In any organization, the frequent use of audit solutions can prevent financial problems down the line. Without knowledge of how money is being used and the accuracy of internal records, it is difficult to keep mistakes and unauthorized actions from taking a toll on bottom lines.
According to MLive, a Potterville, Michigan, man is set to stand trial on embezzlement charges. Wayne Balcom, the former office manager for Holt Family Practice, is accused of stealing more than $130,000 from his previous employer. Because embezzlements upwards of $100,000 qualify as felonies in his state, Balcom could serve up to 20 years in prison.
WILX-TV explained that due to his position with the firm, Balcom had access to Holt's checkbooks, as well as any other sources of funds intended for company use.
"He has [a] prior conviction for check fraud … I think any embezzlement certainly is a violation of the trust," Sheriff Gene Wriggelsworth told the news source. "They paid him a salary on top of it, they paid him to embezzle money."
By using audit solutions, companies can ensure that all financial assets are being allocated appropriately.