I need help on analyzing a case study. The case study is Benny's Ice Cream Shop: Cash Receipts Fraud. I have attached all directions.

ACC 693 Milestone One Guidelines and Rubric Overview: Milestone One of the final project provides an overview of the potential fraud scheme present in the case study chosen for your final project. This assignment marks the starting point in the forensic investigation by placing emphasis on the planning stages of the engagement and the beginning stages of the collection of evidence. Prompt: Review the case studies in Chapter 10 of Computerized Auditing Using ACL Data Analytics. There are four case studies you may choose from for your final project. For this assignment, you will submit the Background section (Section I) of your final project. Specifically, the following critical elements must be addressed: I. Background A. What type of fraud could be possible in the case study? What led you to your determination? B. What approach would you use to begin a risk assessment of the situation? Why? C. How might IT relate to the commission of frauds? How might IT relate to the specific fraud in this case? D. How can reliable data be collected using online resources? E. What are appropriate ways to collect data that will result in admissible evidence? Be sure to provide a thorough description of how data is collected and what ensures it is considered admissible evidence. F. What are appropriate ways to collect data while maintaining professionalism and integrity? Support your response. G. What types of software are available to assist in analyzing large amounts of data, and how can they be implemented? How will the software assist in analyzing large amounts of data? Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least two sources cited in APA format. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Proficient (100%) Needs Improvement (80%) Not Evident (0%) Value Background: Fraud Determines the type of fraud that could be possible in the case study and explains what led to this determination Determines the type of fraud that could be possible in the case study but does not explain what led to this determination, or determination is cursory or contains inaccuracies Does not determine the type of fraud that could be possible in the case study 12 Background: Risk Assessment Explains the approach to be used to begin a risk assessment of the situation and why Explains the approach to be used to begin a risk assessment of the situation, but does not explain why, or explanation is cursory or illogical Does not explain the approach to be used to begin a risk assessment of the situation 13 Background: IT Relate Discusses how IT might relate to the commission of frauds and the specific fraud in this case Discusses how IT might relate to the commission of frauds, but does not discuss how IT might relate to the specific fraud in this case, or discussion is cursory or contains inaccuracies Does not discuss how IT might relate to the commission of frauds 13 Background: Online Resources Explains how reliable data can be collected using online resources Explains how reliable data can be collected using online resources, but explanation is cursory or contains inaccuracies Does not explain how reliable data can be collected using online resources 13 Determines appropriate ways to collect data that would result in admissible evidence and provides a thorough description of how data is collected and what ensures it is considered admissible evidence Determines appropriate ways to collect data that would result in admissible evidence, but does not provide a thorough description of how data is collected and/or what ensures it is considered admissible evidence Does not determine appropriate ways to collect data that would result in admissible evidence 13 Determines appropriate ways to collect data that would maintain professionalism and integrity and supports response Determines appropriate ways to collect data that would maintain professionalism and integrity, but determination is cursory or contains inaccuracies or does not support response Does not determine ways to collect data that would maintain professionalism and integrity 13 Determines types of software available to assist in analyzing large amounts of data, discussing how it will assist and how it could be implemented Determines types of software available to assist in analyzing large amounts of data, but does not discuss how it will assist or how it could be implemented Does not determine types of software to assist in analyzing large amounts of data 13 Background: Admissible Evidence Background: Professionalism and Integrity Background: Analyzing Data Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 10 100% 1. Verify that the sales reported on the financial statements are consistent with the reported unit sales and prices. (Hint: The sales table only includes recorded unit volume for each shift. Create a computed field to calculate the amount of sales.) Ans: The sales reported on the financial statements are not so consistent with the unit sales and prices and keep throwing messages in different ways. 2. To better understand Benny's business, use the Summarize command to summarize sales by day of the week. Benny's is closed Sundays, except for one promotional Sunday. Also summarize sales by shift. Ans: Yes, this way of summarizing will give a better clarity on understanding the transactions shift wise. 3. Since Benny indicates that he suspects an employee is skimming cash receipts, you decide that you will try to identify any patterns in sales by employees and in-charge employees. Relate or join the Benny_Employee_Shifts and Benny_Sales_Summary tables. Indicate the tests you performed and whether these suggest any employees are engaged in fraud. Ans: The purchase cost of each ice cream is $1.50 Gallon, where as the reported ice cream COGS cannot be ending with 0.68, 0.19 and 0.75. This is certainly very suspicious and gives a very wrong message. 4. Use information on inventory consumption compared to expected levels; identify the employee or employees you believe responsible for the fraud. Indicate the tests and calculations you performed to support your conclusion. Ans: When we compare with the standard COGS and the Actual COGS, there is a huge difference as mentioned below: Difference In COGS Costs Ice Cream Toppings Cones 783.68 163.36 370.2 844.31 181.79 375.59 380.92 196.03 407.91 Paper Goods 143.85 97.84 102.18 5. Assuming the fraud involves skimming cash from unrecorded sales; determine the approximate dollar amount of the theft. Indicate how you arrive at this estimate. Ans: The difference in cost from actual to standard gives the following estimated dollar amount that is skimmed by the employees, which is very minimum: Difference In COGS Costs Ice Cream 783.68 844.31 380.92 Toppings 163.36 181.79 196.03 Cones 370.2 375.59 407.91 Paper Goods 143.85 97.84 102.18 Total 1461.09 1499.53 1087.04 6. Recommended controls that you believe should be implemented to prevent or detect this type of fraud in the future. Ans: Number of scoops of ice cream along with other items sold need to be followed by a bill, which need to be matched with the inventory sold and the closing inventory. While changing in the shifts, it is necessary that incoming employees try to match the inventory available and the amount that is supposed to be available as the online inventory available. It is true that, the incoming employee while coming for duty may not count the entire inventory, but the gallons that are opened need to be checked to avoid of misuse of sale. All the billing has to be done in the system and while the outgoing and incoming employees change the duty, they need to check the ounces available in the particular category and ensure the correctness. All from time to time , there should be surprise inspections to make the employees aware that, they should not inclined to indulge in fraud.