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Forensic Accounting Review Questions (Easy) - Essay Example

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Forensic Accounting Review Questions (Easy)

Either the management or the accounting team are the most prone to engaging in these acts. Lack of business ethics and personal morals are the breeding grounds for these fraudulent activities. It has been clear that individuals engage in fraudulent activities because of diverse motivations and stimulations. When it comes to revenue fraud, the likelihood is for the company to overstate and understate various parameters, we found that this is done by manipulating the sales, recognition of conditional sales, sale of consignments, misstatement of the percentage of completion, abusing of the cut off dates, unauthorized shipment and premature recognition of revenue. Concerning the same issue of revenue, the collusion by the fraudsters can result to situations such as understatement of bad debts, overstatement of ending inventories, overstatement of the assets’ worth, and understatement of the liabilities among other dubious means. All these aspects are under the motivation of the need to cover up mistakes or misrepresentation of the financial position of the company. The knowledge acquired is very helpful to my future employer and me as an individual. In the workplace, we have diversity of people, some of whom can manipulate situations to their advantage. It is important to aware of what is ethical in the workplace in order to avoid being trapped on such situations. Sometimes the management may coerce an employee to engage in a fraudulent activity, without such knowledge one is likely to commit fraud unknowingly. Another thing is that lessons learnt stirred my curiosity in understanding business law; it has prompted me to start engaging this area since it can easily result to personal and organizational damages. In addition, it has opened my mind to the understanding business of dynamics, including the manipulations that are likely to be made in order to misrepresent information for a particular organization. The group was very influential in the understanding of the topic. I participated in the group activity by handling the section that I was assigned to research on and went ahead to help in the report writing. The group members were very cooperative hence facilitating timely achievement of results. I also presented a fraudulent case scenario that enhanced the understanding of the topic. The case had featured in one of the local dailies; it helped us relate very well what we learnt in class. Each member of the group completed the task assigned to them on time hence the ability of the group to finish the project on time. Despite the many lessons learnt some of the topic areas were challenging and presented some level of difficult. During the lecture sessions I found difficult in understanding the legal provisions of that are related to fraudulent activities. However, after extensive and repetitive reading I was able to comprehend the sub-topic. Question 2 Fraudulent activities are not easily identified, it is highly unlikely that a fraudulent activity will be realized unless the parties involved leak information or some auditing system unearths it. These are the likely means through which tips come along, without which it may be impossible to recognize a fraudulent activity. I do not think a fraudulent activity is recognized in the first instance. The high level of secrecy that is involved hampers the process of ...Show more

Summary

Name Instructor Date Forensic Accounting Review Questions Question 1 The team project was very informative and helped me understand several diverse aspects of fraud relating to a financial statement and revenue. Through the research we did, we drew common conclusions as a group; the most striking thing was the understanding on the motivations behind fraudulent activities…
Author : cornell11
Forensic Accounting Review Questions (Easy) essay example
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