Accounting Fraud

Accounting Fraud

  • 1. Embezzlement -

    • Conducted by a person who controls the funds being used.

  • 2. Accounts Payable Fraud -

    • Accounts payable fraud is among the most damaging for affected businesses.It’s also among the easiest frauds to perpetrate, since most of the money leaving a company legitimately goes through the accounts payable function.

  • 3. Fake Supplier -

    • An employee uses company funds to pay for personal purchases and records the payments as legitimate business expenses in the accounting system.

  • 4. Personal Purchases -

    • An employee uses company funds to pay for personal purchases and records the payments as legitimate business expenses in the accounting system.

  • 5. Double-Check Fraud/Double Payments :

    • An employee writes a check to pay an invoice then writes a second check to himself or herself and records the disbursement in the accounting system as a payment to the same supplier.

  • 6. Accounts Receivable Fraud -

    • Accounts receivable fraud takes place through many different types of schemes: lapping, fictitious sales, skimming and more.

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