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Fraud Detection and Prevention

Fraud Detection and Prevention
Assignment 1
Cressey’s “fraud triangle” states that three factors – non-shareable financial need, perceived opportunity and rationalization – are present in cases of occupational fraud.
1. In your opinion, which of these factors, if any, is the most important in causing executives, managers and employees to commit occupational fraud?
Mark allocated as follows: 6 marks for identification of factor or factors and 4 marks for explanation for your decision.
This assignment should not exceed two pages of text, double spaced. Please take note of how the marks are distributed on this assignment as that will assist you in determining how much content you should devote to each section of the assignment. While it does not have to conform to standard essay style, spelling, grammar and sentence structure are important as they either facilitate or hinder your ability to communicate. Make use of any references, please indicate them appropriately.
Assignment 2
A clerk in the customer service department of a mortgage company was responsible for changing the mailing addresses of property owners in the company’s computer. She was assigned a password which gave her access to make address changes. The clerk was later transferred to a new department where one of her duties was the issuance of checks to property owners.
Unfortunately, her supervisor forgot to cancel her old password. When the clerk realized this oversight, she requested a cheque for a certain property owner, then signed on to the system with her old password and changed the address of that property owner. The cheque would then be sent to her. The next day the employee would use her old password to re-enter the system and replace the proper address so that there would be no record of where the cheque had been sent. This scheme resulted in a loss of over $250,000 to the company.
Questions:
1. How might this fraud have been detected? (4 marks)
2. How would you prove that the fraud occurred? (2 marks)
3. How might this fraud have been prevented? (4 marks)
This assignment should not exceed two pages of text, double spaced. Please take note of how the marks are distributed on this assignment as that will assist you in determining how much content you should devote to each section of the assignment. While it does not have to conform to standard essay style, spelling, grammar and sentence structure are important as they either facilitate or hinder your ability to communicate. Make use of any references, please indicate them appropriately.
Assessment 3
Walter Clark, CEO and founder of Clarks Systems Corporation, a manufacturer of computer peripheral equipment, is known for his aggressive business style. Each year, Clark sets high goals for sales and earnings in order to satisfy earnings projections established by Wall Street analysts. With sales significantly lower than budgeted, Clark decided to fabricate temporary revenue for the current accounting period. He has recently entered into several large contracts with customers for next year; therefore, the fictitious revenues will be reversed in the subsequent accounting period. Clark generated sales invoices for customers with large purchases and several smaller sales for nonexistent customers. The carbon copies of the sales invoices were retained; however, the customer copy was destroyed. Shipping documents were fabricated or altered, as were the customer purchase orders.
Questions:
1. What management and external characteristics exist that would foster fraudulent
behaviour? (2 Marks)
2. What would the examiner’s initial warning sign that revenues were fictitiously
reported? (2 marks)
3. Why is it important to verify the existence of a customer in detecting fabricated revenues? (2 marks)
4. Would the examination of the shipping expense be beneficial in detecting fabricated
revenues? Why might the examination of the shipping expense be misleading and
what additional steps should be performed? (2 Marks)
5. Why would the examination of customer returns in the period subsequent to year-
end be beneficial in detecting an inadequate allowance for sales returns? (2
marks)
This assignment should not exceed two pages of text, double spaced. Please take note of how the marks are distributed on this assignment as that will assist you in determining how much content you should devote to each section of the assignment. While it does not have to conform to standard essay style, spelling, grammar and sentence structure are important as they either facilitate or hinder your ability to communicate. Make use of any references, please indicate them appropriately.
Assignment 4
You are KC Barton a new internal auditor in the Internal Audit Department of Jenkins Manufacturing Company. Jenkins Manufacturing Company (JMC) has been in business for more than forty years in central Texas and is a publicly traded company with ten subsidiaries. The company was in its infancy back in the 60’s. The Jenkins family still owns the majority stock of the company. The company has 12,000 employees that are spread all over the United States, Canada, Mexico and Scotland in seven offices. The business has been solid for most of its forty years, and although it has had slowdowns during recessions, there have been very few times when the company had to lay off employees.
The company’s chairman of the board is James Jenkins, son of founder John Jenkins. The Vice-Chairman of the Board is Jenny Jenkins Roberts, daughter of John Jenkins. Other senior executives are not members of the Jenkins family, but have been with the company, on average, 20 years. The company prefers to promote from within and offers stock options to all employees no matter what level they are.
In order to become familiar with the audits that are conducted by the department, you have been reviewing working papers for previous audits. You note that two years ago, an audit was conducted of the purchasing function of a small division of the company in which the purchasing director, Thomas Bracken was extremely uncooperative. While that might be a fairly common occurrence in audits, this audit was never completed. There is a notation in the file that the CEO of the company asked the department to conduct another audit of an area that had been having serious problems as soon as possible, which required all resources to be pulled to complete the CEO’s request. The internal audit department had planned to finish the audit but it never did. The auditors who worked on the purchasing audit have since left the company as has the internal audit manager. There were some notations that the auditors were having trouble locating some invoices and requisitions that had been selected for audit and that there were some purchases that looked like they had been split. A previous audit of the area was conducted without any major findings noted. In fact, there is a memo in the file from Jim Miller, the former director of purchasing (now retired) who thanked the internal audit for their assistance and that he would implement their recommendations immediately.
You decide that it is time to look back at the situation. There are too many red flags that say something isn’t right. You bring it up to your manager who says to go ahead and check it out, but that if it’s going to take more than 100 hours, you need to let her know.
Questions:
1. What red flags do you see that are troublesome? (4 Marks)
2. What types of fraud could be occurring? (3 marks)
3. How would you check out this situation? (3 marks)
This assignment should not exceed two pages of text, double spaced. Please take note of how the marks are distributed on this assignment as that will assist you in determining how much content you should devote to each section of the assignment. While it does not have to conform to standard essay style, spelling, grammar and sentence structure are important as they either facilitate or hinder your ability to communicate. Make use of any references, please indicate them appropriately.
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