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Managerial Accounting: The Corners...
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Managerial Accounting: The Corners...
Consider each of the following situations. Is there a potential problem? Which part of the fraud triangle is involved, if any?
- A. Susan is an accounts payable clerk. She sets up creditors in a financial database and pays invoices as they come in. Last year, she won employee of the year and is a valued employee. Through the grapevine, Susan’s boss just learned that Susan’s brother has a gambling problem.
- B. Now suppose that Susan from situation A is now secretary for the head of the marketing department. She keeps track of the vice president of marketing’s schedule and handles the correspondence.
- C. Keith has been employed for 6 months as a teller at a community bank. All is going well and his cash drawer has had shortages only twice (of less than $10). The shortages were traced and the problems corrected.
- D. At the company Memorial Day picnic and golf outing last week, Nancy notice that June moved her ball to a better lie when she thought no one was looking. There were no prizes for a low score, and June did not benefit from the lower score that resulted.
Identify the fraud risk factor for each of the given case.
Fraud Triangle:
Fraud triangle is a model provided by Association of Certified Fraud Examiners. According to this model, employees can involve in fraud due to three reasons which are; financial needs, opportunity to commit fraud, and rationalization of fraud.
Case A: Fraud risk factor involved are, Opportunity and financial need.
Employee has an opportunity since; same employee is responsible for maintenance of creditor’s account as well as payment to creditors. Also, since employee’s family member is involved in gambling, employee would be in a financial need to commit fraud.
Case B: Fraud risk factor involved are, Opportunity and financial need.
Employee is responsible for maintenance of marketing data as well as the relating correspondence...
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