Description
Specifically, the following critical elements must be addressed:
Development of Hypothesis
- Using an analysis of the fraud triangle and potential red flags, what types of fraud could be occurring in the company?
- What preventive or detective controls are present or absent that would safeguard against fraud? Support your response.
- What is your fraud hypothesis? Why do you feel fraud is occurring at this company?
- Based on your hypothesis, what are appropriate ways to collect evidence without violating professional standards such as the American Institute of CPAs (AICPA) code of conduct?
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Explanation & Answer
Attached.
Focus;
This milestone discusses the types of fraud, provides a hypothesis and respective evidence
collection approaches.
Attached.
Running head: ACCOUNTS PAYABLE FRAUD
Accounts Payable Fraud
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ACCOUNTS PAYABLE FRAUD
Introduction
The growing complexities of internal operating systems in an organization has increased
the need for a profound foundation of fraud detection and prevention. Fraud within the accounts
payable (AP) systems is a common type of fraud that damages the public reputation and confidence
of customers in an organization. Identification of fraud in a financial institution entails a
comprehensive approach to match data points and define any abnormal activities. Fraud
management in an organization is an essential component that increases the reputation of integrity,
safeguard market confidence and public trust. This milestone discusses the types of fraud, provides
a hypothesis and respective evidence collection approaches.
Types of Fraud
The fraud triangle can be used to gain an understanding of...