Every organization is susceptible to fraud if the correct preventative steps aren’t taken. With the right financial controls in place, including the frequent use of to pay personal expenses.
In addition to serving the prison sentence, Lord is required to pay $640,000 in restitution, the news provider reported.
According to Michigan’s Attorney General Bill Schuette, it’s critical for companies to implement the right financial policies to stave off embezzlement. These include ensuring that all payments and reimbursements are accompanied by documentation, engaging in extensive record keeping and making sure to assign several employees to money-related duties.
Schuette noted that in the event embezzlement does occur, it’s important for organizations to take the proper steps toward getting the lost funds back. These may include performing a recovery audit.