Order ID 6463784949 Type Essay Writer Level Masters Style APA/MLA/Harvard/Chicago Sources/References 6 Number of Pages 5-10 Pages Description/Paper Instructions You decide to conduct an audit of the purchasing function for this division. But before you do, you decide to get some more information about the division and the employees. You find that Mr. Brackens has been an employee for more than twenty-five years, coming to the company right out of college. He has five employees that work for him, one is a manager (Angela Harkins) and the rest are buyers — two senior buyers and three junior buyers. Harkins has been an employee for 15 years and the buyers have been working in the department for six months to ten years: Jim Rydel, Sr. Buyer (10 years); Ruth Bell, Senior Buyer (7 years); Ben Troupe, Junior Buyer (2 years); Rhonda Davidson, Junior Buyer (2 years); Rick Adams, Junior Buyer (6 months).
Regarding purchasing policies, any purchase that is more than $10,000 must go out for a bid. All bids must be approved by the manager of the purchasing department or higher. Only authorized vendors are allowed to bid. Vendors without a vendor number must be handled by special processing and approved by the director.
Junior buyers can authorize purchases of up to $5,000; senior buyers, $7,000; managers and directors, $9,000.
You pull a listing of vendors who have been paid more than $100,000 for the years, 2000. 2001, and 2002 and find the following.
JMC Vendors with >$100,000 2000-2002 2000 2001 2002 Total % of Total Black IPS 47,844 12.09% 52,468 5.90% 0 0.00% 100,312 3.59% Warehouse Eqpmt 30,402 7.68% 44,447 4.99% 70,940 4.69% 145,789 5.22% Lantern Co 38,089 9.62% 78,682 8.84% 45,872 3.04% 162,643 5.83% Oak Hill Distributors 61,166 15.46% 24,566 2.76% 78,229 5.18% 163,961 5.87% Seros 37,090 9.37% 48,843 5.49% 119,068 7.88% 205,001 7.35% Randazzo Supply 41,189 10.41% 62,012 6.97% 111,845 7.40% 215,046 7.71% Adam Systems 50,470 12.75% 52,198 5.86% 140,033 9.27% 242,701 8.70% AA Supply 67,194 16.98% 80,378 9.03% 113,723 7.53% 261,295 9.36% Ad Sys 20,321 5.13% 78,019 8.77% 173,854 11.51% 272,194 9.75% Top Q 0 0.00% 105,620 11.87% 247,172 16.36% 352,792 12.64% Blues Pro 0 0.00% 260,785 29.30% 408,323 27.02% 669,108 23.98% 395,765 100.00% 890,019 100.00% 1,511,061 100.00% 2,790,842 100.00%
- Is there anything that is suspicious on the summary? Explain your answer.
- Do you have predication for fraud? Why or why not?
- Would you conduct a surprise audit of the area? Why or why not?
- How would you approach the area?
- What are your next steps?
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