Please read through the questions below. After watching the full documentary ALL THE QUEEN’S HORSES please answer the questions (numbered, and in complete sentences!) as they relate back to the video and Chapter 7 – Fraud, Internal Control, and Cash – in our Chapter 7 module and Chapter 7 in our textbook (accounting tools for business decision making 8th edition):
Based on the video,
1. who do they say is the second most common victim of embezzlement?
2. In your own words, after watching the video, how did the town clerk (Kathy Swanson) discover the fraud?
3. How long did the town take to investigate Rita? How much (in dollars) did she steal just during the investigation?
4. The narrator of video notes that she continually gets asked, “How does one person in a small town steal 53 million dollars with no one knowing and get away with it?” After watching this video, and after reviewing Chapter 7 in our book… What components and/or principles of internal control were violated? Please reference at least three components and/or principles of internal controls noted in Chapter 7. Use the terms we discussed from the chapter. Please give examples of how they were violated from the documentary.
5. What internal controls would you suggest that they implement going forward? Please give examples of what they could do to improve the control over the city funds using your Chapter 7 knowledge.
(noted in the video – hint… watch all the way through the ending credits):
Fraud accounts for what percentage of all business failures?
What percentage of companies are affected by fraud?
What is the median dollar amount of loss due to fraud for government entities?
69% of all federal embezzlement cases occurred in companies with fewer than how many people?
Nearly 57% of the incidents involved male or female perpetrators?
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