Sample content Week 4 Discussion Question 1 From Chapter 7, Fraud Case 7-1. Complete all parts of the case and respond to at least two of your classmates’ postings. What was the key control weakness in this case? There didn’t seem to be any sort of internal or external checking control procedures in place. In case the Levon Helm had set up internal control procedures for example audits, and separation of responsibilities, he could have had more understanding of what his accountant was doing. Simply because Cindy Paterson was a reliable good old family friend, doesn’t make Levon Helm lesser reliable for monitoring his profits as well as expenses. The minimum he might have done is having an outside audit done on his books. Regrettably, I know of two businessmen who had similar issues. One was an eye physician, who relied on his office administrator, who finished up thieving more than $150,000 from him. He trusted her, and didn’t have any sort of administration controls in place. The other one was my former boss who I did my appraiser internship under. His secretary did everything for t

1. ACC 205 Week 4 Discussion Question DQ 1 Fraud Case 7 1
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Sample content
Week 4 Discussion Question 1
From Chapter 7, Fraud Case 7-1. Complete all parts of the case and respond to at
least two of your classmates’ postings.

2. What was the key control weakness in this case?
There didn’t seem to be any sort of internal or external checking control
procedures in place. In case the Levon Helm had set up internal control procedures
for example audits, and separation of responsibilities, he could have had more
understanding of what his accountant was doing. Simply because Cindy Paterson
was a reliable good old family friend, doesn’t make Levon Helm lesser
reliable for monitoring his profits as well as expenses. The minimum he might have
done is having an outside audit done on his books. Regrettably, I know of two
businessmen who had similar issues. One was an eye physician, who relied on his
office administrator, who finished up thieving more than $150,000 from him. He
trusted her, and didn’t have any sort of administration controls in place. The
other one was my former boss who I did my appraiser internship under. His
secretary did everything for t
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