Reference no: EM133184429

Compliance and fraud deterrence

1. Use a chart or graphical tools and techniques to present a robust compliance and fraud deterrence environment. Include on the chart or graphic:

a. The key players on the compliance and fraud risk assessment team.

b. The key attributes of a robust compliance and fraud deterrence environment for each player.

c. For the ten steps in a fraud risk management and compliance program, identify which are most closely aligned with which key players.

Student Material for step-by-step screenshots for completing the assignment are available from your instructor.

2. Fraud prevention and deterrence in action

Assume the following facts:

a. The company invoices customers for sales with an expected thirty-day collection period.

b. The invoice is used to post sales to the accounting system.

c. Checks are received in the mailroom and logged into a deposits journal.

d. The deposit is prepared and taken to the bank.

e. The deposit slip is used as an original document to record cash in the accounting system.

f. A copy of the deposits journal from the mailroom is used to credit customers for their payments.

g. Assume three general ledger accounts: cash, accounts receivable, and revenue.

Instructions: Part 1

Draw a graphic to depict these activities and their impact on the general ledger accounts. Include the necessary personnel and at least ten fraud prevention and deterrence tools and techniques to PREVENT a skimming scheme, assuming no collusion or management override. Post the personnel and those tools and techniques on the graphic.

Instructions: Part 2

What if the organization owner only hired one mailroom/office employee, one accounting clerk, and one accounting supervisor (assume no controller, no internal audit, and an annual review and tax compliance-not an annual audit). How would you alter your approach to create a robust skimming prevention environment?