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Essay / Research Paper Abstract
This 3-page paper analyzes the article "Control cash-register thievery: show your clients the importance of looking above the bottom-line," by Joseph T. Wells published in Journal of Accountancy in June, 2002.
Page Count:
3 pages (~225 words per page)
File: D0_MTaccfra.rtf
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Unformatted sample text from the term paper:
shows, there is more to a companys financial health than the final net profit. According to Joseph T. Wells, in his article "control cash-register thievery: show your clients the
importance of looking above the bottom-line," fraud doesnt always show up on balance sheets. This article was published in the issue of the Journal of Accountancy.
In this article, Wells discusses the problems a particular client had when it was found that there were suspicious return receipts on certain
products. This was definite trouble for the company, which was named Discount Department Stores (most likely and assumed name in order to protect the real company that underwent this
problem). The first tip came when the companys internal auditor spotted sales for funds of exacting amounts -- 3 and are dollars
-- $400 and so on. Knowing that refunds dont typically come in exact hybrid-dollar increments, the auditor worked with Wells, who headed up a fraud squad at the time.
As Wells question the auditor, he learned that Discounts methods of financial accounting involved checking net sales and confirming that amount in the bank, rather than performing a horizontal
analysis of income statements to determine if refunds were increasing as compared to sales. After further analysis, the men were able to
trace the potential criminal -- a former store manager who had left the company. In trying to prove that the former manager was the culprit however, Wells needed access
to his personal financial records. He noted there were three ways to obtain them: call lawyer, call the police or call both. Discounts CEO, wanting to save the
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