AFC728 Accounting Fraud Examination Assignment Example UiTM Malaysia

The accounting course is designed to provide an understanding of different types and methods that can be used in committing fraud. The paper also discusses why people might commit these acts, as well as what consequences there may or don’t result from them depending on the situation at hand–it sharpens your ability not just to recognize when you’re being fooled but to know how to take action against any instances where professionalism becomes a necessity.

There are different types of accounting fraud, but they all have one common goal: to illegally gain financial benefits. Some of the most common methods of accounting fraud include false invoicing, skimming, fictitious assets, and misappropriation of cash.

False invoicing is when a company bills for goods or services that were never delivered. This can be done by creating fake invoices or by doctoring real ones. Skimming is when a company doesn’t report all of its income, either by not recording all sales or by underreporting the amount of money taken in. Fictitious assets are when a company exaggerates the value of its assets, such as by overstating the value of inventory or equipment. Finally, misappropriation of cash is when a company uses its cash for personal gain instead of business purposes.

There are several reasons why people might commit accounting fraud. In some cases, it may be done in an attempt to cover up other illegal activity that has taken place. For example, if a company has been skimming money from its sales, it may falsify its invoices to make it appear as though the correct amount of money was received. In other cases, accounting fraud may be motivated by personal gain. 

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Assignment Task 1: Analyse the nature, determinants, symptoms and consequences to provide solutions in tasks related to accounting fraud cases

To analyse the nature, determinants, symptoms and consequences of accounting fraud cases, it is important to understand first the meaning of fraud. Fraud is a deliberate act or omission designed to deceive others to gain an unfair or illegal advantage. It can be committed in various ways, for instance through financial statement manipulation ( falsifying income, overstating assets or liabilities, understating expenses etc.), by creating fictitious invoices or customers, making unauthorized payments etc. 

Various factors may contribute to the occurrence of accounting fraud. Corporate culture and ethical values play an important role as dishonesty and unethical behaviour may be tolerated or even encouraged in some organisations. Management override of controls is another common factor, whereby top management may override internal controls to achieve their desired financial results. Poor governance and ineffective board supervision are also often cited as contributory factors as they can lead to inadequate oversight of management.

Assignment Task 2: Demonstrate ethics and professionalism in tasks related to accounting fraud cases

It is important to always act ethically and professionally when working on an accounting fraud case. Some key things to remember include:

• Always be honest and truthful in your work. Do not falsify any information or data to mislead investigators or auditors.
• Cooperate fully with any investigations that are taking place. Provide all requested information and documentation promptly.
• Avoid any communication that could be construed as obstruction of justice. Do not interfere with or try to influence the actions of investigators or auditors.
• Maintain confidentiality at all times. Do not share any confidential information with unauthorized individuals.

All employees should be aware of these guidelines and adhere to them at all times to help ensure the integrity of the investigation and the fairness of the outcome.

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Assignment Task 3: Evaluate quantitative and qualitative accounting information in providing solutions in tasks related to accounting fraud cases 

When it comes to accounting fraud cases, both quantitative and qualitative information can be incredibly helpful in providing solutions. For instance, quantitative data can help alert investigators to potentially fraudulent activity, while qualitative data can provide insights into why and how the fraud was committed.

Looking at quantitative data, investigators can start by looking for red flags that may indicate fraud. This could include things like unusual patterns in financial statements or strange transactions that don’t make sense. By contrast, qualitative information can provide a more nuanced picture of what was going on leading up to the fraud. This could come from interviewing employees or customers, reviewing internal memos or emails, or investigating any other type of documentation related to the case.

To get the complete picture possible, it’s important to consider both quantitative and qualitative information when investigating accounting fraud cases. By doing so, investigators can develop a better understanding of what happened and how to prevent it from happening again in the future.

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