Fraud in accounting

• Fraud in accounting

• From the first e-Activity, describe the ways in which the fraud occurred, and identify which accounts were impacted in the case you researched. Describe the accounting method used to commit the fraud, where in the accounting process the fraud occurred, and the impact to users of financial statements. Provide specific examples in your response.
• *Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that 23 major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012. identify at least four (4) internal controls effective in mitigating employee theft and / or fraud. Provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.

This is the eactivity

Research the Internet and identify at least three (3) Websites that provide specific information useful to accountants or non-accountants to understand the accounting process. Next, watch the video titled, “Why choose a career in Accounting” (22 min 59 s). Be prepared to discuss.

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Fraud in accounting

            Fraud in accounting is deliberate alteration of accounts records. This includes underestimating a company’s assets and overestimating its liabilities. According to the internet search I did, I came across three companies where fraud in accountings had been reported before (Jones, 2011).  The first company is Health South Company that deals with health matters. The C.E.O Richard Scrushy inflated prices up to $1.4 billion to meet stakeholder’s expectations.  He sold 75million in stocks before the company went bankrupt thereafter. He was jailed for 7 years though acquitted for fraud case………….

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