It is now July 2023, and Mr and Mrs Stitch have been very successful in growing their business. The business now stocks over 20 different inventory lines and employs six full-time staff.

As the business continues to grow, you strongly encourage Mr and Mrs Stitch to review internal controls over cash receipts and cash payments in the business, to safeguard the businesss money.

Mr and Mrs Stitch are not overly concerned, as they have never had any issues with cash going missing or being stolen in the past.

Required:

Undertake some research online, looking at cases of employee fraud and/or supplier fraud in Australia. Prepare a letter to Mr and Mrs Stitch - discussing the importance of internal controls, and addressing the following:

i) Provide a brief overview of two recent cases of employee and/or supplier fraud in Australia, explaining how money was stolen from the business. Explain what internal controls could have been implemented to reduce the risk of the fraud occurring. Include a copy of an article relating each case with your letter (or provide website links to the articles in your letter) for Mr and Mrs Stitch to review. (6 marks)

ii) To help Mr and Mrs Stitch as they consider reviewing internal controls, outline two internal controls over cash receipts and two internal controls over cash payments that can be implemented in the business (including in its Information Technology (IT) environment) immediately. In your discussion, explain how each of these controls helps to reduce the risk of fraud or theft. (4 marks)

can you please provide this question answer as soon as possible. Thank you.