inventory as…

In this case, a medium-sized, family-owned business suffered a significant loss of inventory due to theft by several long-time employees. Overall: Several factors played into the inventory theft, including poor internal controls, a lack of timely accounting records, and difficulty in measuring and tracking inventory items. Inventory was not reconciled or monitored for the company-owned retail outlets which enabled the

In this case, a medium-sized, family-owned business suffered a significant loss of inventory due to theft by several long-time employees. Overall: Several factors played into the inventory theft, including poor internal controls, a lack of timely accounting records, and difficulty in measuring and tracking inventory items. Inventory was not reconciled or monitored for the company-owned retail outlets which enabled the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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