Vikkie was the sole accountant for a small land development company. After the company fell on hard times and Vikkie was terminated, the owner discovered that $150,000 in payments from a landowner had not been received. Upon further investigation, he found that Vikkie had deposited the landowner's checks into her own bank account. Vikkie had committed receivables skimming fraud. Legal action should be taken against Vikkie. The fraud could have been prevented by having segregation of duties so that the same person was not responsible for receiving and recording payments.
1. Kalpan university AC 465 Unit 7 Assignment
Exercises NEW
Check this A+ tutorial guideline at
http://www.assignmentcloud.com/ac-
465-kaplan-u.n.iversity/ac-465-unit-7-
assignment-exercises-new
For more classes visit
http://www.assignmentcloud.com.
11 -2: What techniques are generally used
to conceal a receivables skimming
scheme? 11-6: How are noncash assets
misappropriated?
11-7: What types of company assets are
typically misused?
11-8: How may the larceny of noncash
assets be prevented?
11-9: What is meant by inventory
“skrinkage?”
12-2: What is a shell company and how is it
formed?
2. 12-5: What are the differences between
forged maker and forged endorsement
schemes?
12-7: What is a ghost employee, and what
are four steps needed to make such a
scheme work?
12-9: What red flags are commonly
associated with fictitious expense
schemes?
12-10: How do fraudulent disbursements at
the cash register differ from other register
frauds?
Part 2: Short Case:
Vikkie was the only accountant for a
smalltown land development company. She
was terminated when the company fell on
hard times. One year later, when the owner
of the company was reviewing the
payments received from a land-owner for
development cost, he discovered that they
were five payments behind for a total of
$150,000. He contacted the land owner who
showed him
3. the check stubs and cancelled checks. After
further research he found that the account
in which the checks were deposited
belonged to Vikkie, his former accountant.
What type of fraud did Vikkie commit? What
actions should be taken against
Vikkie?
How could this fraud have been prevented?