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Week 5 notes

by: Charles Miller

Week 5 notes COB 241

Charles Miller
GPA 3.67

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About this Document

These notes cover the class material from week 5.
Financial Accounting
Dr. Irving
Class Notes
financial accounting
25 ?




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This 2 page Class Notes was uploaded by Charles Miller on Saturday October 1, 2016. The Class Notes belongs to COB 241 at James Madison University taught by Dr. Irving in Fall 2016. Since its upload, it has received 7 views. For similar materials see Financial Accounting in Business at James Madison University.


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Date Created: 10/01/16
Week 5 Fraud   Embezzlement, Pyramid Schemes, etc…  Fraud Triangle (Donald Cressey) o Pressure o Opportunity o Rationalization   Asset Misappropriation­ Stealing or diverting assets Fraud Triangle  Pressure­ The reason the fraud is triggered o Feeling underpaid, bills, pressure to support a family  Opportunity­ Availability of assets to steal  o Person who has gained a high level of trust  o Internal controls­ either weak or nonexistent  Rationalization logic behind thinking fraud committed is ok o Lack of ethics throughout an organization  o Justification excuses­ management sucks, i'm underpaid, etc…  Statistically most frauds are committed by middle aged men Ways to prevent Fraud  Good corporate Governance  o CEO and CFO are motivated to maximize shareholder wealth o Independent board of directors   Strong System of internal controls   Separation of Duties o Whoever receives cash should not record the cash o You need a third person who then deposits the cash   Prenumbered Documents  o Sequential numbering of checks helps to prevent fraud


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