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Protection of Fraudulent Acts

Essay by   •  September 7, 2011  •  Research Paper  •  872 Words (4 Pages)  •  1,587 Views

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Protection of Fraudulent acts

Jenice Gregory

American Intercontinental University

Abstract

This paper will give you insight on how to protect corporate executives of fraudulent acts against them and the plan of action that is taken. We then will discuss how you would implement your measures. On another view if you were requested by the chairman of the corporation to create a loss prevention education workshop for the corporate executives, this will show you how to create it for implementation. Then this paper would be able to show you the mechanisms that you would use to evaluate that the lessons being learned in the workshop are working toward loss prevention. Please examples to accentuate your plans and theories through academic criminal justice subject matter or real life criminal justice examples those are not in academic journals.

Protection of Fraudulent acts

There has been an increase of money that has been lost among business due to fraud. There was a reported that was done in 2009 that business suffered one or more instance of economic crimes.The survey, which involved 3,000 executives of businesses large and small in 54 countries, found that 88 percent of U.S. companies that reported some type of fraud also reported declines in financial performances (Wasserman, 2010). Majority of the crimes were carried out by insiders.

Any type of fraud in any type of business has a huge impact to the bottom line of a business. The most important thing you have to do now is set up procedures to verify adherence to anti-fraud policies and to detect and deter possible business fraud. One of the ways is to create a system of awareness at the top level of management. Make it clear in terms of deterrents that, if we catch it, we're going to prosecute, both criminally and civilly (Wasserman, 2010). You need to make sure you have consistency of the procedures to anti fraud practices and its policies. The following are a few things that will help with fraudulent acts. Hiring practices along with background checks. This should be done before hire date. Included should be a written permission for a criminal background investigation, verification of education, right to work, licensure and past employment. Next you establish cash and receivables and accounting policy. Here is where you train them to spot bad checks, and counterfeit currency. Then there is contract and invoice reviews and procurement. This it to review the accounts payable invoices, purchase slips and payments. It is important for small businesses to be able to verify that contractors have performed the work that they bill for -- before paying the invoice from that contractor (Wasserman, 2010).

Protection of Fraudulent

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