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Action Portfolio

Shuangshuang Ni

Saginaw Valley State University

 

 

 

 

 

Dr. Scott Kowalewski

 

23/11/2016

 

 

Action Statement

 

The current decade ha emphasized on the essence of writing in solving issue in all fields. The term evidence based practices, originally medical, has found use in all fields. Research projects, theories and proposals are driving great organizations and individuals, and are greatly influencing action and decisions. Writing has preserved essential intelligence, from the early scientists, great business minds of the past to great artists such as Leonardo Da Vinci. It is writing that has lead to the development of working solutions, like the international accounting standards applied in the field of finance. This Action portfolio consists of a proposal, a personal bio and a resume.

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of contents

Portfolio Title Page..............................................................................................................................1

Portfolio Action Statement…………………………………………………………………………..2

Table of contents...................................................................................................................................3

Proposal................…………………………………………………………………………………….4

                Proposal Title Page…………………………………………………………………………...4

Abstract.....................................................................................................................................5

Introduction..............................................................................................................................6

Problem Statement…………………………………………………………..……………….6

Proposal scope and benefits  ...................................................................................................7

Literature review......................................................................................................................7

Proposed solutions....................................................................................................................8

Conclusion.................................................................................................................................9

References................................................................................................................................10

About Me Bio……………………………………………………………………………………..….11

Resume……………………………………………………………………………………………….12

 

 

 

 

 

 

 

 

 

 

 

Proposal:

Curbing Financial Fraud in Organizations Using Policies

 

 

Shuanshuan Ni

 

 

 

Saginaw Valley State University

 

 

 

 

 

 

 

 

 

 

 

 

Abstract

Financial fraud involves the acts of stealing of conspiring with theft in a bid to benefit ones self at the expense of other part (Salleh, & Othman, 2016). NGOs, governments, large firms and publicly traded companies, as well as small business lose huge amounts to fraud (McFerand, & Newman, 2016). Organizational fraud has progressed with time. Book keeping errors are, in most cases intentional errors, since financial officers are perfect in book cooking. The current strategies have not yet embraced the dynamicity levels, meaning that fraud is progressing faster than the efforts to curb it. This proposal looks into ways of designing better policies in organizations to reduce, and where possible totally eliminate financial fraud (Olasanmi, 2013). Improvement of electronic services, whistle blowing and forensic financial analysis are some of the recommended solutions and should be included in corporate policies. This proposal looks into ways of designing better policies in organizations to reduce, and where possible totally eliminate financial fraud. The term organization includes governments, firm, companies (publicly traded and privately owned), not-for-profit organizations, and small businesses. The benefits of the proposal include the development of better policies in the short term for all these organization, which can reduce fraud, and curbing financial fraud in the long term.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Introduction

 

Fraud is the act of using underhand methods in a relationship make a selfish gain, causing losses to the other party(s).Financial fraud involves the acts of stealing of conspiring with theft in a bid to benefit ones self at the expense of other part. For this particular case, financial officers are one party, and the fraudulent lot of financial officers takes centre stage, while the other party is the organization the finance officers work for (Salleh, & Othman, 2016). Organizational policies change the modes of operation and define duties and responsibilities, as well as the right protocol of operations. The current levels of fraud were found to be going up in the last two decades despite the improvement of forensic models of investigation and technology improvements (Greenlee, Fischer, Gordon, & Keating, 2007).This proposal brings together the current situation o financial fraud in organizations and hoe policies can be used to reduce financial fraud.

 

Problem Statements

 

NGOs have dissolved due to financial fraud. Governments have also had weaknesses in channeling capital gained from taxpayers to the right purposes. Large firms and publicly traded companies, as well as small business lose huge amounts to fraud (McFerand, & Newman, 2016). According to Ratley (2016), a research that was done through the participation of a good number of CFEs indicates that organizations lose 5 percent of their total revenue per year to fraud. The data was calculated statistically, and the average losses for the given cases came to $ 2.7 million per case. Of all the cases tested, it was realized that 23.3% of companies lose more than $ 1,000,000 to fraud every year (Ratley, 2016).

 

 

 

Organizational fraud has progressed with time. Book keeping errors are, in most cases intentional errors, since financial officers are perfect in book cooking. Another way of carrying out financial fraud is through giving sensitive information such as passwords to unethical system intruders. Payroll fraud is seen when the top officials create ghost workers and place the in the company’s wage bill. The current strategies have not yet embraced the dynamicity levels, meaning that fraud is progressing faster than the efforts to curb it.

