In Chapter 6, we explored the concept of data-driven fraud detection, which is a more proactive approach to fighting fraud and detecting fraud earlier. To help develop an appreciation of this approach and to gain exposure to some of the tools that enable this approach, here are several exercises that will allow you to experiment and explore these tools. For these exercises, you may use Excel, or, if you are feeling really adventurous, you may even explore with IDEA, which is also being introduced this week for you to learn and use in your Group Project Case Study (for more information about IDEA, see the Group Project Case Study Guidelines and the invitation to the IDEA software and workbook.
Please complete and submit the following exercises:
Chapter 6, Case Studies 2 & 3
Chapter 8, Case Study 2
In addition to your responses to these exercises, please also include a short narrative about the tool or tools you used to complete your work, and your observations about these tools and what you learned about their capabilities.
The data files for these exercises can be found in the Module for this week.
I am confident that these exercises, along with your textbook and the IDEA software and workbook, will help you learn a great deal about data-driven fraud detection and the tools available
.Overview: You have been hired by Bright IDEAs, Inc. to perform an accounting review and fraud investigation. Mr. Curt Cuthbert, CFO, has engaged you and your company for three primary purposes:
Mr. Eric Bright is the CEO of Bright IDEAS, Inc. Your assignment is to perform the analysis and investigation using IDEA Data Analysis Software. The steps for the analysis and investigation are included in the IDEA workbook. This workbook will walk you through the data analysis step-by-step.
The next step, and the heart of the project, is to produce a report for Mr. Cuthbert, Mr. Bright, and the board of directors of Bright IDEAS, Inc. Your report should include the following:
The report should be double-spaced and writing and formatting should meet professional standards befitting an executive report from your consulting company. You may find Chapter 10 in the textbook, which addresses Fraud Reports, particularly helpful. I have also posted a Project Discussion Forum to address questions and discussion about this project. Please post any questions there, as they are certain to benefit your fellow classmates.
Your report should be submitted online via Canvas by the due date. Only one submission per group.
Final thought – While you are to use data and results from the data files and IDEA workbook exercises as the basis of your investigation and report, all details are not provided. You have the opportunity to make this a fun and valuable exercise by using your creativity to weave a story around the data you have. Feel free to use your imagination to fill in gaps or to create a story for your report.
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