Forensic Accounting Services, LLC
Piecing Together Financial Puzzles®
A recent case reminded me that while funds stolen by an employee are a big problem, there could be other actions of the employee that have an even bigger effect on the business. It is common to identify an employee stealing from the company or organization, only to find out that the scheme identified was not the only thing they …
Employers need to examine their insurance coverage to ensure sufficient employee crime coverage has been obtained. In a recent case an employee embezzled over $10,000. As the amount was growing towards $20,000 with no end in sight, we started to strategize how we would recover the diverted funds from our target. We determined the only hope of recovery was through the …
Studies upon studies have attempted to identify a description of the candidates likely to embezzle your organization’s funds. Now here’s a story that finally nails it down. The Chronicle of Philanthropy, April 3, 2008. “Most Cases of Charity Fraud Could Be Prevented, Study Finds” Citing the Association of Fraud Examiner’s 2004 fraud survey, the article states the typical non-profit fraud …
What do these all programs have in common? They are all major fundraisers, as well as major sources of funds. All three programs generate significant cash sales each year at the local, state and national levels. Handling and tracking the collected cash is always subject to volunteers, with the risk they may have sticky fingers.Proper controls are not difficult to …
When will businesses, organizations, municipalities and any other entities with employees take notice regarding employee embezzlement? All the warnings that have been provided to employers in the past few years about preventing employee embezzlement are not working. How do I know? Every night this week I have gone to Google News and entered the key word “embezzlement.” Every night this …