Noticing irregularities within their financial records is a situation that companies may face from time to time. To get to the bottom of this, businesses can use accounts payable audits to determine how much has been taken and through what means. One company in Monroe, North Carolina, did exactly this after they discovered evidence of misappropriation within their finances.
According to WCNC-TV, Boggs Paving decided to conduct an AP audit to find out what had happened to money that was missing from its accounts. The company realized that one of its employees, Juan Guarda, had stolen nearly $1 million from its coffers over a period of several years. Once the theft was revealed, Boggs Paving alerted local authorities and worked with them to arrest Guarda, who was apprehended on November 29 and charged with larceny, conspiracy to commit a felony and obtaining property by false pretenses. Company executives stated that initial suspicion arose after their internal system of checks and balances revealed that a significant amount of funds was missing from its accounts, the news source reports.
The Charlotte Observer reports that Guarda is also facing a civil lawsuit from Boggs Paving. In total, it is alleged that he stole $888,680 in money and a further $1,745 in building materials. The company is now implementing new policies and procedures to ensure that situations such as this one do not occur in the future.