Accounts payable audits are a critical asset for all organizations. Wherever there is money to be managed, there's that chance that crime will occur. The better the hold leaders have on their financial operations, the higher the likelihood that any incidents won't have a devastating effect on a business as a whole.
According to The Courant, the former controller of Stamford, Conn., market research firm Rothstein-Tauber, Inc., was sentenced to 54 months in federal prison after being found guilty of embezzling $3.4 million from the company. The source noted that Thomas Turey will also be required to pay full restitution and undergo three years of supervised release after he finishes his stay in prison.
The news provider reported that court documents explained Turey stole the funds by writing checks from Rothstein-Tauber's accounts not only to himself, but to a falsified organization. He also altered the employer's records to cover up the crimes.
Research-live.com pointed out that Turey worked at the company for 17 years, and his duties included a number of finance-related responsibilities, such as overseeing the bookkeeper, performing financial reports and maintaining the firm's general ledger. Dividing duties is critical when it comes to managing employees who deal with finances, as the more people involved in the process, the less likely any one individual will be able to commit or hide misappropriation.