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Essay / Research Paper Abstract
This 3-page paper is a book review about Joseph Wells' The Small Business Fraud Prevention Manual.
Page Count:
3 pages (~225 words per page)
File: AS43_MTfraumanu.rtf
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Unformatted sample text from the term paper:
mind is Bernard Madoff. But the contention of Wells guide "The Small Business Fraud Prevention Manual" is that small businesses can be the victims of fraud, and "fraud" doesnt necessarily
always have to be monetary. He focuses on fraud from the occupational view, pointing out that occupational fraud involves any kind of employee misconduct that leads to an organizations losing
money. But why small businesses? Wells points out that the cost of fraud on small businesses (defined as 100 employees or fewer)
are very vulnerable to occupational fraud. Small businesses victimized by fraud suffered a median loss of $100,000 - a large chunk of change for a small business that may
be earning less than $1 million a year. Wells says there seems to be two reasons for losses suffered by small businesses. First,
smaller businesses lack accounting controls, as the same person who is reconciling the accounts is also likely posting the books and writing the checks. Such consolidation, he points out, means
that occupational fraud is easy to commit. Second, and perhaps even more telling, is that there tends to be a higher degree of
trust and friendship in a small business. Because the relationships in smaller businesses tend to be friends as well as co-workers, the belief is that fraud couldnt possibly happen. But
it does. From that realization, Wells moves on to discuss why employees commit fraud (explaining the "fraud triangle" of financial pressure, perceived
opportunity and rationalization), how employees steel (explaining everything from skimming to billing and payroll schemes as well as checkbook tampering) and the idea of "no-cash" theft. This latter involves different
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