El Sauvé: The Case of the California Con

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Presentation transcript:

El Sauvé: The Case of the California Con Dr. Kingsley Olibe, Assistant Professor of Accounting

El Suave

Fraud Triangle Motive Opportunity Rationalization

El Sauve Form a group and make each person responsible for the clues for one or two characters: Buddy Friendly Annie Flowers and Joey Clef Tammie Salazar and Sally Melbourne Fred “Flash” Franklin Your job is to use the clues associated with the six El Sauve employees and decide: Who is stealing the money? How is it being stolen? What could you do to stop the theft?

The Game Step 1 – Read the descriptions of each character in your hand out pages 1-3. In your groups, decide who you think might be stealing? Step 2 – The Clues Each person should gather the Step 2 Clues from their character(s). Read your clues and provide a summary to your group members. You may record your assessment of the clues for each character on page 5. Hot clues might be important to the case. Cold clues are not important. Decide as a group who you think is responsible

The Game Continues Decide as a group who you think is responsible now. Step 3 – More Clues Send one person to gather the Step 3 clues from each character Have someone from your group read each clue to the others You may record you assessment of those clues on page 5. Hot clues might be important to the case. Cold clues are not important Decide as a group who you think is responsible now.

El Suave

INTERNAL CONTROL CASH Internal Control consists of the plan of organization and all the related methods and measures adopted within a business to: Safeguard/protect assets from employee theft, robbery, and unauthorized use. Enhance the accuracy and reliability of its accounting records—reducing errors and mistakes and irregularities.

Step 4 Who is in a position to have access to the money? What procedures are in place to make sure that money is handled appropriately? What steps could the owner take to make sure this does not happen again?

Principles Of Internal Control Assignment Of Responsibilities Separation Of Duties Accountability Of Assets Bonding Of Employees Who Handle Cash Rotating Employees’ Duties And Requiring Employees To Take Vacations Establishment Of Petty Cash (Imprest Accounting System)

What Do Accountants Do? Prepare financial statements and balance sheets Plan and implement Internal Control Systems Determine tax obligations – local, federal and state Identify the cost and set prices for products and services Determine and distribute dividend to share holders Prepare information for use in decision-making