Acc 421 final project 1 auditing and forensics PDF

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Final project on wholes foods market. Received a 100% on this project. SOuthern new Hampshire university accounting course. I have nothing else to say...

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Running Head: WHOLE FOODS FRAUD PREVENTATION AND DECTECTION POLICY

Acc 421 Final Project: Fraud Prevention and Detection Policy Southern New Hampshire University June 14, 2021

Table of Contents

WHOLE FOODS FRAUD PREVENTION AND DECTECTION POLICY

Introduction Fraud awareness and prevention policies Individual risk factor management Training Fraud detection and response policies Controls over physical and logical access Employee controls and supervision policies Accounting reconciliation and analysis Organizational audits and the audit function Senior management support and enforcement of the policy References

INTRODUCTION

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WHOLE FOODS FRAUD PREVENTION AND DECTECTION POLICY

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Whole Foods is an organic supermarket chain owned by Amazon, which was first introduced in 1978 by founders John Mackey and Renee Lawson (Hardy), as SaferWay in Austin, Texas, (Green, 2019). By 1980 SaferWay merged with Clarksville Natural Grocery to open the first Whole Foods store. Only a year later in 1981 would the first Whole Foods be destroyed in a flood, but with the support of the community Whole Foods was only “out of business for 28 days,” (Green, 2019). It was not until 1988 that Whole Foods would expand outside of Texas and purchase the Whole Food Company in New Orleans. Whole Foods had 70 stores across 16 states by 1997, passing the one billion mark on annual revenue. Whole Foods eventually went international in 2002, putting the first Wholes Foods store in Toronto, Canada. In 2017, with nearly 500 stores worldwide, Whole Foods store was purchased by Jeff Bezos, the owner of Amazon, and today we are operating over 500 stores worldwide. FRAUD AWARENESS AND PREVENTION POLICY The Whole Foods fraud policy is in place to promote the growth of our controls that will assist in the detection and prevention of fraud against Whole Foods. It is Whole Foods purpose to promote constant company behavior by providing guidelines and assigning appropriate responsibilities to individuals for the growth of controls and investigations. Whole Food’s management will be accountable for the detection and prevention of any fraud. All known cases of fraud or suspicions of fraud will be reported to Loss Prevention who will direct all claims both external and internally. Fraud is defined...