Assignment Wk3 - WEEK 3Read and Prepare a 2-3 page case...

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WEEK 3- Read and Prepare a 2-3 page case study report: FOR THIS MAGAZINE, INTERNAL AUDIT PROVED HARD TO DIGEST pages 106-108 in Chapter 4: Billing Schemes of the Fraud Examination text by Wells. Discuss the coincidences involved in this case study. Use the 2010 Report to the Nations – Media Coverage (also located in Doc Sharing) for references concerning perpetrator, size of fraud, detection, and controls. http://www.acfe.com/rttn-media-coverage.aspx Per 2010 Report to the Nations – Media Coverage , the exact physical and behavioral traits of a fraudster are not succinct and stereotypical; a fraudster could be any person within the corporation. However, the ACFE has gathered insight as to the most prevalent users of fraud; according to the article, the average fraudster like Albert Miano (who defrauded $4 million from his employer) is male, ranging in age from 31-45 years old, without prior fraud convictions or criminal history. In addition to the profile, the article also mentions fraudsters like Miano account for 25% of cases examined from January 2008 to December 2009, in which the companies suffered from fraud damages in excess of $1 million. In the case of Albert Miano, the culmination of three coincidental situations ultimately led to his fraudulent activities being discovered by his employer. Coincidence One: Retrieval of Invoices from the Accounts Payable Department by Someone Other than Miano Prior to McGrane (Chief Internal Auditor) collecting the invoices, Miano was solely responsible
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Assignment Wk3 - WEEK 3Read and Prepare a 2-3 page case...

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