On finding out that the employee is doing a fraud the employer should immediately take the necessary action against it based on the type of fraud and legalities attached to it. He will have to identify if the issue should be addressed with legal implications or internal company policy. Before initiating an investigation the relevance of the fraud, the magnitude and effect on others have to be evaluated. After assessing the level of the fraud committed, the actions that can be taken against it will be identified. Punishment can be in the form of fine, suspension from services, termination and even handing over the person to the legal authorities for further investigation and judgement by law.
Each of this action against the employee can be taken with enough laws and evidence to support it. For example, an employee's contract cannot be terminated without proving that the fraud stands effective enough for this step. Also, the procedure of the action should be followed as per the company policies. For example, if the termination procedure has to be performed with a mail informing the employee about his termination cause, evidence, date and any other details required to support the termination. The action taken against the fraud should be such that the guilty cannot use it as a counter back against the employer legally and also it sets an example for other employees working in the organization.
When doing a fraud examination, who should be interviewed last? The suspect (target) Neutral 3rd party witnesses Co-conspirators Corroborative witness
What is the auditor's responsibility if they find evidence that might be fraud when conducting an audit?
CPA Australia’s advisory guide on employee fraud identifies some typical ways that fraud is carried out. These are listed in the table below. In the table below: (a) Recommend a control for each of the risks identified in the table below. (b) Classify each of the control activities as preventive, detective, or corrective. Source: Parkes, Alison, Brett Considine, Karin Oleson, Yvette Blount. Accounting Information Systems, 5th Edition. John Wiley & Sons Australia, Risk Control Control classification 1) creating ‘ghost’ employees...
on fences what chore is Rose doing when Troy comes out of the house?
“According to the fraud triangle, if an employee both perceives pressure (has a need) and perceives an opportunity to commit fraud, it is very likely that employee fraud will occur.” Is this statement true or false? Explain
An employee devises a payroll scheme that costs the employer $150. The employer discovers the fraud but decides not to confront the employee since the amount of the fraud is small. Discuss why the above course of action is not advisable and how you would handle the situation?
An employee devises a payroll scheme that costs the employer $150. The employer discovers the fraud but decides not to confront the employee since the amount of the fraud is small. Discuss why the above course of action is not advisable and how you would handle the situation?
Fraud and abuse are big issues with Medicare. What area is more problematic to Medicare: fraud or abuse? Defend your choice. What is Medicare doing to alleviate this problem?
What are walamart doing well and what are they doing poorly point out general view
I'm doing an induction motor assignment and trying to find out the difference between Ns and N in the equation......N=(Ns)*(1-S), please describe the difference, and what word should I look for when trying to identify Ns or N in a problem's description.