Fraud and Its effect on Business Discussion Essay
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Fraud and Its effect on Business Discussion Essay
- What is fraud? Who perpetrates it? What is its impact on business? Why does fraud still persist after the scandals of WorldCom and Enron in the early 2000s and the passage of Sarbanes-Oxley?
- Class….. Let me get us started:
Skimming – An “off-book” fraud scheme that is manifested by the theft of cash from a victim entity before it is entered into the accounting records. Various types of sales skimming schemes include:33
Fraud is an intentional act by one or more individuals among management, those charged with governance, employees, or third partit’s, involving the use of deception to obtain an unjust or illegal advantage.
Fraudulent financial data reporting process which can be done through manipulation of books, records and documents, omission of certain transactions, misapplication of accounting principles (of course when these are done intentionally).
The two analytical tests for detection of fraud are as follows :-
- Sureprise checks
- Walk through testor Examination in depth
- Surprise checks:-The auditor visiting the premises of client without giving prior intimation. Surprise checks are a part of normal audit procedures. An element of surprise can significantly improve the audit effectiveness. Wherever, practical, an element of surprise should be incorporated in the audit procedures.
The following are the important recommendations:-
- The element of surprise in an audit may be, both in regard to the time of audit. That is selection of date of surprise checks) and selection of areas of check.
- Areas of surprise check :- the areas over which surprise checks should be employed would depend upon the circumstances of each audit but should normally include:-
- Cash and investment
- Stores and inventories
- Books of prime entry and statutory registers
- Internal controls and internal checks
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Fraud and Its effect on Business Discussion Essay