 

 

Proposal Scope and Benefits

 

This proposal looks into ways of designing better policies in organizations to reduce, and where possible totally eliminate financial fraud. The term organization includes governments, firm, companies (publicly traded and privately owned), not-for-profit organizations, and small businesses.

The benefits of the proposal include the development of better policies in the short term for all these organization, which can reduce fraud, and curbing financial fraud in the long term.

 

Literature review

 

According to Burnaby, Howe, and Muehlmann, (2011), financial fraud control is dependent on internal audit in organizations. The anti fraud strategies that depend on internal are supposed to work, but the assigned auditors join the corrupt lot. It is seen that if the organizations use the internal audit tool and very transparent auditors, they can learn and understand the fraudulent paths and operations loopholes, and will, therefore, be able to reduce financial fraud amicably from within.

Helenne Doody and Technical Information Service (May 2009) researched on corporate fraud and found out that organizations are aware of the risk posed to all industries by financial fraud, and they are also aware that forensic analysis of records is one of the most workable solution, but there was no company that did the forensic analysis as often as required to curb fraud. As a result fraud remains to persist and grow at the watch of knowledgeable finance officers.

Olasanmi, (2013) researched on the influence of computer aided audit tools in curbing fraud. He interviewed several executive officers of organizations that have embraced CAAT. 71% of respondents proven that CAAT was a great way of detecting fraud. 58% agreed to the fact that CAAT reduced the difficulties of auditing. All the respondents complained that the process is finding less application following the technicality of use. Highly skilled personnel were required to deliver a comprehensive computer aided audit.

Geoffrey Rapp (2007) looked into the Sarbanes-Oxley Act of 2002 (SOX)’s section 806 and realized that, if well implemented it can assist the private sector reduce financial fraud. The act encourages employees in the private organizations to raise alarms where they see their counterparts act against the company’s policies, more especially in misuse of resources. He researched and found out that the main issues are psychological and social, blocking full implementation. He argues that, if the portion of the recovered resources is rewarded to the whistle He suggests that if the buriers are catered for, then the implementation can reduce fraud.

Milward, & Snyder, (2010), researched on the impact or e-governance. They took the cases of governments that used technology to link directly to the citizens. Little fraud was reported in the governments that used these models. They also looked at the models of disbursement of information as reaching out further than any information that was sent in any other model. They suggested that governments should embrace direct links to citizens to minimize corruption.

 

Proposed solutions

 

1.        Policy 1: internal audit should be improved, through employment of at least one financial analyst for every organization, who must sign all financial statements before they are passed to the final users and to book keeping.

2.        Policy 2: Financial forensic analysis should always consider the number of actual workers, actual purchases and compare prices listed to the recommended retail price, and ensure that all the qualifying suppliers are scanned for full compliance with requirements.

3.        Policy 3: All organizations should be given a deadline date by county government constitutional amendments to embrace fully implemented computer aided audit tools (CAAT). CAAT will help reduce fraud through easier forensics analysis and evaluation of processes.

4.        Policy 4: All organizations should declare a portion, by percentage that should be given to the whistleblowers, from the recovered resources during the individuals whistle blowing. The whistle blowing process should be made completely anonymous. This can be enforced through the amendment of the SOX 2001.

5.        Policy 5: Electronic services should be done to governments and organizations to prevent bribes for favors. Filling of online applications for tenders, supplies, job vacancies, registrations and other processes can reduce contact of officers with the people, therefore, reduce financial f

 

 

 

 

Conclusion

 

Financial fraud is an issue that has shown rising trends and need to be addressed. Organizations lose lamp sums to fraud and the current remedies are not yet good enough. It will take a combined effort of the government, the workers and the organizational management to reduce fraud. Some of the most workable remedies can only be implemented through policies. They include whistle blowing, embracement of the computer aided audit models, keen and mandatory forensic financial auditing and use of electronic services at the expense of face to face services where possible. If embraced, the proposal can drastically reduce losses due to fraud, and instill fear in fraudulent employees to reduce the fraud. Understanding that fraud is enhancing with modernity and policies are not changing, what does any organization expect?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

 

Salleh, S. M., & Othman, R. (2016). Board of Director's Attributes as Deterrence to

Corporate Fraud. Procedia Economics and Finance, 35, 82-91.

Greenlee, J., Fischer, M., Gordon, T., & Keating, E. (2007). An investigation of fraud in

nonprofit organizations: Occurrences and deterrents. Nonprofit and Voluntary Sector Quarterly.

