Journal Of Accountancy Fraud Criminal Minds Summary

632 Words2 Pages

After reading the article, I think the author of “Journal of Accountancy Fraud Criminal minds” articulate the details very well how fraud usually take place in this world. As they use all of the respondents who are very well educated and held the position of trusts in the organization, which I tend to believe was the best way to show how people who are trusted in the organization most likely to commit those kind of frauds very easily and as they think that they will never caught by anyone since they have been working for so long. After reading fraud No.1, the Ponzi scheme, it clearly shows that fraud can be also done for fancy lifestyle. I believe giving someone a complete control over handling money, and back account alone can be very risky as they can be embezzlement in some areas which no one will ever find it unless someone else decide to check it. I believe something that could be done differently for this scheme is that they should always have extra administrator with another trustee who can consistently check on their work occasionally, and for them to keep track that everything is going well and to make sure there is no scam happening at the company. …show more content…

2 I think general manager should only have limited powers to change the payees and amounts in accounting records because I tend to believe that if they have all the power to change everything in accounting records then it will lead to more chances of fraud as you never know what is going on their minds. I would say to make things easier and better for the company they should always have a forensic accountant that can keep an eye on the bank accounts and accounting records. Another thing I believe that could have done differently is that when they hire a general manager, the controller should check their final reports every month to see if there are any issues that might not seem correct to

Open Document