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 receivable register was manipulated to understate the amount of money owed by a customer by $20,000. You also found that the customer's account was credited for goods never received, resulting in an underpayment of $30,000.
Assuming a 12% interest rate, calculate the total loss incurred by the company as a result of the fraud over a period of 3 years.
Related Book For
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
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