Accounts payable audits have a key role to play at such financial institutions – and a recent case served as a reminder of this fact.
An accounts payable audit has discovered that the former head of a nonprofit organization in Boston, Massachusetts, embezzled nearly $20,000 from its accounts.
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.
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.
According to the Mediapost Agency Daily, an embezzlement scheme may be at the center of KSL Media’s recent bankruptcy.
Accounts payable audits can be essential tools for bouncing back from internal fraud.
Embezzlement is not often a crime committed by seasoned thieves, and this is one of the factors that make these incidents so hard to anticipate.
It can be difficult for a business owner to tell the difference between a loyal employee and a worker who may be covering up a crime.