Running head: EXPENSE ACCOUNT FRAUDExpense Account FraudNameInstitution1EXPENSE ACCOUNT FRAUD2Expense Account FraudExpense reporting presents a very boring task to employees and finance managers incompanies. Regardless, they are necessary and therefore have to be done promptly. The tasksinclude employees searching for their receipts and filing them, verifying expenses and claimingexpenses. In sometimes, companies have bureaucratic processes that may take very long beforefunctions that seem simple are completed. The boring nature of expense reporting, as well as themethods of accounting used in companies, make it possible for managers and employees to takepart in expense account fraud. Even though expense account fraud usually mostly lead toinsignificant losses in companies, when done by many employees may lead to significant lossand encourage other kinds of fraud. Therefore, company managers should understand the variousmethods of detection, prevention and mediation to ensure accountability in their companies.There are several ways in which employees use to commit expense account fraud. One ofthem is mischaracterized expenses. In the type of fraud, employees seek reimbursement forpersonal expenses that do not qualify. For instance, an employee can claim to be reimbursed fora personal trip while claiming that it was a business trip that would benefit the company.Employees can also use company card to take their family or friends for dinner while cla ...
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