For embezzlement to occur, the chance for theft to go undetected needs to be present. Having strong internal financial controls is necessary for keeping a company in good fiscal standing, and the frequent use of audit solutions is an effective way to supplement these measures and maximize their efficacy.
According to Fredericksburg.com, former Southern Spotsylvania Plumbing office manager Elizabeth Boutchyard was sentenced to 20 years in prison with 16 years suspended due to the embezzlement of $149,850 from the company. She pleaded guilty to the charges.
The source noted that Boutchyard stole the money from the business by forging the name of the co-owner’s wife more than 100 times on checks from Spotsylvania Plumbing’s accounts. She used the funds viagra ireland hgh human growth hormone to pay for personal expenses, including bills and tattoos.
On his website, convicted white collar criminal and former Crazy Eddie CFO Sam Antar explained that opportunity is one factor that needs to exist for embezzlement to occur. Lack of oversight, as well as too little skepticism, can both play a role in giving individuals a chance to steal from company accounts. Additionally, Antar pointed out that financial need is not usually a driving force in these crimes – instead, they are often about ego, stature or loyalty. Because of misconceptions, many leaders overlook potential perpetrators.
Audit solutions are a critical tools for enterprises. Executives can’t always rely on their own instincts when detecting crime, but objective solutions can help.