For this week’s assignment, begin by reviewing the Brief Cases found in the Weekly Resources and Assignments.
Assume the following facts:
- The company invoices customers for sales with an expected thirty-day collection period.
- The invoice is used to post-sales to the accounting system.
- Checks are received in the mailroom and logged into a deposits journal.
- The deposit is prepared and taken to the bank.
- The deposit slip is used as an original document to record cash in the accounting system.
- A copy of the deposits journal from the mailroom is used to credit customers for their payments.
- Assume that there are three general ledger accounts: cash, accounts receivable, and revenue.
Instructions: The company’s owner reached out to you last month and requested a paid consultation regarding a plan to prevent and deter suspected theft. Given the facts above, present a preferred plan of action. Include brief explanations of at least 2 concepts that might apply to the scenario.
After you explain the plan to the owner, he presents you with an alternative that would include hiring one mailroom/office employee, one accounting clerk, and one accounting supervisor (assume no controller, no internal audit, and an annual review and tax compliance—not an annual audit). Redesign an approach to create a robust skimming prevention environment.
Include a graphic to depict these activities and their impact on the general ledger accounts. Include the necessary personnel and at least ten fraud prevention and deterrence tools and techniques to PREVENT a skimming scheme, assuming no collusion or management override. Post the personnel and those tools and techniques on the graphic.
Length: 12-15 pages, the graphic component for this assignment should fit on 1 page, fit within margins, and have appropriate APA style caption. Use Times New Roman 10-12 point font. Limit the use of color to 3 light shades.
References: Include a minimum of 10 scholarly resources.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to Northcentral University’s Academic Integrity Policy.
