The former president of a Loudoun County, Virginia, youth football league was recently arrested and charged with six counts of felony embezzlement after an accounts payable audit found he had misappropriated approximately $50,000 from the organization, according to the Washington Post.
Suspicions were raised after league board members identified accounting irregularities last month. The AP audit found that the embezzlement occurred between February, when Raymond Taylor took charge of the league, and September, when he resigned.
Board member Kevin Keane – who was announced as Taylor's successor – told attendees at a recent meeting that an accountant had been hired to carry out an extensive recovery audit of the league's finances. Keane noted that the board had retained a lawyer and was advised not to make any further statements until the results of the audit became available. The audit is expected to be completed by the end of this month, according to the news source.
Conducting regular AP audits can allow companies to identify embezzlement soon after it begins, which helps them mitigate their losses.