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Internal Accountant-week 1 556

Internal Accountant-week 1 556 - MEMO Xan Hopwood ACC 556 1...

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MEMO: Xan Hopwood April 19, 2010 ACC 556 1.) Section I: The impact of occupational fraud and abuse on the company . The impact of work-related fraud and abuse on the company can be overwhelming. Fraud can decrease the revenues of any organization. There can be many different ways that fraud and abuse can be carried out within the different department of the company. Dishonesty is an example of how job-related fraud and abuse can be carried out. This can demolish the presentation of the company. There are several types of fraud and abuse that can be carried out some examples would be cash theft, skimming, billing and payroll schemes, check tampering. There is several type of work-related fraud and abuse can be carried out under the class of bribery. Each of these frauds will not only tie up the cash capital of the company but will reduce its profits. Also included of other fraud related can consist of non-cash fraud, the inventory misuse of non cash assets, misuse of non-cash assets and objective of intangible assets. There can many different types of non-cash fraud that can costly to the company. Some examples would include using company vehicles without permission, ordering unnecessary office supplies and equipment for inventory purposes, creating false sales would also make a huge impact of the company’s financial statements. There have been several instances of
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