Question

List and briefly justify three or four specific steps that you believe would be most important...

List and briefly justify three or four specific steps that you believe would be most important for Koss Corporation to move forward after discovery of the fraud.

Homework Answers

Answer #1

The Koss Corporation fraud resulted from too much trust placed in an employee, collusion and a lack of internal checks. To move forward and salavage its tarnished repuatation, Koss Corporation should take the following steps:

- Review its internal controls and payment approval hierarchy, as a major portion of the funds was embezzled by the authorization of cashier checks by Sue to pay her personal expenses.

- Restriction of wire transfers by the company i.e. authorization of wire transfers by atleast two top level officials of the company excluding the CFO.

- Reviewing the regular expenditures of the company and doing trend analysis to see the general expenditures of the company so that abnormal items are immediately noticed.

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