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Accounting Fraud

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Accounting Fraud

Category: Coursework

Subcategory: Accounting

Level: College

Pages: 1

Words: 275

Accounting Fraud Style
University Details
What items on the balance sheet were affected by this fraud?
Exaggeration of Midland Beach Plumbing Company’s assets or owner’s equity will take place. After the theft incidence by the employee, all the financial books are needed to be resolved. Detecting the company’s assets theft will engage expense audit. The company theft will reduce the net income which in turn will reduce the owner’s equity to bring the accounting equation into equilibrium.
Based on the seven elements of internal control what controls might have been missing?
Competent and trustworthy personnel with clearly defined duties and authority
According to this article, the employee at Midland Beach Plumbing Company portrays a lack of fitness and trustworthy. These deductions are made since she managed to wrap thousands of dollars from her employer. In addition, she depicts a lack of competence in her work since she could not siphon money without the owner’s permissions.
Adequate separation of duties 
The company reveals that it lacked sufficient split-up of duties. The company had mandated the lady more responsibilities without supervision. Such duties included making deposits, reporting, and auditing. The more the tasks are defined as different employees the lower chances of fraudulent acts.
Proper procedures for authorizing transactions
The company lacks a defined procedure to be followed to avoid any theft of company’s money (Kramer, 2…

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