As a forensic accountant, you have been hired to investigate a suspected embezzlement of funds by an
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Question:
As a forensic accountant, you have been hired to investigate a suspected embezzlement of funds by an employee in a company. The employee is suspected of diverting funds from the company's bank account to a personal account for a period of 2 years. During your investigation, you found that the employee had diverted a total of $300,000.
Assuming an interest rate of 6% compounded monthly, calculate the total amount of interest the company could have earned if the funds had not been diverted.
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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