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You have an extensive background in manufacturing. Over your career, you have worked in both small and large manufacturing businesses as a salesperson, sales manager, VP of Sales, and then decided to finish your accounting degree and move to finance positions, including a Controller position, overseeing all aspects of manufacturing accounting. You know sales, accounting, and all operations within a manufacturing organization and how things should work.Accounting homework help
You are now a fraud consultant running a lucrative consulting business, specializing in manufacturing operations. You have been asked by two of the companies you used to work for to help them determine how recently discovered financial fraud could have been avoided with proper processes, or internal control policies and procedures, in place.Accounting homework help
Internal controls are important for companies as they implement rules and procedures, such as handling incoming cash, checks, and payment authorization, that help ensure the integrity of financial and accounting information, promote accountability and prevent fraud.
Internal controls can help improve the operational efficiency of financial accounting accuracy and timeliness.
When internal controls are not properly implemented and followed, an organization risks experiencing a variety of issues including – but not limited to – a failure to comply with laws and regulations, fraud, or employees stealing assets.
For your discussion post:
The following two businesses reached out to you to help investigate and correct their recent fraudulent activity from occurring again:
The Robotics Company—a robotics technology company that sells its equipment to businesses around the world. Accounting homework help
W&M Windows—a manufacturing company that provides energy-efficient windows to clients across North America.
Your assignment as the companies’ consultant is to identify the weaknesses in the companies’ processes that allowed the frauds to occur.
For each company’s situation, please answer the following questions for each company:
What went wrong in the organization’s structure that allowed the issue to occur?
What is your recommendation(s) that the organization can follow to prevent this activity from occurring again?Accounting homework help
The Robotics Company
Noah, a sales manager at The Robotics Company, frequently travels to potential clients across the United States to help sell the company’s products and services. Because of his frequent trips, Noah developed personal relationships with several local individuals. He regularly dined out with them at expensive restaurants and submitted claims for expense reimbursement for “business-related meals.” Noah accumulated $10,000 worth of fraudulent expenses over two years by spending outrageous amounts on food and even upcharging the amount before submitting expenses to get more money in his pocket. As time went on, Noah bragged to his colleagues about “getting away” with his expense abuses, justifying that the meals are extra compensation for his stressful travel schedule. The senior leadership team learned of the fraud a few weeks after colleagues heard about his expense abuses. The team confronted Noah and promptly terminated him.
As a top executive at W&M Windows, Sofia has the authority to approve vendor invoices and have them processed for payment by the company’s accounts payable department. Sofia, along with three of her friends, developed a scheme where she would facilitate payment of bogus invoices by submitting fraudulent vendor forms in the names of three friends or illegitimate companies controlled by them. Checks issued by the company in payment of these invoices were sent to Sofia’s friends. Sophia and her friends successfully stole $700,000 from this scheme. Sophia received $140,000 from this amount as kickbacks.Accounting homework help
Your post must be at least 300 words with two replies to students.
The grading rubric is attached – please click on the three dots on the upper right-hand corner of this assignment to see the categories and grading metrics. Accounting homework help