Internal Accountant's Report

Internal Accountant's Report

Julio Santos

University of Phoenix

Forensic Accounting

ACC/556

Jessica Wilder

September 09, 2013

Internal Accountant's Report

Because our company will be deciding whether or not to place a bid on an upcoming government contract, we completed this report to help make the decision. This report will contain some important information to help management decide if there is a necessity to perform a full financial status review on the company financial statements before making a bid on the contract. It is necessary to know the full financial standing of the company before making a decision on whether to place a bid because if there is not enough money there should be no bid. This is a valuable contract and the company wants to secure it but only if there is enough money to bid. We will cover the impact of occupational fraud and abuse on the company, U.S. governmental insight of accounting fraud and abuse and the effect on the company and potential corruption schemes to be aware of.

Occupational Fraud

Occupational fraud is a major problem that can be present in any company and cause severe problems if not resolved in a timely manner. The problem is that it may not entirely be possible to extinguish the fraud and abuse that happens in a company because some professions work off these factors. There are professions, such as a lawyer who have to commit some types of fraud or abuse to try to have clients found innocent even when guilty because it is his or her job. Some government professions also require the use of fraud or abuse to do a job because it is a way to complete the job. In this case the goal would be to minimize the fraud as much as possible to where it plays a small factor in everyday activities. Fraud does not only affect a company it can affect an entire community because it can affect how people look at a company that ultimately may put a business out-of-business. Fraud can also affect employee moral because employees...