Discuss a real life case in a company

 Discuss a real life case in a company where internal control discovered a crime of cash, preferably your own experience

Each student is expected to create a discussion (min. 300 words) AND reply to another student's post (min. 200 words)

You are also allowed one attachment, if necessary

This is a graded academic activity and there is zero tolerance on any plagiarism

PLEASE FIND IN THE ATTACHED DOCUMENT BELOW ONE STUDENT POST THAT YOU WILL ALSO COMMENT ON MINIMUM 200 WORDS

ZERO PLAGIARISM PLEASE

Internal controls refers to the procedures, rules and mechanism that are normally implemented by the company to ensures that basic integrity of the accounting and financial information to ensure that accountability and fraud prevention is given the top priority based on the essentiality of the entire process. The practices focus on ensuring that compliance with the regulations and laws that are applied in the prevention of employees from committing any form of fraud. They also aid the internal controls to aid in the improvement of operational efficiency by focusing on improving the timeliness and accuracy involved in financial reporting. The internal control enabled my company to identify two employees from the finance department that were committing fraud within the company. it is an issue that led to the creation of an audit that focused on identifying the crime of cash that the two employees had committed over a period of six months. 

            The internal control exposed the employees of the cash of crime that is an issue that negatively affected the company. The two had stolen from the company a total of $120,000 and $100000 from the company. The internal control system exposed them through the accounting system that identified some figures missing. The lifestyle audit of the individuals clearly explained that there was a change in lifestyle that was slightly higher compared to the lives that they used to live. The individuals seemed to have purchased hind end cars and personal items that indicated that they had conducted some fraudulent activity. After the incident, the employees were interdicted, and a legal action was taken against them. The incident made the company to be more cautious while dealing with the finances of the company. The practice entailed avoiding giving an individual too much responsibility as it exposes companies negatively. therefore, I suggest putting a person in my company to see these kinds of crimes when ever it happens.