Aesop
The Assistant Vice Chancellor of Communications for Aesop, Lawrence Fairbanks, was considered as an individual with high standing. He received the authority to purchase objects that were up to $2,500 without any regulations or supervision. He was treated with respect and was well liked by his friends and staff of the University before he was caught and arrested for fraudulent behavior. He took advantage of the Universities accounting procedures and decided to manipulate and change it for monetary gain. Thus, enabled him to be fired from the University and ruin his reputation. This behavior affected him significantly because it overshadowed his success. The Assistant Vice Chancellor decided to replace the vendor invoices with false invoices from other suppliers. Thus, he was caught by the accounting department because the descriptions of the actual invoices were supposed to be consistent with the operations of the Communications Department and the false invoices did not match. The accounting department was able to investigate this and present the invoices to its Accounts Payable and investigate which were for payment. The Accounting department performed well in internal controls to help protect the assets of the business from misuse and theft by the Assistant Vice Chancellor. Otherwise, he could have escaped with making purchases
…show more content…
This is because he received the authority to buy objects that were up to $2,500 without any regulations or supervision. Thus, he took the advantage of committing fraudulent activity and assumed that he could get away with replacing the vendor invoices with false invoices from other suppliers. However, he got caught by the accounting department because the descriptions of the actual invoices were supposed to be consistent with the operations of the Communications Department and the false invoices did not
This is because he received the authority to buy objects that were up to $2,500 without any regulations or supervision. Thus, he took the advantage of committing fraudulent activity and assumed that he could get away with replacing the vendor invoices with false invoices from other suppliers. However, he got caught by the accounting department because the descriptions of the actual invoices were supposed to be consistent with the operations of the Communications Department and the false invoices did not