Question
A Windhoek Investment cc, has hired a purchasing agent for a home improvement center is also part owner in a wholesale of LEATHER products company.
A Windhoek Investment cc, has hired a purchasing agent for a home improvement center is also part owner in a wholesale of LEATHER products company. The agent has sole discretion in selecting vendors for the leather products sold through the center. The agent directs a disproportionate number of purchase orders to his company, which charges above-market prices for its products. The agents financial interest in the supplier is unknown to his employer.
Required 4.1 What t type of fraud is this and what controls can be implemented to prevent or detect the fraud? (5 Marks)
4.2 Discuss the five conditions according to common law that must be met, for a fraudulent Act. (15 Marks)
4.3 What are the key points of the Issuer and Management Disclosure of the Sarbanes-Oxley Act. (5marks)
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