BFA501 Week8.docx - BFA501 Week8 Q1 Conceal When each loan...

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BFA501 Week8 Q1: Conceal- When each loan matured, he will take a new one -List 5 fictitious names-five name, including his wife’s maiden name, and the names of two friends. These people denied receiving stolen funds or knowing anything about the embezzlement. The fifth name was Jimmy Wiseguy, who police said did not exist. Conceal-convert the money to his own account-to pay gambling debts Q2: He is a manager and also holds the cheques, and authorised customers loans Marcia Known, head teller, told police she cashed cheques for JB Good made out to four of the five persons. Asked whether she gave the money to JB Good when he gave her cheques to cash, she answered” Not all of the time”, though she could not recall ever having given the money directly to any of the four, whom she did not know. The failure to have good internal control-do not segregate their duties properly--- maybe they have relationship with each other… collusion?
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  • Three '16
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