Nobody downloaded yet

Internal Fraud Investigation at Lakes Inc - Assignment Example

Comments (0) Cite this document
Summary
In the paper “Internal Fraud Investigation at Lakes Inc.” the author provides the Lakes Inc. case, which was approached through interviewing, document scrutiny and making observations. In getting to the root of the problem, documentary evidence was reviewed and secured…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Internal Fraud Investigation at Lakes Inc
Read TextPreview

Extract of sample "Internal Fraud Investigation at Lakes Inc"

Download file to see previous pages Next were co-conspirators then the main suspect. Professionalism was maintained as was respect for the suspects rights. All interviews and proceedings were recorded. A confession was obtained from the key suspect after a leniency deal with the co-conspirator. The investigation recommended an out of court settlement. Introduction Internal fraud is increasingly becoming a major concern for organizations either with staff abusing their positions, making false claims or outrightly obtaining company assets by unauthorized means. While staff should be the first line of defense against fraud attacks, some staff members take advantage of this and become the fraudsters. The UK leading anti-fraud agency, CIFAS reported a 70 percent increase in internal fraud by employees in the half year of 2009 (Jones, 2011). The rise in staff fraud necessitates investigations in the most professional and effective manner to root out the offenders, recover stolen property and mitigate such future occurrences. This paper will give a narrative of Lake Inc. case where the Associate purchasing director was reported to be abusing his position to obtain goods fraudulently. The essay will report on how the investigation was done, the findings and conclusions made. On receiving the tip, the Lakes Inc. management contacted the writer to get to the bottom of the issue by conducting a thorough and professional investigation. The basic steps for investigating internal fraud were conducted to solve the case. The fact that the investigations started almost two months after the staff tip-off could potentially have jeopardized the case. This is because frauds should be reported, verified and investigated as soon as possible. This way tracking evidence is faster and the evidence is still fresh. Sufficient grounds to believe fraud had taken place were established by myself before getting on with the investigation. I used interviewing, document scrutiny and making personal observations to get to the root of the case, and secured control and ownership of the relevant purchase and payment documents. This was essential in ensuring they are not tampered with and that they could be availed and used as evidence. The documents helped form the basis for conducting the investigation at Lakes Inc. I reviewed the obvious information first; that false invoices had been used to obtain refunds by the purchases department amounting to $ 8 795.60, before getting into the details. Getting detailed information involved interviewing neutral third party witnesses to the case after scrutinizing the invoicing documents and authenticating them. The neutral third party witnesses interviewed were dispatch and collection personnel, the stores and inventory clerks, and the IT support department (Coenen, 2009). These were interviewed to verify no computer servers were bought as stated in the invoice and claim documents were actually delivered, entered into the inventory records, and/ or installed. The interview took place on the 6th August. From here, witnesses who could corroborate the evidence adduced so far were interviewed on the same day (Coenen, 2009). An evaluation of the requisition system for new equipment or office equipment was done to establish the procedures and who were involved in the process.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Internal Fraud Investigation at Lakes Inc Assignment”, n.d.)
Internal Fraud Investigation at Lakes Inc Assignment. Retrieved from https://studentshare.org/law/1443575-security-reporting
(Internal Fraud Investigation at Lakes Inc Assignment)
Internal Fraud Investigation at Lakes Inc Assignment. https://studentshare.org/law/1443575-security-reporting.
“Internal Fraud Investigation at Lakes Inc Assignment”, n.d. https://studentshare.org/law/1443575-security-reporting.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Internal Fraud Investigation at Lakes Inc

Powell Logistics Inc: Summary of an Investigation

...? The case study regarding Powell Logistics Inc. (PLC) is one that prompts the reader to ask himself the same questions being considered by John Powell, the president and founder for the aforementioned company, and consider which choice would be wisest. John Powell has been in the trucking industry for over fifty years and current economic conditions are forcing him to considering making changes from modifying the structure of the company to stepping down as president to selling the company to an outside buyer. Many companies are faced with similar decisions because of the economic crisis but many of them are out to be the largest supplier of whatever commodity or service it is they provide. In John Powell’s case, he...
3 Pages(750 words)Essay

Great Lakes, Great Decisions

...and threat of new entrants. The internal (micro-environmental factors) are bargaining power of suppliers and bargaining power of buyers (Hill and Jones 45). This will be format for the analysis on Great Lakes. Substitute products – the threat comes not from another product that will substitute a lead-based gasoline product but rather comes from an entirely substitute product which is the ethanol and other bio-based fuels. This makes demand for leaded gasoline go lower; because unleaded gasoline has almost the same power as that produced by ethanol-based fuels. Other newer substitutes will be the electric cars which can now run longer without re-charging too often, unlike the previous car batteries which...
6 Pages(1500 words)Case Study

