Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

The course project flows fromWeek 1throughWeek 5. The course project assignments are based on the development of a policies and procedures manual for a hypothetical or actual organization.Use the same...

1 answer below »

The course project flows fromWeek 1throughWeek 5. The course project assignments are based on the development of a policies and procedures manual for a hypothetical or actual organization.


Use the same organization as in previous weeks.



Tasks:


As a course project task for this week, provide the purpose, scope, responsibilities, definitions, activities and processes, references, and forms for policies regarding the following:



  • Summarize financial statement fraud.

  • Analyze fraud from earnings manipulations and earnings management.

  • Analyze employee fraud and how it can be prevented, identified, and corrected.

  • Describe vendor fraud and how it can be prevented, identified, and corrected.



Submission Details:



  • Present your manual in a 3- to 5-page Microsoft Word document using APA style.

Answered 6 days After Aug 06, 2023

Solution

Nitish Lath answered on Aug 13 2023
29 Votes
1. Brief about the organization selected
XYZ financial services is a well-known financial services provider organization that offers various kinds of services such as investment management, insurance, banking, and wealth consulting services. The company is also known for various kinds of moral and ethical values and for providing top-notch financial services.
2. Brief description and policies and procedures related to financial statement fraud:
Financial statement fraud is the intentional misrepresentation of the financial statements of an organization and the main objective of financial fraud is to show more positive financial and cash flow performance and position of an organization. The warning signs for financial fraud can be categorized into four parts behavioral, financial, business, and organization (Scott Beaver, 2022). There are various approaches to financial fraud which can include overstatement of revenue recording of fictitious sales and services, timing differences i.e. pre-recognition of revenue or deferment of operating and non-operating expenses in a future period, inflation of net worth, concealment of obligations or liabilities and improper and inadequate disclosures, etc.
Financial fraud can be identified in many ways and by following warning signs for financial fraud. Trend analysis is one of the most powerful tools for the identification of financial fraud. Unexpected changes in assets and liabilities, missing or altered documents, independent audit of financial transactions by a third party, dishonest and hostile attitude of management, sudden replacement of auditor or resignation, comparison of ratios of organization with its peers, and percentage analysis can also be performed to identify such frauds.
Financial fraud can be prevented using many ways and the establishment of strong internal controls over processes and financial reporting will help to prevent and detect financial fraud promptly. The audit of financial statements should also be performed periodically and a ton of honesty should be set from top to bottom so that every employee of the organization will be committed to honesty and strong ethics. The internal hotline and reporting system will...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here