If educational institutions are plagued by misappropriation, students are likely to be among the victims. Officials in schools at all levels must put the correct systems in place to ensure that financial fraud does not because a problem within their walls.
According to WXIX-TV, an audit recently revealed that at Ohio’s Cincinnati College Preparatory Academy (CCPA), high-ranking employees embezzled funds against both women in the amounts that were stolen, and both have been terminated from their positions.
Marquet International explained that embezzlement is also a problem in many American higher learning institutions. The research firm noted that preventing misuse of accounts is especially important because these crimes can wear on for long periods of time, with the average scheme lasting 4.5 years. To reduce the likelihood of these incidents, the source stressed that leaders must enact policies to discourage such behavior, as well as back these efforts up by frequently using audit solutions. This will not only help enforce rules, but it can help uncover irregularities.