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ACC 564 Week 7 Assignment 3 – Fraud in the Accounting Information System(18 pages word paper)
Fraud in the Accounting Information System
Week 7 Assignment 3 ACC 564 Accounting Information System
A day will not pass without a story about asset misappropriation in corporate America.
Though this fraud scheme is not new the spate of its occurrence in the last decade is a matter
of grave concern to management, investors, employees, and the general public.Accounting
Information Systems (AIS) fraud especially asset misappropriation schemes involve employees,
usually in connivance with some members of management who contribute in overriding and
concealing the scheme. As a result, it lasts for almost a decade before a vigilant member of
management or a third party detects it. These scandals continue to bedevil many corporations
resulting in huge financial losses, loss of investor confidence and economic failures. This
document therefore focuses on the failure of KOSS Corporation’s Accounting Information
System to prevent the fraud and embezzlement that brought the company to its knees. It
further assesses the effectiveness of its third party AIS following the breach, and the
responsibility of the software provider to KOSS and its clients. It goes on to determine the
advances in accounting and/or information technology that could have prevented the fraud.
The document also evaluates the changes that should be made to the Sarbanes-Oxley Act and
other currents laws and regulations to make them more effective in fraud deterrence. It ends
with strong recommendations and strategies for fraud prevention at KOSS Corporation.
Asset misappropriation usually involves third parties and employees in an organization
who abuse their fiduciary relationships with their employers to steal through fraudulent
activities. Such schemes involve deliberate circumvention of systems and procedures for
The April 2012 Report issued by Marquet International Limited, an independent
financial investigative consulting firm based in New York highlights the ten most prominent
embezzlement cases in modern US history, among which is the employee theft at Koss
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