Internal Accountant

In: Business and Management

Submitted By scarsella1
Words 733
Pages 3
As the internal accountant for XYZ, Inc. it is my responsibility to inform you that I do support the full financial review prior to submitting our bid to the United States government. I have provided four major reasons why we should have a full financial review. Each of these four reasons is listed below as to why it is important to take action and take advantage of a full financial review.

1) The impact of occupational fraud and abuse on the company.
Occupational fraud and abuse can financially damage a company. The term “occupational fraud” is defined as “The use of one’s occupation for personal enrichment through deliberate misuse or misapplication of the employing organization’s resources or assets.” There are three common types: Asset misappropriation (larceny, skimming); corruption (kickbacks, extortion); and fraudulent statements (financial statements, employment credentials)” (Akron/Canton, 2012). Without the knowledge of occupational fraud and abuse a company’s bottom line could be seriously affected. Not only does occupational fraud and abuse affect a company’s bottom line, but it can also affect employee morale, and customer loyalty. Undetected fraud and abuse can and has destroyed companies in the past and we as a company should make sure this does not happen.

2) U.S. governmental oversight of accounting fraud and abuse and its effect on the company.
The United States government has implemented rules and regulations to handle occupational fraud and abuse. These rules and regulations come with penalties on companies and management personnel that have committed occupational fraud and abuse. In 2002 the United States government enacted the Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act. The SOX act is an oversight that makes the top management certify that the financial…...

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