For the small business, which of the following is a good way to prevent or detect...
For the small business, which of the following is a good way to prevent or detect fraud? Segregate duties. Owner involvement in the business. CPA Audit. Hire trusted employees only.
For the small business, which of the following is a good way to prevent or detect fraud?
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Segregate duties. |
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Owner involvement in the business. |
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CPA Audit. |
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Hire trusted employees only. |
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Which of the following is the most difficult fraud to detect?
Cash skimming
Cash larceny.
Shell company billing scheme.
Use of company charge card for personal purchases.
- Which of the following is not a control for preventing/detecting an employee from stealing from the bank deposit?
Homework Answers
1. Segregate duties.
When one employee performs multiple tasks such as billing, accounting, cash collection, etc. the probability of fraud increases and its detection becomes difficult.
2. Cash skimming
Larcent and use of company card are traceable. In billing schemes, the transactions are recorded. However, in cash skimming, the transactions never make it to the books, fraud occurs before it and hence very difficult to track.
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