You are the new controller of a major US manufacturing firm. In your previous em

Question

You are the new controller of a major US manufacturing firm. In your previous employment, you detected multiple varieties of fraud. The CFO of you new company informs you that top management is concerned about possible fraud in the oranization and is interfested in taking a proactive approach both to detecting and deterring fraud. After noting that he has recommened you for the fraud detection assignment, the CFO tells you that he is a little nervous about how much the investigative approach will cost and asks you to keep your choices simple and inexpensive. You and the CFO are good friends, and you have never had a problem suggesting ideas about upcoming projects in the past. You know that to be most effective in completing your new assignment, you should do some extensive data analysis because of the large size of the company and its databases.

1. Take the position of the CFO who wants to keep analyses simple.

2. Take the position of the controller who believes more expensive data-driven approaches are necessary.

3. Explain the appropriateness of the various detection approaches (including deductive approach)

4. Explain why traditional approaches may not be sufficient.

Explanation / Answer

1 Ans: If you are in a position of CFO, firstly I will prepare a proper set of questions to ask every employee and get the external information regarding the particular situation and the analysis will be very easy in those particular situations.

2 Ans: No, there is no need of expensive data driven approaches are necessary very simple steps can be used to find out, keep a track of secret team in office itself and get the information and eventually it will help you to in taking decisions as well.

3 Ans: Follow the Deductive Reasoning which comes as experiment, predictions, theory. These three will help to make the process appropriately easy to figure out the scenario.

4 Ans: 1. If you are in a position of CFO, firstly I will prepare a proper set of questions to ask every employee and get the external information regarding the particular situation and the analysis will be very easy in those particular situations.

2. No, there is no need of expensive data driven approaches are necessary very simple steps can be used to find out, keep a track of secret team in office itself and get the information and eventually it will help you to in taking decisions as well.

3. Follow the Deductive Reasoning which comes as experiment, predictions, theory. These three will help to make the process appropriately easy to figure out the scenario.

4. Traditional approach is very time consuming to perform certain tasks and deal with, so modern approaches are quite simpler to understand and easy to implement. By using these three modern approaches Operational, Relational, Transformational – It will be easy to figure out the reality in any situation.

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