Preventive audits may have reduced company’s embezzlement losses

A former employee of the Scuba Co. dive shop in Tamuning, Guam, was recently charged with two counts of theft of property held in trust as a second-degree felony after an internal business audit found that she had embezzled more than $43,000 from the company, the Pacific Daily News reports.

Kumiko Nomoto Camacho allegedly altered the company's receipts and records to cover her tracks.

"We've been in business for a long time, and this is the first time this has ever happened to us," Thelma Arriola, owner of Scuba Co., told the news source. "It made me realize that setting limits or restrictions is still necessary, no matter how small a business is."

According to Arriola, Camacho was treated more like a family member than an employee.

Even if workers are highly trusted, it is still advisable for businesses to carry out regular precautionary audits. Creating awareness of this among employees may deter them from stealing.

Camacho is thought to have embezzled company funds over a period of two years, the news source reports. Thorough, timely accounts receivable and accounts payable audits will minimize the likelihood of theft over a long period of time.

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