My name is Lisa Cooper. I am a spouse, a mother, an accountant and an ex-convicted. At an early stage as a sacrifice single parent, I needed a superior life for my kids, so I went to night school at the University of Chicago and earned my four-year college education. For the subsequent years, I endeavored to accomplish a regarded position in the corporate world. I began in my teenagers as a cashier at a vehicle sales center. Next, I was employed as a payable clerk for a well- known company in Chicago. When I graduated, I became an accountant in a large manufacturing business. For most of my life, I was a hard worker who fulfills all requirements, an attribute that eventually led to my collapse and put me behind bars, a convicted felon. Throughout my climb up the corporate ladder, I continued to overachieve. But my success bred arrogance and selfishness. I was a charmer when it suited me. My colleagues never suspected or detected the deeply-held negative traits I hid behind a mask of excellence, dependability and trustworthiness. At home, my "in control persona fell away. I felt remorseful for being ceaselessly busy working and school. I used to fulfill all my children demands and gave them everything which made them not responsible. Thusly, my child was frequently in a tough situation with the law. At 18, he was charged as a criminal and imprisoned. I was desperate to save him from his bad acts and for a while I ought that it would have been wiser to let him be punished for his wrongdoing The first incident I commit fraud, I utilized the company assets to recruit a legal counselor for my child. It worked. The charges were diminished, and he was discharged. Unexpectedly, I would in the long run go to jail. Snared on cash, I kept on stealing my manager, fabricating approaches to legitimize the robbery to myself. I worked more enthusiastically, put in more hours. By one way or another, this caused me to feel less blameworthy and less disgraceful about my conduct. I pledged to figure out how to take care of the cash I'd "obtained." Now, I doubtlessly observe what I did wasn't right from all points. And I have to live with - and will never get over -- the look of betrayal in my boss' eyes when my fraud was uncovered. I embezzled $458,000 over approximately four years. While I used some of the money to buy frivolous items, I gave the majority to people I knew in financial hardship. An overachiever and people pleaser, I thrived on their appreciation of "my generosity" and on my status as their savior. Today, I realize I am no one's savior. For me, there is only one savior, and His name isn't Lisa Cooper. Covering my fraud was easy. My boss didn't care about internal controls. As a manager, I had control over all the system modules and bank accounts. I had authority for all types of accounting transactions and decisions except signing checks. I used to print the checks through the accounting system and then forging the vice president signature and forge it. After that, I sent my statement of account along the company check to the bank to settle my credit card. Although positive pay wouldn't have stopped me, it prevents money from being stolen from checking accounts through fake checks. In positive pay, the company sends its bank a list of checks that have been written. When checks are presented for payment, the bank will match the check number, date, amount and payee (a "four-way" match). Matching checks will be cleared. Checks that don't match the list provided to the bank are rejected. I hid my embezzlement in the cost of goods for the company's largest customer. If the owners had reviewed the costing reports and paid attention to other signs in the financials, they might have caught me. But my employer spent a lot of time outside of work enjoying life. He was always quick to tell me how grateful he was to me and how much he appreciated my work ethic. Because he trusted me, my boss let his guard down. Here's a secret: Trust is not a control. It's a feeling. That's why accountants should never complete an internal control checklist based on client trust. The fraud I committed to settle my credit card uncovered my fraudulent activities. Lisa was afraid that the CPA consultant may uncover her fraud. The accountant strongly encouraged my boss, the president, to get to the bottom of the three percent increase in the cost of goods, but he did not listen to his advice, and he refused to pay for more than a compilation. On a cool morning, I checked into a resort to commit suicide. My theft had been discovered and a warrant issued for my arrest. No one, not even my husband, knew of my fraud. It was all too difficult to face. Rather than suffer the embarrassment, I decided that ending my life was the only way out. Certainly, God wanted nothing to do with me, and I figured why not go straight to hell? In this selfish state of mind and blind with the love of money, I didn't see the blessings in my life. Fortunately, my suicide attempt failed. I was charged with forgery theft. I surrendered to the police, pleaded guilty to all charges and was sentenced to seven years. I served three years and received two years credit for good behavior. I'm serving the final two years on probation. Throughout this ordeal, I believe God has shown me great mercy. Recognizing His forgiveness for my sins and the redemption that comes with my repentance, I want to be a giver instead of a taker. I hurt so many people. Once I took an honest look at myself, I decided I did not want to be a liar, a manipulator and a thief. Yet, I refuse to allow this major mistake to define me and my life. I talk openly about my crime, because I recognize the value my story has for accounting professionals. I also speak to inmates in county jails and prisons. I explain that, like me, it is possible for them to pull their lives back together, but that they must start with honesty. It really is all about the truth. Once I told the trial judge the truth and accepted the repercussions of my actions, I was finally free. Today, I work as an accountant for a business near my home. I revealed my crimes to my employers, and, after a thorough background check, they hired me. They are pleased with my work, and I am very happy there. They fully support my efforts as a speaker against fraud, because they see the good that can come from it. Through my employment, and the funds I earn from speaking, I am making restitution to my victim. My illegal actions overwhelmed my family emotionally and financially. My husband, my children and extended family had no idea what I was doing. One day I was home, and the next, I was in jail. They were left in shock to try to pick up the pieces of the huge mess I made. It has taken years for us to work through the feelings of anger and betrayal I caused Required: Answer the following questions: 1. What are the fraud elements encountered in the case? 2. What lessons can be learned from the above case? 3. What are the weaknesses of the internal control system? 4. What are the internal controls that can be implemented to avoid such fraudulent activities in the future