After a former employee of a Texas school district was charged with embezzling funds from a nonprofit organization, the district launched an accounts payable audit to check for financial irregularities that might indicate misappropriation, The Associated Press reports.
Former Ballinger Independent School District (BISD) employee Jackie Gibbs, who handled accounts payable, was charged by the Runnels County Sheriff's Department in connection with allegedly stealing funds from the Ballinger Education Foundation.
BISD superintendent Will Brewer noted that while the allegations against Gibbs were cause for concern, the AP audit did not turn up any evidence that the district's funds or financial records had been mishandled. He credited BISD's strong system of checks and balances as being a deterrent to potential embezzlement, and noted that AP audits and internal checks are frequently conducted, which is helpful in terms of highlighting recent irregularities on a regular basis.
Organizations looking to mitigate their risk of embezzlement can put several safeguards in place, including carrying out regular audits, dividing financial operations between workers and requiring authorization for large money transfers.
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