Assignment - Fraud Prevention and Detection Plan
You went back to your corporate controllership position with Dingwow Inc. Senior Management has assigned you as the team lead to develop a fraud prevention and detection plan for the company.
Use the Internet, Strayer databases, or your text, to research the key elements of a fraud prevention and detection program, and prepare a plan.
Write a seven to eight (7-8) page paper in which you:
1. Evaluate the key elements that should be included in the plan, including a justification as to how the element is likely to protect corporate assets and minimize risk based on your research.
2. Create an argument to be presented to the senior leadership in support of a fraud prevention and detection plan, indicating the consequences of failure to implement the plan. Provide support for your argument.
3. Create an approach to identify the roles and responsibilities of key personnel in the organization, indicating the significance of each role in the fraud prevention and detection equation. Provide support for your rationale.
4. Compare the roles of management, internal auditors, external auditors, governing bodies, and the board of directors, and assess how each can contribute to your fraud prevention and detection plan.
5. Evaluate the tools that you would propose to use to make your plan more effective in mitigating or eliminating fraud and how you would justify the risk / reward ratio of each tool recommended.
6. Prepare a fraud prevention and detection plan based on your findings, indicating how you would communicate the plan to employees throughout the organization.
7. Predict the future occurrences of corporate fraud and the likelihood that it will be detected by regulatory agencies based on your research. Provide support for your rationale.
8. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
The specific course learning outcomes associated with this assignment are:
- Create an approach to implementing a fraud detection plan.
- Research and analyze the impact of fraud on financial reporting within a corporation.
- Examine the role that corporate governance plays in preventing and detecting fraud.
- Research and analyze the impact of fraud prevention and detection using forensic accounting practices.
- Create strategies for communicating the prevention and detection of fraud.
- Use technology and information resources to research issues in fraud prevention and detection.
- Write clearly and concisely about fraud prevention and detection using proper writing mechanics.