ACCT 562 Week 3 B The Work Program Phase – Discussion
Businesses That Run on Cash (graded)
This weeks fraud topics are cash larceny and billing schemes. What types of businesses and industries are particularly prone to these fraud issues? Have you ever worked in a business that carried lots of cash on hand.
What types of businesses handle large amounts of cash to and from customers that could be skimmed or later stolen? Try to use different examples from your classmates. Try also to offer suggestions on how to prevent or detect this type of fraud. If you have experienced fraud in the workplace, feel free to discuss the schemes.
Do bars, restaurants, and retail stores have rules on ringing up sales for friends or relatives? Do you think they should?
Do you think bonding employees might be a reasonable option?
What internal controls can company’s put in place to help reduce cash larceny and billing schemes from happening?
