These are comments made by my professor on a discussion board. I want to respond back to her points in a conversational manner.
1. Collusion among several employees sometimes is used to overcome well-designed internal controls of a victim company. For example, in a company with proper separation of duties, the functions of purchasing goods or services, authorizing the purchase, receiving the goods or services, and making payment to the vendor should be separated. Obviously, if this process is strictly adhered to, it will be extremely difficult for any single employee to commit false billing scheme. As a result, I have seen schemes evolve in which several employees conspired to defeat the fraud prevention measures of their employer. In one particular case that I worked, a warehouse foreman and a parts ordering clerk conspired to purchase approximately $300,000 of nonexistent supplies. The parts ordering clerk would initiate the false transactions by obtaining approval to place orders for parts he claimed were needed. The orders were then sent to a vendor who, acting in conjunction with the two employee fraudsters, prepared false invoices that were sent to the victim company. Meanwhile, the warehouse foreman verified receipt of the fictitious shipments of incoming supplies. The perpetrators were able to compile vouchers for the fraudulent purchases without overstepping their normal duties. Basically, in any case, even if all controls are followed, at some point the company must rely on its employees to be honest.
2. Enron is an example of a company whose management misrepresented the company and allegedly committed fraud. This is just one of the many types of frauds that are a major problem for businesses throughout the world. Most people believe that fraud is increasing but it’s hard to know for sure. There are several variables. First, it is impossible to know what percentage of fraud perpetrators are caught. Are there perfect frauds that are never discovered, or are all frauds eventually discovered? Many frauds that are discovered are handled quietly within the victim organization and never made public. There are many cases where companies merely hide the frauds and quietly terminate or transfer perpetrators rather than make them public.
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