filed in Fraud on Sep.29, 2009
Most businesses know that segregation of duties is an essential internal control within the accounting function. So, normally, the person with check signing authority is someone different from the person generating the checks within the accounting program. But this example of segregation of duties only works well if the check signer provides the necessary oversight [...]
filed in Fraud on Jun.16, 2009
Skimming, a very common fraud scheme, is the removal of cash from a victim prior to its entry in the accounting system. Employees who skim from their employer steal sales, donations, or receivables before they are recorded in the accounting records. Skimming schemes generally fall into one of four categories:
1. Unrecorded sales or donations
2. Understated [...]
filed in Fraud on Jan.20, 2009
Unfortunately, in times of economic stress, fraud committed by employees will increase. Jessica’s article highlights one area that can be overlooked, but can become a major area of employee theft. For every $10 that an employee “steals”, you have given them a bonus of at least $13. Random “spot checking” can help you eliminate this [...]
filed in Fraud, Not-For-Profit (non-profit) Accounting on Oct.16, 2008
One result of these difficult times, unfortunately, is the increase in employee fraud.
Jessica’s post is a timely reminder of what can happen when proper segregation of duties does not exist. If you have any questions on how you can implement segregation of duties in your organization, please let us know. We have a matrix [...]
Loading ...