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Anarel [89]
2 years ago
13

Helen Weeks has worked for Bonne Consulting Group (BCG) as the executive secretary in the administrative department for nearly 1

0 years. Her apparent integrity and dedication to her work has quickly earned her a reputation as an outstanding employee and has resulted in increased responsibilities. Her present responsibilities include making arrangements for outside feasibility studies, maintaining client files, working with outside marketing consultants, initiating the payment process, and notifying the accounting department of all openings or closings of vendor accounts.
During Helen’s first five years of employment, BCG subcontracted all of its feasibility and marketing studies through Jackson & Co. This relationship was subsequently terminated because Jackson & Co. merged with a larger, more expensive consulting group. At the time of termination, Helen and her supervisor were forced to select a new firm to conduct BCG’s market research. However, Helen never informed the accounting department that the Jackson & Co. account had been closed.

Since her supervisor allowed Helen to sign the payment voucher for services rendered, Helen was able to continue to process checks made payable to Jackson’s account. Because her supervisor completely trusted her, he allowed her to sign for all voucher payments less than $10,000. The accounting department continued to process the payments, and Helen would take responsibility for distributing the payments. Helen opened a bank account in a nearby city under the name of Jackson & Co., where she would make the deposit. She paid all of her personal expenses out of this account.

Assume that you have recently been hired by Bonne Consulting Group to help detect and prevent fraud.
1. What internal controls are missing in Helen’s company?
2. What gave Helen the opportunity to perpetrate the fraud?
3. How could this fraud have been detected?
Business
1 answer:
elena55 [62]2 years ago
5 0

Answer:

1.)  The internal controls which were missing are from the separation of responsibilities. There must have been in place an inner regulator were an individual works with advisers while alternative individual or unit take-care of the expense procedure, then somebody else allow expenses and then office should distribute the expenditures. There is an absence of inner controls as you can realize that the corporation amalgamated with a larger corporation and no one measured other accounts such as Jackson and company any longer.

2.)  With the lack of control, this offered Helen the chance to effect the fraud. With this presence said, she was talented to emulate sign receipts and spend the retailer’s expenditures. She were also the one in responsibility of office the initial and final of accounts. In short, she had several accountabilities that should have remained separated up better and had diverse individuals for the separations of the job. In addition, she needed a bank description from the corporation where she was capable to put the expenditures and pay individual expenditures.

3.)  The method this fraud might be noticed is the inspection squad can ask the bank for reports. They might also conference sellers. The accounting section should have ended sure they were doing the due diligence in dealers and corresponding the receipts with statements and expenditures.

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Different segments of the project are delegated to respective functional units called as the Functional Organization.

<h3>What is a Functional Organization?</h3>

The notion of specializations based on function or role is used by functional organizations as a sort of organizational structure. For businesses with one or a few product offerings as well as medium-sized and small organizations, an efficient organizational structure is ideal. For instance, the little company AB Company manufactures diapers and employs around one hundred people. A matrix organization is a sort of corporate structure that divides a corporation into various sections according to areas of specialization. Functional managers or heads of departments are responsible for managing these departments, which act as functional units.

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1 year ago
Current Attempt in Progress
Allisa [31]

Answer:

Net Increase in cash = $124,200

Explanation:

Note: The correct value for Year 2021 inventory is $510,300 not $10,300.

Also note: See the attached excel file for the statement of cash flows for 2022.

In the attached excel file, the following workings are used:

Workings:

w.1: Increase in accounts receivable = Account receivable in 2022 - Account receivable in 2021 = $237,600 - $205,200 = $32,400

w.2: Decrease in inventory = Inventory in 2022 - Inventory in 2021 = $450,900 - $510,300 = -$59,400  

w.3: Decrease in accounts payable = Accounts receivable 2022 - Accounts receivable 2021 = $105,300 - $116,100 = -$10,800

w.4: Disposal of land = Land in 2021 - Land in 2022 = $270,000 - $216,000 = $54,000

w.5: Purchase of equipment = Equipment in 2022 - Equipment in 2021 = $702,000 - $540,000 = $162,000

Download xlsx
3 0
2 years ago
what tax software program do you feel would be your best choice today and why do you think it is the best? ​
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Answer:

Turbotax

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it's easy to use especially for first timers.

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2 years ago
Lossing Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overh
aalyn [17]

Answer:

$1,287  unfavorable

Explanation:

According to the scenario, computation of the given data are as follow:-

But before that we need to calculate the following things

Total Budgeted Fixed Cost

= Supervision Fixed Cost + Utilities Fixed Cost + Factory Depreciation Fixed Cost

= $15,510 + $14,800 + $59,780

= $90,090

Budgeted Fixed Manufacturing Overhead Rate

= Total Budgeted Fixed Cost  ÷ Original Budgeted Machine Hours

= $90,090 ÷ 7,700 hours

= $11.7

Based on the above calculation, the overall fixed manufacturing overhead volume variance is

= Budgeted Fixed Manufacturing Overhead Rate × (Original Budgeted Machine Hours - Actual Output of Month Totaled)

= $11.7 × (7,700 hours - 7,590 hours)

= $11.7 × 110

= $1,287  unfavorable

According to the analysis, the overall fixed manufacturing overhead volume variance for the month is $1,287

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3 years ago
When the price of insulin was $10 consumers demanded 100 units, when the price was $15 consumers demanded 100 units, and when th
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Very straightforward
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