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Case Study 1 And The Fraud Continues

1153 words - 5 pages

A business can not work out without an account system, which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls that companies used to protect themselves such as: Segregation of duties, asset purchases, supervisor review, internal audits and adequate documents and records. This paper will discuss several topics from a case study about And the Fraud Continues; it’s basically about a Fraud case with MCI. The ...view middle of the document...

Placeholder credits this trick was used when customers were contacted regarding their overdue accounts receivable and MCI was informed that a payment would be sent in. MCI would then credit their receivables before receiving the cash; this trick was used by Pavlo was manipulation be he know what the system would all him to do in order to stall tactics, to recognize bad debt and uncollectible receivables that would have to be expensed on the income statement.
If I suspected fraudulent activity within n organization where I work, I would use a professional skepticism approach. This can be broken down into there attributes:
1. Recognition
2. Questioning min and a critical assessment of the evidence and
3. Commitment to persuasive evidence
Professional skepticism practices as neutral but discipline approach to detection and investigation. Per SAS No. 1 it suggests that an auditor neither assumers that management is dishonest or assumes unquestionable honesty. Professional skepticism requires fraud examiners to “pull on thread” in which means Red flags are warning signal or something that demands attention or provokes an irate reaction. Red Flag symptoms of fraud may be divided into at least six categories: unexplained accounting anomalies, exploited internal control weaknesses, identified analytical anomalies where non financial data do not correlate with financial data, observed extravagant lifestyles, observed unusual behaviors and anomalies communicated via tips and complaints. I am in Management at my current company and the internal controls are in place. I work and lead as a proactive person. I never thought of it this way until I took Law, Ethics, Corporate Governance, Financial Management and Forensic class; as I apply these to my current job it makes more sense. What I can say that I will be more attentive to prevent, deter and detect fraud rather than being reactive and waiting for fraud to occur.
Based on this case Pavlo was an unethical employee in his position at MCI. I am not in agreement with Pavlo’s as he is trying to use the environment and the circumstances that caused his actions. Pavlo’s had a Management position in his organization; no matter how much control he had still did not give him the right to take from the company. He knew he was doing wrong for hiding money and did what it took to cover all of the inconsistencies on the accounting records. He was found guilty because it was evidenced that prove he stole...

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