Two very common ways that employees commit fraud against their employers is the misstatement of reimbursable expense accounts and the misuse of office supplies for personal purposes. Although these schemes are usually not individually significant, their magnitude can be damaging if these practices are widespread. Please comment on these types of fraud (and other examples of employee fraud) and what internal controls they would put in place in an organization to curb this activity.

Q: ff

A: Organization Background:  Steinhoff International Holdings N.V is a worldwide retail holding…

Q: Why must auditors distinguish between fraud committed by employees and management?  Are auditors…

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Q: A Ponzi scheme

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Q: Fraud consists of some deceitful practice or willful device, resorted to with intent to deprive…

A: Financial statement fraud refers to the intentional manipulation, misrepresentation, or…

Q: Incompatible duties exist when an employee is in a position tlo penetrate and conceal errors of…

A: Fraud means intentional concealment of facts or wrongful action resulting in financial or personal…

Q: When a fraud has occurred within an organization, management must decide what follow-up action (s)…

A: An organization usually does not take any legal action against the person who has done fraud as it…

Q: Debit Credit Service fees earned $80,500 Rent expense $20,800 Salaries expense 52,000 Supplies…

A: Amounts of expenses are correct but written in order. Dividend is $10,000 not $1,000.

Q: 21)   Which is not one of the fraud factors in the Fraud Pentagon?     A. Incentive   B.…

A: Offshoring,worldwide alliances, and the technology that connects them have all become more important…

Q: The best protection for a company against telemarketing scams is:

A: When money is being transferred to people who are not known or personal or financial information is…

Q: causes of business and accounting fraud

A: Fraud is an illegal activity of committing an offence with a willful intention to deceive others for…

Q: Accounting fraud is the intentional manipulation of financial statements to create a false…

A: Meaning of Accounting Fraud: Accounting fraud refers to intentional manipulation of financial…

Q: How does occupational fraud and abuse differ from other kinds of fraud? Give examples of other fraud…

A: Fraud is the intentional deception of others in order to obtain an advantage or profit. To put it…

Q: Segregation of duties is one of the most important control activities to minimize incompatible…

A: Segregation of duty is a control mechanism that is implemented and used in order to reduce the risk…

Q: Rationalization for fraud can fall under two categories: “no harm” and “no responsibility.” Assume…

A: Rationalization: Rationalization emphasizes on the justification provided by an employee and finds…

Q: What are the perceived elements that need to be present for workplace fraud to occur?      motive,…

A: Fraud is a deliberate act of deception or dishonesty carried out to gain unfair or unlawful…

Q: Outline two positive and two negative consequences that this might pose to the company in future…

A: The question is asking to outline two positive and two negative consequences that a company might…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.