Mike has been working at a large paper manufacturing company for 5 years. The company owns thousands of acres of forestland. Mike feels fortunate to have held his job for so long, considering his past, which involved being fired for fraudulent activities in two different jobs. With the help of his brother Greg, Mike created his own entrepreneurial venture which competed with his employer. While clocked in for his employer, he used his employer's equipment to cut trees and had his brother sell them to a competitor.

1. What type of fraud(s) could be or is/are being committed (Be Specific)?

1. What procedures could have been implemented to prevent this fraud?

1. What procedures could have been used to detect this fraud?