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Point 1: As disclosed in a reports, about event occurred at National X company is regular of the forms of employee extortion that happens throughout each day at various associations. it absolutely was nothing too complicated and exhibited however insiders United Nations agency apprehend the eccentricities of contrastive conditions utilize their insight for his or her own sweetening.
Point 2: A Financial Manager of the National X company took advantage his knowledge that its must in nonprofits receiving federal grants to pay back any unused cash. This cash should paid directly to the federal department. Company, the financial manager created bank account at a state capital bank under name very similar to the federal department name. For over two years he had clinic workers return these checks, which he deposited into this account that he actually owned
Point 3: He allegedly started many accounts with names almost like vendors. The financial manager had payments meant for these vendors be sent to his dummy companies and later paid a similar checks.
Point 4: These plans started in June2010 then went over two years. Following the irregularities were discovered and examined, the financial manager was terminated and the case was turned over to prosecutors. Because white-collar crime is once in a while prosecuted. He faced four years in prison, and pay back taxes and fines.
Instructions
Question 1- Evaluate deeply all shortage in the internal control of National X Company, and provide recommendations to avoid such corruption and fraud.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
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