ACC 100 Accounting Principles I Week 8 Discussion 1 Embezzlement in the Workplace, Accounting Homework Help,

  

“Embezzlement in the Workplace” Please respond to the following:Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that twenty three (23) major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012. Watch J. Farrell’s video:Then, identify at least four (4) internal controls effective in mitigating employee theft and / or fraud. Provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.
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Accounting I
ACC 100
Fraud, Internal Control, and Cash
Topics




Fraud and internal control
Cash controls
Control feature – use of a bank
Reporting cash
Fraud
A dishonest act by an employee that
results in a personal gain to an employee
at a cost to the employer.
Fraud Triangle
Rationalization
Elements Of The Fraud Triangle
Pressure
Opportunity
• What causes a person to
commit fraud
• The ability to commit fraud
• Reconciling the bad
behavior
Rationalization
Rationalization
Internal Control
A control
environment
Risk
assessment
Control
activities
Information
and
communication
Monitoring
PROPERTIES
On passing, ‘Finish’ button:
On failing, ‘Finish’ button:
Allow user to leave quiz:
User may view slides after quiz:
User may attempt quiz:
Goes to Next Slide
Goes to Next Slide
At any time
At any time
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Cash Controls
Establishment of Responsibility
Segregation of Duties
Documentation Procedures
Physical Controls
Independent Internal Verification
Human Resource Controls
Cash Controls
Responsibility
• Only designated personnel
are authorized to handle cash
receipts
Segregation of
Duties
• Different individuals receive
cash, record cash receipts,
and hold the cash
Documentation
Procedures
• Use of remittance advice,
cash register tapes, deposit
slips
Cash Controls
Physical
Controls
Independent
Verification
Human
Resource
Controls
• Limit access to storage
areas, use of cash
registers
• Employee verification of
receipts
• Bonding of employees
Control Feature – Use Of A Bank
Contributes to good internal control over
cash
Creates a double record of bank
transactions
Minimizes the amount of currency on hand
Bank reconciliation
PROPERTIES
On passing, ‘Finish’ button:
On failing, ‘Finish’ button:
Allow user to leave quiz:
User may view slides after quiz:
User may attempt quiz:
Goes to Next Slide
Goes to Next Slide
At any time
At any time
Unlimited times
Reporting Cash
Partial Balance Sheet
Current assets
Cash and cash equivalents
$1,889,000
Summary




Fraud and internal control
Cash controls
Control feature – use of a bank
Reporting cash

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