Great Lakes: Great Decisions. PESTEL General Lakes Chemical Corporation

...? Great Lakes: Great Decisions Great Lakes: Great Decisions There are many different techniquesthat can be used to analyze the general environment in which an organization operates. The general or the macro environment analyzes the long term picture with respect to the operation performed by an organization. The PESTEL model is one of the most renowned models used for assessing the general environment of an organization. Hence it would be highly appropriate if PESTEL model is used to analyze the macro environment of General Lakes Chemical Corporation. PESTEL – General Lakes Chemical Corporation. Political The major political issue with General Lakes...
5 Pages(1250 words)Essay

Great Lakes: Great Decisions

...? Great Lakes: Great Decisions [Type the [Type the [Type the [Type the Perform an analysis of the social / demographic, technological, economic, environmental / geographic, and political / legal / governmental segments to understand the general environment facing Great Lakes. Describe how Great Lakes will be affected by each of these external factors. Social/Demographic: The size of population and geographic location are the two factors which have a fairly strong effect on Great Lakes. The lead additives manufactured by Great Lakes are consumed majorly by developing countries where health and safety standards are not fully established. In developing...
4 Pages(1000 words)Research Paper

Great Lakes: Great Decisions

...? Great Lakes: Great Decisions Insert Great Lakes; Great Decisions Great Lakes Chemical Corporation has many segments that influence their general environment in several ways. For a long time the firm has been getting global pressure to make it stop generating lead additives. Some of the aforementioned segments are discussed below. 1. Perform an analysis of the social/demographic, technological, economic, environmental/geographic, and political/legal/governmental segments to understand the general environment facing Great Lakes. Describe how Great Lakes will be affected by each of these external factors: Social/Demographic Factors Since Great Lakes usually influence social and demographic regions, it is extensively significant... that the...
4 Pages(1000 words)Research Paper

A Report on the Investigation on the Allegations against a Plant Employee of an Acquired Corporation, Lakes Inc

...? Security and Loss Prevention Affiliation with more information about affiliation, research grants, conflict of interest and how to contact Security and Loss Prevention: A Report on the Investigation on the Allegations against a Plant Employee of an Acquired Corporation, Lakes Inc Introduction This report includes an investigation of an offence done by one of the plant employees of the company, Lakes Inc. This company deals with physical assets. From the investigation conducted on June 12, 2007, it was found that one of the employees is engaged in some internal fraudulent activities. The purpose of this investigation is to find out what exactly the offence is, and provide recommendations to the company for reducing such practices... ...
4 Pages(1000 words)Essay

Responsibility of Internal Audit in the Detection of Fraud

Auditing is mostly of two types: Internal and external audit. The internal audit team is a team appointed by the management of the company which aims at ensuring that the company is acting according to the rules and operations are in compliance to all type of internal and external rules. Internal audit prepares a company for an external audit by evaluating the operations and checking for fraud within manageable levels. External audit, on the other hand, is conducted by independent authorities who have no personal concern or take in the company and are appointed by the SEC or legal authorities to check the company’s operations. When an internal audit team audits, the company does not face any fine or legislation in case of fr...
25 Pages(6250 words)Research Paper

Use Of Benford's Law In Fraud Investigation

...USE OF BENFORDS LAW IN FRAUD INVESTIGATION Table of Contents 3 Introduction 4 Benford’s Law – Percepts and Background 5 Applications of Benford’s Law 10 Significance and Use of Benford’s Law in Detecting Accounting Fraud 11 Benford’s Law in Fraud Detection – Cases 15 Implications of Using Benford’s Law 17 Conclusion 21 References 23 Abstract The application and potential use of Benford’s law in detecting fraud, particularly in accounting and audit situations, is gaining popularity in the recent years. The law is based on a simple observation that lowers digits appear more frequently than others in certain data sets. The technological developments in the past years... and the...
20 Pages(5000 words)Essay

Statute of Frauds

...Statute of Frauds Statute of Frauds, also known as contract, is an agreement between two or more parties to create reciprocal obligations enforceable at law. A contract has two elements which are mutual assent and consideration. In most of the States, types of contracts implicate the statute of frauds are land, suretyships, consideration of marriage, goods over a certain amount of money, and contracts that cannot be performed within one year. In contrast, North Carolina has statutory limitations periods for Civil and Personal Injury Actions. For example; medical malpractice actions that must be commenced within three years of the act or omission giving rise to the injury, or within two...
1 Pages(250 words)Essay

Fraud

... Here Here Here Here Week Two Discussion: Fraud One example of a fraud case that I am aware of comes from the United Arab Emirate (UAE) National Bank organization. An elderly UAE national was surprised to find that 13 million dirhams (about 3.5 million United States dollars) was missing from his bank account. He immediately filed a complaint that would eventually expose a scandal. The bank investigation documented up to 14 communications that helped to find the root of the missing funds. They would eventually be led to the commercial director of the bank. The case revealed that he had committed fraud against older bank customers as long as 20 years previous to this incident by exploiting the footprints that these customers used... in the...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Internal Fraud Investigation at Lakes Inc for FREE!

Contact Us