Fraudulent Tax Refunds: The Notorious Career of Harriette Walters | Zendy

Philip F. Jacoby | Zendy; Sebastian Lorigo | Zendy; Brent McCallum | Zendy

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Fraudulent Tax Refunds: The Notorious Career of Harriette Walters

Author(s) -

Philip F. Jacoby,

Sebastian Lorigo,

Brent McCallum

Publication year - 2011

Publication title -

current issues in auditing

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.274

H-Index - 11

ISSN - 1936-1270

DOI - 10.2308/ciia.2011.5.1.a23

Subject(s) - audit , accounting , variety (cybernetics) , perspective (graphical) , business , estate , real estate , control (management) , management , public relations , finance , political science , economics , computer science , artificial intelligence

SYNOPSIS: Harriette Walters embezzled more than $48 million from the District of Columbia by processing fraudulent real estate tax refunds. This paper describes the Walters scheme and discusses, from the perspective of the COSO framework, internal control weaknesses that enabled the fraud to go undetected for more than 20 years. While this analysis of the Walters fraud should be of interest to both accounting academics and audit professionals, it should be particularly helpful to students, financial managers, and inexperienced auditors in understanding the importance of effective internal controls for preventing and detecting fraud in a wide variety of organizational settings.

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