Question

Pretend you are a manager, investor, or another stakeholder that must rely on accounting information produced by others (this could be the most realistic standpoint for many of you).

What can be done to protect yourself or your company from fraudulent activities by other managers or employees?

How can accounting knowledge play a role in protecting you or the company? How can you identify situations where fraud or abuse is likely to occur?

How can you catch fraud or mistakes after they've happened?

How can you prevent fraud and mistakes from occurring in the first place?

How can you foster an environment in your organization which discourages sloppiness and dishonesty?

Answer 1

1)Fraud related to Purchases-
a. An agent initiates an unidentified dealer record with false statements that are prepared and amounts are made to the employee.
b. An agent starting buying products for services which are managed for secret use.

2) Credit Card Fraud -An operator doing a corporate credit card for own gain instead of juridical corporate buying useless things

3) Payroll Fraud -
a) Not removing ex-agent data
b) Unnecessary overtime wages

4) Knowledge methods and critical Information
(a) Agent theft of important information
(b) Agents giving supports with data to outside peoples.

5) Sales and Receivables -

Selling delegates to rise sales to gain bigger payments and rewards.

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