Ratley, J. (2016). Report to the Nations: On occupational fraud and abuse.

McFerand, A. & Newman, P. (2016). Case studies of fraud in the hospitality industry: A

retrospective of how real frauds could have been presented.

Burnaby, P., Howe, M., & Muehlmann, B. W. (2011). Detecting fraud in the organization: an

internal audit perspective. Journal of Forensic and Investigative Accounting, 3(1), 195-233.

Doody, H., & Technical Information Service. (May 2009) Corporate Fraud.

Olasanmi, O. O. (2013). Computer aided audit techniques and fraud detection.

Rapp, G. C. (2007). Beyond protection: invigorating incentives for Sarbanes-Oxley corporate

and securities fraud whistleblowers. Boston University Law Review, 87, 91.

Milward, H. B., & Snyder, L. O. (2010). Electronic government: Linking citizens to

public organizations through technology. Journal of Public Administration Research and Theory, 6(2), 261-276.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About me Bio

 

Shuangshuang Ni is a self driven and passionate financial analyst by profession. Though out my college life in a Chinese world class university, Hangzhou Normal University, I learned essential book keeping which is the preliminary phase of learning financial analysis. I proved to be proficient and did well in all my exams and class assignments, through my studies. I also went through some management, communication and other essential basics for financial analysis. In the US, I am currently taking finance in the Saginaw V State University.

I can confidently do the following:

·         I have developed to be a great financial accountant, and can clearly evaluate faults in financial statements. In addition I have learned how to be a leader through the attained essentials in management units.

·         I can confidently evaluate the viability, profitability and stability of an organization, whether a government, business entity or a non-governmental organization.

·         I can also budget and evaluate budget designed by other finance accountants with ease.

·         I am also a great researcher, more especially in areas concerned in my area of expertise. I have learned that financial analysts are faced by some challenges, which include errors in financial forecasting, handling of uncertainties, taking data in a unified view, and collaboration and communication, as well as real time results.

·         I can put in place strategies that can assist in curbing the issues, for instance, reducing forecasting errors through insisting on the degree of confidence and requesting that some cash be reserved in case changes occur. I believe that I can provide a top level performance given a chance to work as a financial analyst.

 

 

 

Shuangshuang Ni

7400 Bay Road University Center, LCS 1310,

Saginaw, MI, 48710

(989) 9803588, sni@svsu.edu

 

 

Nationality:                              Chinese

Residence:                               MI, USA.

Date of birth:

Religion:                 

Languages spoken: Chinese, English

 

 

Strengths

 

 

Shuangshuang is a self driven individual with exceptional skills in problem solving, organizing and planning, team building, financial planning, cash management, negotiate and leadership among others. I can work in both independently and in a team oriented environments. I have worked in a leading telecommunication firm as an intern. I have the capacity to communicate effectively. I recently worked in telecommunication firm and enhanced my skills in problem solving, communication and SWOT analysis. Now I keen to work on my skills to do better in future.

 

 

 

 

Current: SVSU                     B.Com.    Finance                    3.3/4 GPA

Hangzhou Normal University              B.com      Finance    3.27 GPA   

 

 

 

 

Xiaoshan Anna Limited Company summer 2015

·         Developed a personnel assignment as a financial analyst

·         presented product proposal to a foreigner customer during mentorship

Student Union, Oversea College in 2013.9-2015.7 Hangzhou Normal University

·    Photography film and television piece.

·     Guide the new students when New Semester Begin

·     Analyze the needs for New Year Party

 

·         Financial analysis

·         Books keeping

·         QuickBooks (Almost through with the course but already proefficient)

·         Able to effectively use Excel, Word, Power point, and Word among other applications

 

·         Prompt Communication Skills

·         Team player

 

 

Talents and Passions

·         Socializing

·         Extensive reading

·         Gymnastics and physical exercise

Awards and Membership

·         Award for “literature cadres” and “outstanding cadres” by Student Union of Hangzhou Normal University

Referees

 

 

Dean of Students,

Hangzhou Normal University

Address: No.2318,

Yuhangtang Rd,

 Cangqian, Yuhang District,

311121, Hangzhou, Zhejiang.

 

 

Dr. Sidney Childs (SVSU)
Associate Provost for Student Affairs
Office of Student Affairs 
Curtiss Hall 114
(989) 964-2932
schilds@svsu.edu

 

 

Attachments:

• 1502360187-20161207050034rpw300_presentation_and_flyer_assignment__1_.pdf