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1、51Asaninternalaudityouwouldprobablydisagreewiththechangeinpolicy.Firstterhassomenmalbusinessriskassociatedwithdefaultonbankloans.Onewaytohelpminimizethisistocarefullyevaluateloanapplications.Largeloanspresentgreaterriski
2、ntheeventofdefaultthandosmallerloans.Thusitisreasonabletohavemethanonepersoninvolvedinmakingthedecisiontograntalargeloan.Inadditionloansshouldbegrantedontheirmeritsnotonthebasisoffavitismmereassociationwiththebankpreside
3、nt.Allowingthebankpresidenttohavesoleauthitytograntlargeloanscanleadtothepresidentgrantingloanstofriendsbusinessassociateswithouttherequiredduediligence.Thiscanresultinabankbecomingexposedtoverypocreditrisks.Indeedthissc
4、enarioisoneofthecausesofsavingsloanbankfailuresofthepast.52Thisisanexampleofafraudwithsignificantcollusion.Fraudsthatareperpetratedwithmultiplepartiesindifferentpositionsofcontrolmakedetectingfraudmedifficult.Inthiscaset
5、hefraudbeganwithanemployeeresponsiblefauthizingclaimpayments.Thisisasensitivepositionbecausehisdecisionswouldinitiatepayments.Howeverclaimswouldneedtobeauthizedverifiedbefepaymentwouldbemade.Knowingthistheemployeemadesur
6、eeachclaimhadaphony“victim.”Thustherewasaverifiablestybehindeachclaim.Onlybytrackingphysicalevidenceoftheaccidentcoulditbediscoveredthattheclaimwasfictitious.Howevertheverynatureoftheprocesswastoresolvesmallclaimsquickly
7、withoutexcessivecontrol.Lastlycruptlawyerswerebroughtintothefraudtoactasattneysftheclaimants.Thisgavetheclaimsevenmecredibility.Inactualitythelawyershaddonelegitimatebusinesswiththetruckingcompanysoallappearednmal.Thisfr
8、audwasdiscoveredwhenthefraudulentemployee’sbanknoticedirregularitiesinhisbankaccountnotifiedauthities.Asthesayinggoes“Followthemoney!”Asasidenotethecruptclaimsadministratfellintothisbehaviduetogamblingproblems.53EventSou
9、ndshouldnothavereliedontheunusualnatureofthevendsdeliveryfrequencytouncoverthisfraud.Thepurchasepaymentcycleisoneofthemostcriticalbusinesscyclestocontrolbecausethepotentialfabuseissogreat.Purchasesshouldbeinitiatedbyareq
10、uisitiondocument.Thisdocumentshouldbecountersignedbyasuperisothattwopeopleagreeastowhatisbeingpurchased.Therequisitionshouldinitiateapurchasedertoavendfgoodsservices.Thevendrespondstothepurchasederbydeliveringthegoods.Th
11、egoodsshouldbefmallyreceivedusingareceivingdocument.Anaccountspayableclerkmatchestherequisitionpurchasederinvoicebefeanypaymentismade.Such“triplematching”preventsunauthizedrequestspayments.Inthiscasetherequestswereunauth
12、izedsuggestingthattheemployeehadsoleauthitytomakearequest.56a.Cashreceiptsjournalb.Cashreceiptsjournalc.Generaljournal(notarevenuetransaction)d.Generaljournale.Cashreceiptsjournalf.Cashreceiptsjournalg.Cashreceiptsjourna
13、lh.Revenuejournali.Cashreceiptsjournalj.Generaljournal57a.Cashpaymentsjournalb.Purchasesjournalc.Cashpaymentsjournald.Generaljournale.Generaljournalf.Cashpaymentsjournalg.Purchasesjournalh.Cashpaymentsjournali.Generaljou
14、rnalj.Generaljournalk.Purchasesjournal58Nov.3Providedserviceonaccountpostedfromrevenuejournal.9GrantedallowancecrectederrrelatedtosaleofNovember3postedfromgeneraljournal.13Receivedcashfbalanceduepostedfromcashreceiptsjou
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