Inventory Fraud

| Codification Research musical arrangement| size up ruse| | By:Severin Konan| 10/5/2011| Memorandum ACCT 813 1 University drive University Park, Illinois 05/10/2011 To: TJ Wang From: Severin Konan Subject: scrutinise Frauds Codification Research System After attending the New Yorks training seminar on the Codification Research System as it relate to grow animal fraud, it appears that the most common fraud that occurs at piece of ass corporations is asset misappropriation. According to the Association of Certified Fraud Examiners, more than than than 91% of all internal fraud schemes involved an asset misappropriation. The average loss from an asset misappropriation is about $150,000. asset misappropriations include the misuse or theft of assets or stocktaking belonging to a comp all. Considering the importance of the topic, I decided to fascinate what I learned with my colleagues. * I.

scrutinise Fraud According to the component part 330-10-05, Overview and Background, armory is The aggregate of those items of tangible personal property that suffer any of the following characteristics: a) Held for sale in the ordinary course of study of credit line b)  In process of production for such sale c) To be currently consumed in the production of goods or services to be available for sale. Who extracts instrument fraud? Anyone who preserve physically name at or controls the purchase of inventory has the opportunity to steal it. Employees commit different types of fraud depending on their access to the inventory or the business system. For example, a acquire officer will un remarkably find it difficult to array inven! tory records, a sales rep may precisely do access to sales records, and so they will have to commit different type of fraud. Types of Inventory fraud Inventory fraud is the misappropriation of inventory items by an employee. In most cases, the inventory item is stolen for use or sold. The one-third major types of inventory fraud are: A. Inventory...If you want to get a full essay, order it on our website: OrderEssay.net

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