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Acc555 Assignment 1 Unit 4

868 words - 4 pages

Melanie Waghalter Johnson
Unit 4 Assignment 1
Professor Cynthia Waddell
ACC555: Fraud Examination
“How to Steal a Million Dollar Without Taking the Cash”

Seneca Staunton was an overwhelmed accounting clerk at Carlton Chemicals. His job was to deal with AR collection, customer service issues, process payments and keep the AR records straight. He was a quiet man who preferred to work alone than with others, and this was his down fall with Carlton Chemicals.
The only time that Seneca was vocal was when his department was audited. He would get upset and complain about the added work load caused by the auditors. He would delay getting reports and other paperwork to them causing issues ...view middle of the document...

Upon arrival the next morning, Seneca clocked in and 30 minutes later clocked out. He had not spoken with anyone, just came in cleared his desk and left. This added new concerns to Max as they had just yesterday agreed to work on getting the account files corrected.
At this, Max decided it was time to talk with Patrick Dawley concerning the issues that had occurred. Patrick was one of the owners of Carlton Chemicals and usually did not deal with daily office things, unless there was issues that needed to be dealt with. He was kind of a troubleshooter.
Patrick and Max brought in Alexa Hoffwire to find out where the money went and who was involved with the deceit. She discovered that it was just Seneca involved and that no others were involved; she also agreed with Seneca that no money was actually taken it had just been misapplied.
The next steps where to hire an outside accounting firms and have them find the missing money. Patrick also hired a private detective who was also a retired IRS agent to investigate Seneca. The detective’s investigation uncovered that Seneca had no stolen any money, that he was telling the truth of being overwhelmed and basically not qualified for the position and demands that came with that job.
Patrick hired an outside CPA firm to assist in putting the accounts together properly. It was discovered that 500 of the AR accounts had misapplied payments, had taken undeserved discounts and had some old invoices written off simply due to Seneca not wanting to chase the money....

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