DONT MISS YOUR CHANCE TO EXCEL IN ACC00718 INTERNAL CONTROL AND FRAUD PREVENTION ASSIGNMENT! HIRE TUTOR OF EXPERTSMINDS.COM FOR PERFECTLY WRITTEN ACC00718 INTERNAL CONTROL AND FRAUD PREVENTION ASSIGNMENT SOLUTIONS!

ACC00718 Accounting Information Systems and Processes - Southern Cross University

Scenario A

Question: Identify five (5) procedures and checks that would have reduced the risk to the victim company?

Solution:

Procedures that would have reduced the risks to the victim Company:

The occurrence of fraud in a business or an organization has become very common nowadays. E cannot distinguish a fraud by their outer appearance or by their Psychological character anyone can involve in fraud. Due to these conditions, some internal and external standards have to be maintained by the organization in order to prevent the occurrence of frauds (Marks.T.J.). The methods to be followed to prevent fraud are given below.

Organizing a Risk Assessment officially that is concerned with the enterprise:

This process involves planning carefully to detect the frauds in an organization and acting accordingly to it. The risk assessment concerning fraud is an art which is more than a science. Conducting risk assessments in any organization should be a continuous process in order to get rid of frauds it should not be considered as a onetime process. The activities of risk assessment should be screened continuously in order to prevent their occurrence.

Responsibilities separation among Individuals:

By separating the responsibilities among the individuals one can prevent the occurrence of frauds because if the whole freedom is given to one person there will be a chance of more frauds.

Payments to bank incorrect time and monitoring the management:

 If the organizations pay the amounts to the bank in a correct time they can have a clear data regarding balance sheet and their expenditures by comparing these two and by monitoring the management they can detect where the differences are occurring and this helps them to catch the fraud.

Monitoring concerned with reimbursements on the expenses:

In organizations, there will be a process of reimbursements on some expenses. These details have to be checked correctly by the management while they are giving reimbursement because in this process only there is a more chance of involving in fraud.

Using some technology to detect Fraud:

Some technologies have to be used by the organizations in order to prevent themselves from frauds. Examples for this are installing an alarm system and biometric. From the study conducted by ACFE, it was observed that cases regarding frauds were reduced by 50% by using the technology.

DO YOU WANT TO EXCEL IN ACC00718 INTERNAL CONTROL AND FRAUD PREVENTION ASSIGNMENT? HIRE TRUSTED TUTORS FROM EXPERTSMINDS AND ACHIEVE SUCCESS!

Scenario B

Question: Identify and discuss which internal control could have prevented this fraud and give five (5) examples

Solution:

In the observed case the fraud was happened due to  three reasons the first one is there is no separation of work among the employees here the whole work is I the hands of Clerk and he can do anything as no one are there to monitor him and in his absence no one is having the information this happened due to the lack of Documentation regarding the accounts if the clerk has maintained proper documentation this problem would not have risen and initially only it must have noticed by some of the other ways. As there is no documentation and no proper monitoring of the clerk by the management he has taken all the freedom to commit this fraud. If the work was segregated between different people the fraud can be recognized very easily as there occurs a difference in tallying the accounts.

Five examples are

i) If the employee is recruited without doing any background verification there are more chances for the occurrence of frauds.

ii) One should keep trust in one person completely in workplaces this leads to the happening of frauds.

iii) In the absence of proper documentation, frauds will occur.

iv) There will be more chances for frauds if the organization is not having a policy which can control the frauds.

v)  Lack of good technology also laid an essential role in the prevalence of fraud.

ARE YOU LOOKING FOR RELIABLE ACC00718 INTERNAL CONTROL AND FRAUD PREVENTION ASSIGNMENT HELP SERVICES? EXPERTSMINDS.COM IS RIGHT CHOICE AS YOUR STUDY PARTNER!

Question: Identify and discuss five (5) procedures could have alerted the auditor to the fraud?

Solution:

The occurrence of Fraud concerning accounts is a very common issue and this can be caught easily by the auditor as he is the person mainly concerned with it (Ramos, M.2003). The procedures that should be adopted by the Auditor to detect the fraud are, first he should know the employee completely, second is he should be getting exposed to the situations of occurring frauds this helps him to analyze the cases easily, he can analyze the fraud by carefully tallying the balance sheet and the accounts status and also by monitoring the finance for reimbursements. The third one is observing the changes in the behavior of the individuals to know the symptoms of fraud. The fourth one is by conducting the auditing programs in order to keep checkout for fraud. The last procedure is following the data which is obtained by all the above process and analyzing each step carefully to detect the fraud (Carmichael, 2018) at the same time these experiences will help him to prevent the occurrence of fraud in further situations.

NEVER LOSE YOUR CHANCE TO EXCEL IN ACC00718 INTERNAL CONTROL AND FRAUD PREVENTION ASSIGNMENT - HIRE BEST QUALITY TUTOR FOR ASSIGNMENT HELP!

Listed below some of the major courses cover under our Southern Cross University Assignment Help Service:-

• ACC00712 - Business Accounting Assignment Help
• ACC00715 - Professional Auditing Assignment Help
• ACC03032 - Contemporary Issues in Accounting Theory Assignment Help
• ACC00713 - Company and Financial Reporting Assignment Help
• LAW00720 - Legal Studies Assignment Help
• ACC00718 - Accounting Information Systems and Processes Assignment Help
• ACC00714 - Managerial Accounting Assignment Help
• ACC00716 - Finance Assignment Help