Description
Week 8 Discussion
- Employee theft is a major problem in the U.S. retail industry. Information obtained from Security Info Watch reported that twenty three (23) major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012.
- Watch J. Farrell's video titled "Prevent Employee Theft in Your Business":
- Analyzing the information contained in the video, identify at least four (4) internal controls effective in mitigating employee theft and / or fraud.
- Provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.
- Provide support for your answer.
Video
https://www.youtube.com/watch?v=x8OHUCMtgMM&feature=youtu.be
Explanation & Answer
Attached.
Running head: EMPLOYEES AND INTERNAL CONTROLS
Dishonest employees and internal controls
Name
Instructor
Course
Date
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EMPLOYEES AND INTERNAL CONTROLS
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The issue of employee theft is a major problem that many business corporations have
been going through in the US. This is the act by which an employee steals, use or misuse the
assets of an employer without any permission to do so. Most of the companies are internally
vulnerable to fraud activities and this may be the reason why they experience such losses from
employee theft (Vona, 2008). According to recent research, it is estimated that an organization
losses about five percent of its revenue to these activities each year. Most of these cases entail
efforts of concealment and for this reason, most of them are always never detected. Various
techniques may be used by an employee to steal from an organization and ...
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