Question
Give an example of accounts payable internal or external fraud. 1. What was the purpose of the fraud? 2. What were the actions and consequences?
Give an example of accounts payable internal or external fraud.
1. What was the purpose of the fraud?
2. What were the actions and consequences?
3. Who benefitted from the fraud?
4.How did the fraud get discovered?
5. What controls should have been in place to prevent fraud?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
heres an example of an external fraud involving accounts payable 1 Purpose of the Fraud The purpose of this fraud was to siphon money from the companys accounts payable to an external entitys bank account 2 Actions and Consequences The fraudster who had access to the companys payment systems created a fictitious vendor account that closely resembled a legitimate vendor Over several months they submitted fake invoices for goods or services never rendered The company ...
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Step: 2
Step: 3
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
