Misappropriation of assets can involve various schemes: expense reimbursement fraud, lapping, and payroll fraud. Explain each and give an example.
What will be an ideal response?
Expense reimbursement fraud involve fictitious charges to such accounts as miscellaneous expense to offset theft of an asset. Because the expense account is closed to revenue at the end of the period, the period in which it could be detected is short.
Lapping is a technique whereby an early theft is covered up by a later one, i.e., with the moves "lapping" over each other. The simplest example involves taking a customer's payment. A later payment is then credited to the first customer's account, not the second. And on it goes. This requires some control over billing to avoid tipping off the last customer.
Payroll fraud is the distribution of fraudulent paychecks to existent and/or nonexistent employees.
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What will be an ideal response?
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