A former accounting assistant for Antelope Valley College in Lancaster, California, recently pleaded guilty to embezzling more than $500,000 from the institution over a six-year period.
According to the Los Angeles County District Attorney's office, Mandy Deborah Borquez began misappropriating the funds shortly after she was hired in 2004, the Antelope Valley News reports. Her actions went undetected until 2010, when an accounts payable audit highlighted irregularities in the college's financial records and processes.
A Los Angeles County Superior Court judge ordered Borquez to pay more than $423,000 in restitution – $406,000 to the institution's student body group and $17,000 to a former supervisor. She was also sentenced to three years and four months in prison.
As the Burlington Free Press recently noted, AP audits may not necessarily uncover all instances of misappropriation, but will point to irregularities that indicate impropriety and highlight noncompliance. Conducting regular AP audits can help companies ensure the proper processes are being used and all of their financial holdings are appropriately handled.