Mountain Case Essay examples

Submitted By Mercury2014

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Fraud Triangle:
Opportunity:
1 Workman is the general manager of the company and is the sole manager running the day-to-day business after Sue Bryant left the company in January 6, 2007. He has the opportunity to manipulate transactions and override his accountability to approve transactions without any supervison.
2 Mr. Workman’s spouse and his daughter were accountant and responsible for accounting duties. There were no other employees in the accounting department. So it tend to be a family-run business by Workman family.
3 The deceased owner’s children inherited the ownership of the business, but they were only full-time student and only attend annual meetings to review financial reports prepared by Hess. The children were not proficient in understanding business and they were not actively involved in the company. Hess, the CPA, has personal relationship with Workman and thus lack independence. Both conditions describes above create opportunities for Workman to commit and cover any fraud.
4 The pawn shop business itself provides a chance to Workman to commit a fraud because he is permitted to price and approve a loan based solely on his own knowledge and judgment. He can also loan himself an amount he wants. In addition, all of the loans are paid in cash and so makes it easy to steal cash.
5 The company switched from perpetual system to a periodic inventory method. The new system requires a company to conduct a physical inventory at only the end of each year, and thus employee can use an item until the inventory check. Additionally, forfeited pawn items are not included in inventory, thus generating an opportunity for Workman to use items or sell them without keeping records.
Incentive:
1 As

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