Again, with the lack of controls. Come on people.
This person was able to steal over $8M in total over 10 years all due to only needing one signature on the checks. She bought 4 houses and went on extravagant trips.
Did no one ask how a senior accountant at a nonprofit could afforded such a nice lifestyle?
It is so sad but here is another story of someone that had the opportunity to steal from the nonprofit that they worked for. The stolen money was intended to benefit children and adults with intellectual and developmental disabilities.
The embezzlement was discovered by their yearly audit. I tell people all the time that you need your controls in place you cannot rely on the audit as your fraud system.
Audits are not designed to detect fraud.
For the full article on this fraud case see this link
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