(Question and Answer): Just a paragraph for the discussion

Just a paragraph for the discussion

You have just been hired by XYZ Company as a senior-level accountant. You think you have discovered what you believe to be fraud in the latest financial statements. Propose what actions you might take regarding what you have discovered. Support your proposal with examples

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Expert Answer

 

As a senior level accountant of XYZ Company, it is the main role and responsibility of the accountant to examine and evaluate the errors and frauds in the financial statements in an objective manner. The following actions should be taken by the accountant after discovering of the fraud:-

  1. Identification and description of the financial fraud or manipulation discovered in the books of XYZ company.
  2. Description of the risk of financial fraud and the impact of the same on the financial status of the company.
  3. Establishing the requirements regarding appropriate designing and implementing appropriate responses to the risks of financial fraud.
  4. Communicating the financial fraud along with the guilty person who is associated with the fraud to concern audit committee and management of XYZ company.
  5. Establishing effective measures to control and check such financial frauds for future perspective.

Examples: Cash misappropriation, inventory misappropriation, over statement of revenue, under statement of expenses, over statement of assets, and under statement of liabilities etc.

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