Friday, January 3, 2020
The Corporate Con Essay - 1103 Words
Courtney Newcomer Professor Poirier Acct 3040 November 2, 2011 The Corporate Con: The Internal Fraud and The Auditor In the movie the Corporate Con: The Internal Fraud and the Auditor there were several different people who seemed like your everyday Joe, but were actually criminals who committed fraud. Some of the frauds committed in this movie were: Cash Fraud, Accounts Receivable Fraud, Expense Fraud, purchasing fraud, and corruption. Focusing on two individuals Pam and John, each of these criminals committed either cash or accounts receivable fraud. Pam was a graduate from high school who found work soon after graduation. She felt she wasnt getting paid enough for her work so she started stealing cash from the†¦show more content†¦There are several methods used in detecting cash fraud which are usually included in most cash audits. Some of the methods used are: Bank reconciliations, cutt-off statements, surprise cash counts, customer complaints, altered or missing documentation, journal entry review, review and analyses of decreases in gross sales or increases in returns and allowances, and analytical reviews. The method used in detecting Pams fraud was a surprise cash count. Surprise cash counts often bring up situations of employees borrowing money or floating small loans also called swapping. It is crucial that when doing surprise cash counts that it be done often but on an irregular and unannounced basis. Also, if employee checks are included in the cash drawer or register, this may be an indicator that employees are swapping checks for cash. In the prevention of cash frauds it is important to have a segregation of duties. Cash fraud is more likely to happen if one person has control over the entire accounting transaction. Each of the following duties and responsibilities should be segregated: cash receipts, bank deposits, bank reconciliations, and cash disbursements. If one person has the ability to do all of these themselves there is a high risk that fraud can and will occur. Surprise cash counts are very useful in fraud prevention if the method is used correctly. Employees should know that cash will be counted, but that its sporadic andShow MoreRelatedThe Pros and Cons of Corporate Downsizing Essay1236 Words  | 5 PagesI.     An introduction to corporate downsizing. II.     The reasons behind a company downsizing. A.     Cash flow, profits, and profit margins. B.     Organizational structure and procedures. III.     Planning the downsizing. A.     Pro and con factors. B.     Identifying the options. IV.     Implementing the downsizing. A.     Announcing the action. B.     Communicate. C.     Staff Stability. 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