Essay Assignment: Fraud Detection in Small Businesses
Length: 5 pages.
For Critical Thinking Assignment, read the Acme Tractor Case in the Smith (2013) article Small business fraud and the trusted employee: Protecting against unique vulnerabilities By G. Stevenson Smith and Theresa Hrncir.
Evaluate the situation to determine the fraud risk, examine the importance of creating a comprehensive approach to combating fraud, and recommend changes to eliminate opportunities for fraud for a business. Answer the following questions:
1. Describe the accounting symptoms of fraud that are evident in the case scenario that should have drawn attention to the fraud scheme.
2. Describe the analytical symptoms of fraud that are evident in the case scenario that should have drawn attention to the fraud scheme, and behavioral.
3. Describe the behavioral symptoms of fraud that are evident in the case scenario that should have drawn attention to the fraud scheme.
4. Apply the elements of the Fraud Triangle or the Fraud Scale (attached) to assess the motivation of the perpetrator to commit fraud.
5. Identify the possible internal control failures that would have increased the risk of fraud.
6. What Internal controls should the company implement to better detect these types of fraud schemes?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.