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Something’s Fishy at Sy’s Fish

Something’s Fishy at Sy’s Fish. Margaret Garnsey Siena College 2010 AIS Educator Conference Estes Park. Overview. Background Purpose of the case Classroom Discussion Query Hints Business Letter. Background.

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Something’s Fishy at Sy’s Fish

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  1. Something’s Fishy at Sy’s Fish Margaret Garnsey Siena College 2010 AIS Educator Conference Estes Park

  2. Overview Background Purpose of the case Classroom Discussion Query Hints Business Letter

  3. Background Sy’s Fish was originally developed as a modeling case using the REA ontology Implementation and querying component was added to give students “hands on” experience Coverage of internal controls has been expanded in many AIS courses

  4. Purpose of the Case Develop critical thinking skills by working on an unstructured problem Further develop querying skills Practice communication skills

  5. Classroom Discussion What is fraud? Fraud Triangle Fraud Categories Fraud Opportunities

  6. Fraud Definition The Association of Certified Fraud Examiners (ACFE) Report to the Nation on Occupational Fraud Abuse, 1999 “The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets”

  7. The Problem • Organizations lose 5-6% of revenue annually due to internal fraud = $652 Billion in U.S. (2006) • Average scheme lasts 18 months, costs $159,000 • 25% of costs exceed $1M • Smaller companies suffer greater average $ losses than large companies

  8. How Fraud is Discovered Some fraud is discovered via multiple reporting methods Tips come from Employee 64%, Anonymous 18%, Customer 11%, Vendor 7%

  9. Fraud Triangle Opportunity Is Sy’s Fish ripe for fraud? Motivation/Pressure Rationalization

  10. Common Types of Fraud in a Company • Employee theft – involves diversion of assets by an employee for personal gain. • Employee-outsider theft – involves diversion of assets by an employee in collusion with an outsider for personal gain. • Management fraud – concerns diversion of assets or misrepresentation of assets by management.

  11. Possible Fraud at Sy’s Fish • What types of fraud could be committed at Sy’s Fish? • For each type of fraud, what methods may help to prevent such fraud?

  12. Hints to Students • Initial Hints • Cash received/paid to customers/suppliers accurately represents amounts billed • Parse Data by Month: Month(NameOfField) • Later Hints • Look at Gross Profit and its components • Examine Employees

  13. Files and Contact Information • http://lw.siena.edu/garnsey/AISeducator/2010_AIS_educator.htm • Paper • Student Database File • garnsey@siena.edu

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