https://padlet.com/suhaily/hpcx4zzjlit5 Made with the help of a typing monkey en-us 2018-12-13 07:53:44 UTC 2025-12-23 06:26:39 UTC hello@padlet.com suhaily https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148194 2018-12-13 07:57:04 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148194 suhaily https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148209 2018-12-13 07:57:09 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148209 suhaily https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148224 2018-12-13 07:57:14 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148224 suhaily https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148238 2018-12-13 07:57:18 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148238 https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148456 Monitor employee vacation
1. To prevent work stress
2. To prevent opportunity of fraud
Segregation of duties
- To share responsibilities to others
 1. Safeguard the asset
 2. Maintain accounting record on inventory
Conclusion: To check and balance.
Code of Ethic
-The management should create code of ethics that makes it clear that unethical behaviour will not be tolerated.
Proper Authorization
1.Multi-person sign off
2.Employee need to thumbprint authorisation.
Rotation of Employees’ Job Assignment
- This is to prevent them from being familiarise with the work, as they may find loopholes in internal control ]]> 2018-12-13 07:58:34 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148456 https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148705 Option1
Benefit-incharge by police, so no biasness influence as police is independent parties
Cost- reputation will effected since it expose to public
-police may disturb business operation during their investigation 

Option 2
Benefit-  management (human resource) can find information against its own employee who allegedly committed certain acts of misconduct. Others, other information can be easily collected since internal audit who familiar with the business operation and the staff, involve in helping the investigation where they can gather evidence in a friendly way.
Cost- internal aufit do not have sufficient knowledge and skills to gather and preserve evidence. Thus, there might be not enough evidence gathered to confront the culprit and prove his wrongdoing

Option 3
Benefit- fraud investigators have the knowledge and experience to gather and preserve evidence. Thus, they can gather sufficient evidence to prove the wrongdoing.
Cost- high cost incurred as they need to hired external party which is fraud investigator

Option 4
Benefit- no benefit gained from this option
Cost- the culprit will continue to steal the assets and it might cause a higher level fraud

Ranking of option from best to worst: 3,2,1,4

]]> 2018-12-13 08:00:07 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314148705 https://padlet.com/suhaily/hpcx4zzjlit5/wish/314149453 1. Breach of code of conduct, code of ethics
(selling of water filters at discounted price in black market)
- integrity, professional due care

2. Lack of formal means for whistleblowing
- should have a whistleblowing hotline ( example: direct call to James, the CAE)

3. workplace bullying (discrimination)
- the clerk was bullied by warehouse staff
- bad workplace culture
- should have team building events to foster relationship between employees

Possible Course of Action
- John sold water filters to a fictitious customer and it was eventually written off as bad debt
- John sold water filters at discounted price in black market
- obsolete inventory recorded at RM10,000
- John worked for long hours(opportunity to commit fraud during late hours)
- John upgraded to new luxury car every year and bought a new house (salary did not seem commensurate)

IPPF Standards
1. 1120 - individual objectivity
- conflict of interest could impair an individual ability to perform
- hard to fulfill his duties impartially

2. Companies Act 2016
- an agent could not let his own interest conflict with his duty and cannot be a party in a transaction which is against his principal's interest
- agent shouls act in good faith to protect interest of his own and principal


]]> 2018-12-13 08:04:23 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314149453 https://padlet.com/suhaily/hpcx4zzjlit5/wish/314150081 (Transactions, records, & documents)

1. Physical counts
2. Inventory records
3. Shipping documents
4. Receiving reports
5. Overhead analysis
6. Finished goods cost analysis
7. Completed production report
8. Historical records of inventory allowances
9. Approved customer list
10. Inventory aging report 
11. Inventory moving (in transit) record]]> 2018-12-13 08:07:59 UTC https://padlet.com/suhaily/hpcx4zzjlit5/wish/314150081