An accounts payable audit has discovered that the former head of a nonprofit organization in Boston, Massachusetts, embezzled nearly $20,000 from its accounts.
Accounts payable audits have a key role to play at such financial institutions – and a recent case served as a reminder of this fact.
A husband and wife have been arrested and charged with embezzling more than $360,000 from the organization where the wife worked as an office manager.
A former employee of a dentist’s office in Midland, Michigan, has been sentenced to three years in prison for her involvement in an embezzlement scheme.
In some cases, addictions, such as gambling, can be at the root of financial misconduct, and in these instances, audit solutions can be important to the recovery of more than just a business.
Every organization is susceptible to fraud if the correct preventative steps aren’t taken.
Another case of fraud committed by a former bank employee brought to light the need for accounts payable recovery audits at organizations that handle consumers’ money.
When oversight of corporate bank accounts and income is consolidated rather than continually monitored through accounts payable audits, fraud can go undetected for quite some time.
Employee fraud can have disastrous consequences for small businesses – and without financial audit solutions, it can be very difficult to detect discrepancies in accounting.
According to the Mediapost Agency Daily, an embezzlement scheme may be at the center of KSL Media’s recent bankruptcy.