Staving off fraud takes a multi-faceted approach. Not only should companies be sure to craft comprehensive internal policies, but they should also ensure checks from company accounts. The remaining $41,000 was allegedly taken from cash payments.
The Journal of the Connecticut Business & Industry Association noted that even though conducting annual audits is not a requirement for businesses, this can be a step in the right direction when it comes to staving off misappropriation. The organization explained that it can be beneficial to use audit solutions as a way to get a more objective view of daily operations. Additionally, individuals at all levels of the organization may be less likely to commit fraud knowing that an expert will be reviewing financial processes.