Fraud Examination
Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
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Chapter 4, Problem 9SC
To determine

The internal control weakness that results to the occurrence of fraud.

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The sugar shack reports net income
Nani Pelekai works at Halalu Building Society in Jamaica. For 2014, she received a basic pay of $65 000 per month, her commissions were $10,000 monthly and she also received a bonus of 5% of her monthly pay.   Nani contributed 10% of her basic pay to a pension scheme operated by the company.   Halalu pays $30,000 per month to Nani’s landlord. She drives a car owned by Halalu, which is 2 years old and was purchased at a cost of $1,200,000. It is estimated that she has up to 50% private usage of the vehicle. Each month, Nani receives lunch vouchers worth $6,000, which may be used in Halalu’s canteen or other nearby restaurants. Halalu provides Nani with a cellular phone and agrees to pay a maximum bill of $45,000 per year. For the year, Nani’s cellular phone bill was $50,000.   Halalu has an approved ESOP plan. For the year 2014, the employees agreed to purchase 6% of the share capital of 10 million shares of $1 each. There are 50 employees in the plan and each  employee agreed to…
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