look at your current workplace or one you have worked for in the past. Do you think...

look at your current workplace or one you have worked for in the past. Do you think there was/is a potential for fraud at this organization (do not name the organization just a general description such as large retail organization, city government, etc)? Give specific examples.

Expert Solution

Solution:-

Potential of fraud can be found in all organisation however the magnitute of fraud may differ. In large MNC organisation which has better internal control system and separation of duties the fraud would be less and can be easily identified.

In organisation which i have worked in past the companies some field where fraud was possible like

1) Selecting the vendor by procurement team which would have relationship with any employee of company or procurement team. In such case the price charged by vendor for supply of product could be higher than normal price of product in market

2) falsified overtime - Hours worked on project need to be recorded so that we can bill accruately to the project on which the employee is working since the number of hours need to be approved by manager some employee who are close to manager flasified overtime in some project and get paid for overtime and also charge more to project.

3) percentage of completion revenue recognition - On some POC contract the finance team used to record more cost in some specific project to overstate the revenue to achieve revenue number.

ekkarill92 answered 2 years ago

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