Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left for California, never to return. His foreman seized

John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left for California, never to return. His foreman seized the opportunity to continue to submit time cards for John to the payroll department. Each week, as part of his normal duties, the foreman received the employee paychecks from payroll and distributed them to the workers on his shift. Because John was not present to collect his paycheck, the foreman forged John's name and cashed it.

1.Describe two control techniques to prevent or detect this fraud scheme.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, Robert Parker

13th edition

1292081902, 1292081908, 9781292081960 , 1292081961, 978-1292081908

More Books

Students also viewed these Accounting questions

Question

What evidence exists to support the credit view of monetary policy?

Answered: 1 week ago

Question

2. Use different groups for different subjects.

Answered: 1 week ago

Question

How do differences in fiscal policies impact interest rate parity?

Answered: 1 week ago

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago