You have been hired as a forensic accountant to investigate a suspected fraudulent activity in a company.
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Question:
You have been hired as a forensic accountant to investigate a suspected fraudulent activity in a company. During your investigation, you found that the company's accounts payable register was manipulated to overstate the amount of money owed to a vendor by $50,000. You also found that the vendor's account was credited for goods never received, resulting in an overpayment of $100,000.
Assuming a 10% interest rate, calculate the total loss incurred by the company as a result of the fraud over a period of 5 years.
Related Book For
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
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