In this paper we provide a general overview of asset misappropriation. We discuss the current state of academic and practical knowledge as it relates to asset misappropriation, including what we currently know about asset misappropriation, what research has been done in this area, what is currently missing from the research, and what additional resources are needed in order to continue to provide high quality research on this topic in terms of the three prongs of the fraud triangle, and then discuss methods and techniques that can be used to prevent the fraud from occurring.
The definition of Cash receipts schemes in our texts states “Frauds that target incoming sales or receivables. Typically, the perpetrators in these schemes physically abscond with the victim …show more content…
This article provided examples of some occupational fraud examination “ this case demonstrates the methods of how a human resources/accounting manager of a manufacturing company managed to misappropriate more than $250,000 from his employer using multiple schemes, including larceny (Cash), falsified wages & benefits (Payroll), and personal purchases (Billing). It also demonstrates that losses suffered by small business due to fraud are disproportionate to larger companies due to lack of internal controls” (OCCUPATIONAL FRAUD: MISAPPROPRIATION OF ASSETS BY AN EMPLOYEE). When there is a misappropriation of any assets this will normally occurs when an employee decided to steal company assets, in those cases, these assets are of monetary or physical nature. Physical assets could include everything from office supplies and office furniture to expensive items in inventory, or even cars or any large machinery. With having a lack of supervision or any measure security, an employee could take inventory right out of a facility. Thus, misappropriation of physical assets includes not only taking items, but also the unauthorized use of company
The definition of Cash receipts schemes in our texts states “Frauds that target incoming sales or receivables. Typically, the perpetrators in these schemes physically abscond with the victim …show more content…
This article provided examples of some occupational fraud examination “ this case demonstrates the methods of how a human resources/accounting manager of a manufacturing company managed to misappropriate more than $250,000 from his employer using multiple schemes, including larceny (Cash), falsified wages & benefits (Payroll), and personal purchases (Billing). It also demonstrates that losses suffered by small business due to fraud are disproportionate to larger companies due to lack of internal controls” (OCCUPATIONAL FRAUD: MISAPPROPRIATION OF ASSETS BY AN EMPLOYEE). When there is a misappropriation of any assets this will normally occurs when an employee decided to steal company assets, in those cases, these assets are of monetary or physical nature. Physical assets could include everything from office supplies and office furniture to expensive items in inventory, or even cars or any large machinery. With having a lack of supervision or any measure security, an employee could take inventory right out of a facility. Thus, misappropriation of physical assets includes not only taking items, but also the unauthorized use of company