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BISMZZDE Asset safeguarding and control system essay Aims: This assessment is designed to achieve three aims. The rst aim is to help develop your understanding of control systems. The second aim is to further your understanding and appreciation of the importance of controls to achieving the organisational goal of asset safeguarding. The third aim is to help develop your writing skills by producing a concise, straightfonvard. and brief essay. Fraudsters scam Belfast Ci Council out of possible 400k BY VICTORIA UHARA August 06 2013 06:45 PM A major probe has been launched by police into an alleged fraud at Belfast City Council believed to involve up to 400,000 of ratepayers' money. The scam came to light after a company enquired about a missed payment of hundreds of thousands of pounds. The council had informed the rm it had been paid but the money had failed to appear in their bank account. It is understood the account details of the legitimate firm had been accessed by someone posing as a council representative. Another person acting as the contractor approached the council for payment and provided bank details. The funds were then transferred to the bogus account. Belfast City Council would not comment on the amount of cash involved but it is believed to be between 250,000 and 400,000. Police conrmed they are investigating a report of fraud and enquires were ongoing. A council source said the public money should be reoovered through insurance. But councillors have now demanded an emergency meeting saying "full disdosure" is needed into how this happened. Councillors have also said they are angry they were not informed about the incident that involves public money. It is feared the council has beoome the latest target in a scam that has hit UK authorities over the last three years. It is understood those behind the scam research rms carrying out work for councils. They then make a bogus call or contact the oouncil claiming they are from the legitimate rm and say their bank details have changed. They then ask the council to alter the details and pay the money into a new account. There are set protocols in place for staff to follow when dealing with nancial issues. The council said they do not comment on individual cases involving members of staff, however it is understood at least one person who works for the council has been suspended while the investigation is being carried out. There is no suggestion that any council employee was involved in any criminality. Aspokeswoman for Belfast City Council told the Belfast Telegraph: "The council is aware of an alleged external fraud and the matter is currently being investigated by the police.\" Belfast City Council could be the latest victim in a wave of bank scams against councils across the UK over the last three years. In July 2012 Salford council In England was duped out of 130,000 when a council member of staff was persuaded to change bank details. The National Fraud Intelligence Bureau were alerted. In 2010 South Lanarkshire Council in Scotland were conned out of 102,000. The cash was paid to a gang after receiving documentssupposedly from one of their suppliers instructing a change of bank details. Dozens of other authorities are also believed to have paid out to a gang of conmen, believed to be from West Africa. A spokeswoman for the PSNI said: "Police have received an allegation of fraud. An investigation is underway and enquiries are continuing.\" Councillor Pat McCarthy said serious questions need to be answered immediately. "This raises questions about the leadership of the council about what else is being withheld from councillors and how this money will be replaced," he said. "1' his is a disgrace that elected members were not informed about this and the rst we knew was after being contacted byjournalists. "1' here needs to be full disclosure.\" Another councillor said there was a need for "better transparency" in the council. \"Part of the problem is once again the delegated powers which have been given to the chief ofcers and information is not being imparted to us - even if it is a serious nature such as fraud, about ratepayers and money.\" Councillors have said a special meeting of the council is needed to discuss the issue. The council's audit committee will receive a report next month regarding the matter. Belfast Telegraph Preliminary Information: While on a holiday in Ireland 2 years ago you remember hearing about the fraud. above, from a friend while visiting the Christmas Markets at Belfast City Hall. Just recently you have been employed by Golden Beach Regional Council (hereafter GBRC) in Southem New South Wales as its Deputy Financial Controller. Part of your role is to mitigate risks for all aspects of the Council's nancial dealings. Having completed a course in Accounting information Systems you are aware of the importance of, and are familiar with, preventative, detective, and con'ective controls. Recalling your friend's story about the Belfast City Council. you see many parallels with GBRC. Both rely heavily on contractors, both seek to further the interests of their, respective, communities, and both have elected councillors and managers who likely possess limited nancial management skilts. Recognising the potential for fraud existing at GBRC, you approach the Council's Financial Controller raising your concerns. You recount the Belfast City Council's fraud story. but also note that a similar fraud happened to the Brisbane City Council where some $450,00 was defrauded. The Financial Controller immediately understands the potential for fraudulent activity to occur at GBRC and wants to make sure the councillors, and especially the managers overseeing procwement, are aware of the potential for such frauds. You tell the Financial Controller that you will develop a brieng for the councillors and managers summarising how the fraud that took place at Belfast City Council worked. In addition, your report should summarise the fraud's tangible and intangible costs to Belfast City Council, the Belfast City Council's control problems, the type of controls GBRC should implement, and whether the controls you suggest are preventative, detective. or corrective. Almost all of the councillors and managers (as most have risen through the council on seniority) have no background in Accounting Information Systems, in fact, most of the councillors are lawyers, retirees, and one is a former Army Ofcer. Needless to say, they have little understanding of controls. As a result, your brieng must be well researched, concisely and clearly written, accurately referenced, and, very importantly, use non-technical terms. Your brieng should highlight the similarities between Belfast City Council (and Brisbane City Council) and GBRC, providing brief examples of the fraud to ensure the GBRC councillors understand the nature of the fraud. Further, the higher the quality of your presentation, the more likely the councillors will view you as an excellent candidate for the Financial Controller position (the current FC has indicated her intention to retire at the end of the nancial year). In short, the spelling, grammar, and writing in the brieng must be to the highest standard. Format of Essay: Using the same headings, e.g., \"How the fraud worked\weaknesses, and how they had exploited the weaknesses. You should also summarise what the motivations and benets were to the fraudsters as well as summarising the tangible and intangible costs to Belfast City Council to ensure the GBRC councillors {and managers) understand the extent of the costs of such fraud! (2 pages max). Explain briey controls that you would suggest that could have helped avoid this type of fraud: Having summarised how the fraud worked and what the control problems were at Belfast City Council, you should draw the two together and recommend at least two (2) controls that focus on reducing the likelihood of such frauds occurring at GBRC. As always, you should explain how the controls would help avoid similar frauds happening at GBRC and explain how those controls would work. (1 page max). For each suggested control, explain whether it is preventive, detective, andlor corrective in nature: In this section, you should explain whether the controls you suggest to GBRC are preventative, detective, andlor corrective. Remember, the councillors are not experts so your explanation will have to be non-technical (112 page max)