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Article: Stop theft! Protect your assets with strong internal controls.(Strictly Business)
- Article from:
- Custom Home
- Article date:
- March 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Hanley-Wood, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Several months ago I received a call from a client who said that he suspected that his bookkeeper was embezzling his company's funds. The bookkeeper had worked for the custom builder for over a year and was a hardworking, loyal employee (at least that is what everyone in the company thought). Unfortunately, the builder's suspicions were correct. After spending tens of thousands of dollars on forensic accountants (with still a lot more work to be done), the builder has been able to identify more than $100,000 in losses, and the former employee has not yet been arrested.
In addition to discovering the embezzled money, this builder uncovered more that his "trusted" ...