The subject areas for this case are auditing, fraud and investigations. It is also relevant for teaching aspects of corporate governance.
This case consolidates techniques and methodologies of special investigations and demonstrates weaknesses in governance and internal controls. It is appropriate for final year undergraduate students and graduate students who have attended classes on basics of accounting and financial reporting.
The case is about institutional governance and the effects of ineptness at different levels of an organization that resulted in TAS. 133 billion being “improperly” paid out to 22 firms in the financial year 2005/2006.The case is structured to focus at the dilemma of the Director of Finance as an individual who featured in the latter stages of an extensive fraud where old unclaimable debts were revived and were being claimed and paid to fictitious assignees involving a number of Central Bank officials. However, the case seeks to interrogate issues related to financial records and controls in which the position of Director of Finance had more relevance.
Expected learning outcomes
Working on this case should result in enabling students to acquire expertise necessary for forensic accounting. It should also enable students to learn to gain an understanding of the practice of investigative and forensic accounting as well as an understanding of the interrelationships of the parties involved in forensic investigations.
This case is based on real life events widely reported in public media that occurred at the BOT, the Central BOT. There has been no attempt to protect any physical locations, names of institutions or identities and to protect sources. Nevertheless, this case has been prepared solely to provide teaching material for class interactive discussions.
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