Wizard Finance is the Corporate Credit Card - Accounting and Finance Assignment Help

Assignment Task:

Task:

BACKGROUND INFORMATION
Wizard Finance is the corporate credit card provider for JAE Limited. Staff at the managerial level or above at JAE can apply for a card to use for business expenses (e.g. travel or other expenses). Given the significant number of JAE’s overseas clients, the use of Wizard Finance credit cards has been extremely convenient for staff members, especially when they have had to pay for significant overseas expenses in foreign currencies. For example, executives have often had to unexpectedly use the Wizard Finance credit card to replace laptops, book business-class international airfares and extend hotel stays while on overseas assignment. JAE is liable for all expenditures accrued on these cards.

While the card is not really meant for personal use, many of the senior executives also use the credit card to make personal purchases while travelling and then send a cheque made out to ‘Wizard
Finance’ for the relevant amount to the accounts payable department in order to repay the expenditures.

REQUIRED  
1. With reference to the information above, identify the key factor (other than segregation of duties) that enabled the fraud to remain undetected for such a long period of time. 200 words
2. Describe and explain weaknesses in the current accounts payable function (specifically dealing with the Wizard Finance corporate account) and recommend how each weakness can be addressed.
It is expected that you should be able to identify five (5) weaknesses in the current accounts payable function and provide a suitable recommendation for addressing each identified weakness. 50 – 100 words.

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