TASK Assessment conditions: This is an individual assessment task (not a group assessment task). Betty and Tony Abscond have hired you to overview their Enterprise Resource Planning (ERP) system for their business Looking they read on the Australian Competition and Consumer Commission (ACCC) website titled "Scams cost Australians half a billion Betty and Tony are concerned that clients may be potential targets for internal and external fraud based on this media release. to review their current system of controls. Betty and Tony have requested that you focus your research on current threats to the and accounts receivable at LFL is as follows: . When a new client joins LFL they complete an online application entering all personal details and bank account details. As part of this application process the customer provides consent to debit the fees from their credit card. A range of different services apply, hence differing costs are associated with these packages. The client selects the approp . Any employee in the new accounts team may create the new customer profile. Dace the profile is entered into the system clerk for processing. The information for each potential date is sent by email to the new customer to select a possible candidate. The informat photo. If the customer wants extra information on their potential dates, they may contact the customer relationship team for this The current process for accounts receivable requires the accounts receivable clerk to upload customers credit card details will generate invoices and payment confirmations to distribute via email to customers. LFL has a number of business bank accounts, hence the ERP system allows the accounts receivable clerk to nominate ban Using the information provided to you, prepare a business report to Betty and Tony addressing the following: 1. An overview of fraud in Australia. (1 Mark) 2. Describe five (5) common forms of fraud that occurs over accounts receivable in Australia. (2.5 marks) 3. Critical analysis of five (5) possible internal control weaknesses relating to LFL's systems that allow fraud to occur and the 4. Recommendation of specific application controls LFL could implement to minimise the impact of each of the potential we the coming months, not theoretical controls: (5 marks) 5. Following from the weaknesses and controls you have identified, prepare part of a document flowchart to illustrate the in a. include at least two (2) relevant business areas (you do not need to document the entire process); and b. provide a short narrative of how the document flowchart captures the application of controls you have identified. 3 marks will be awarded for the presentation of your report. This includes the use of appropriate grammar and spelling, applica DATIONAL TASK Assessment conditions: This is an individual assessment task (not a group assessment task). Betty and Tony Abscond have hired you to overview their Enterprise Resource Planning (ERP) system for their business Looking they read on the Australian Competition and Consumer Commission (ACCC) website titled "Scams cost Australians half a billion Betty and Tony are concerned that clients may be potential targets for internal and external fraud based on this media release. to review their current system of controls. Betty and Tony have requested that you focus your research on current threats to the and accounts receivable at LFL is as follows: . When a new client joins LFL they complete an online application entering all personal details and bank account details. As part of this application process the customer provides consent to debit the fees from their credit card. A range of different services apply, hence differing costs are associated with these packages. The client selects the approp . Any employee in the new accounts team may create the new customer profile. Dace the profile is entered into the system clerk for processing. The information for each potential date is sent by email to the new customer to select a possible candidate. The informat photo. If the customer wants extra information on their potential dates, they may contact the customer relationship team for this The current process for accounts receivable requires the accounts receivable clerk to upload customers credit card details will generate invoices and payment confirmations to distribute via email to customers. LFL has a number of business bank accounts, hence the ERP system allows the accounts receivable clerk to nominate ban Using the information provided to you, prepare a business report to Betty and Tony addressing the following: 1. An overview of fraud in Australia. (1 Mark) 2. Describe five (5) common forms of fraud that occurs over accounts receivable in Australia. (2.5 marks) 3. Critical analysis of five (5) possible internal control weaknesses relating to LFL's systems that allow fraud to occur and the 4. Recommendation of specific application controls LFL could implement to minimise the impact of each of the potential we the coming months, not theoretical controls: (5 marks) 5. Following from the weaknesses and controls you have identified, prepare part of a document flowchart to illustrate the in a. include at least two (2) relevant business areas (you do not need to document the entire process); and b. provide a short narrative of how the document flowchart captures the application of controls you have identified. 3 marks will be awarded for the presentation of your report. This includes the use of appropriate grammar and spelling, applica DATIONAL