Small businesses often do not have the resources to implement robust internal controls focused on segregation of duties, causing them to be susceptible to employee embezzlement. A recent article in Fraud Magazine, a publication of the Association of Certified Fraud Examiners, documents how a trusted employee with too much control cheated an unsuspecting small business owner out of hundreds of thousands of dollars. That is, until the scheme was detected through management review.
WHO? The perpetrator in this scheme was a long-term employee in a position of trust with inadequate supervision. These factors fit the profile of …read more
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