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Internal Accountant's Report to Management (Accounting) - Essay Example

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Summary
Occupational fraud can be defined as the deliberate misuse or misapplication of the assets by the use of one’s occupation for personal enrichment while abuse refers to the deceitful application of fraud.
In cases where the earnings of individuals are determined by the profit…
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Internal Accountants Report to Management (Accounting)
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Internal Accountant's Report to Management (Accounting)

Download file to see previous pages... The government has initially failed to incorporate any major barriers to overcome the disaster of fraud, but in recent times some positive steps have been taken in this regard.
There are several corruption schemes developed within the organization which are organized to aid fraud and abuse. The company needs to be aware of these which can cause loss of revenue and information alike.
A kickback takes place when the fraud perpetrator enjoys the benefit of the overpayment of a good or service. It is easy to exercise such kind of a fraud and to get employees involved in such kind of activities. (Expert Fraud, 2009) Employees involved in the approval of contracts may have an upper hand inn this regard.
This may also be referred to as skimming schemes. This kind of corruption takes place while the cash is paid by the customer to the cashier and before it is recorded in the accounting records. Since there is no recorded transaction, it is difficult to detect this kind of corruption scheme.
This is one of the most common kinds of corruption schemes that take place within the organization. Employees who have access to records and are involved in the recording and approval of transactions can understate or overstate the expenses or revenues for their benefit. This largely happens when their remuneration is determined by profit and gains etc.
Bribery can be a major issue of corruption within the company which can cause loss of confidential and important information pertaining to the entity. It may lead to a loss of precious revenue as well as dent the reputation of the company.
Occupational fraud is one of the greatest threats to our organization in terms of privacy as well as revenue generation. The company must take appropriate steps to mitigate the risk of fraud and corruption by establishing controls pertaining to all the highlighted ...Download file to see next pagesRead More
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