The chief financial officer of Charlotte, North Carolina-based Harris Land Company was recently charged with embezzlement after an accounts payable audit identified inconsistencies in the company's payroll, according to WBTV 3 News.
In a statement, the Charlotte-Mecklenburg Police Department said that John Edward Dee had been abusing his position by allegedly embezzling more than $90,000. The payroll fraud – which Dee carried out by writing unauthorized checks payable to other people – was discovered as a result of a company audit that was conducted in February.
The audit found that Dee had been stealing funds from the land development company for two years, during which time he bought a $500,000 house in Charlotte, the news source said, as well as another piece of property.
According to the Burlington Free Press, dividing financial responsibilities between two or more employees is an effective way to reduce the likelihood of embezzlement. Conducting regular external audits is a good way for businesses to quickly isolate any instances of funds being stolen.