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Copy of Tallahassee BeanCounters

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by Susanne Collins on 29 April 2013

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Transcript of Copy of Tallahassee BeanCounters

Tallahassee BeanCounters Submitted By: Group #2 Forensic Investigators Abdullah Alsedeis
Herlinda Bonilla
Melissa Lynch
Osama Alhindi
Salha Alschumrani Who could have committed fraud?
How could the fraud have committed fraud?
What is the evidence of intent?
What is the economic impact
What is the evidence of conversion? -Julie Roper is the Assistant to the President and has total control over the inventory
-Phil Ackers, President - How could the fraud have committed fraud? - Poor inventory controls
- No segregation of duties in place
- Lack of cash controls
- There is a large amount of inventory missing - There are overpayments to Larkin Construction
- Personal bank statements reflect kickbacks from the president of the TBC
- Overpayment of repairs provided by Freddy’s Fix-It
- Stop N’ Shop sales are larger than purchased inventory
- Stop N’ Shop paying Julie Roper and Bud Roper cash for the inventory
- Financial statements were manipulated to receive higher bonus by Phil Ackers and Ben Hill _ What is the economic impact? - Larkin Construction $96,787
- Inventory Shortage $38,800
- Freddy’s Fix-It $46,160
- Bonuses overstated by $39,041
- Total $220,788 What is the evidence of conversion? - Personal Bank Statements reflect large deposits from TBC’s President and vendors
- Shortage of inventory
- Performed maintenance work appraised substantially less than the billed and paid invoices
- A/R ??? Still waiting Recommendations - Terminate Julie Roper and Phil Ackers based on evidence
- Terminate relationships with Freddy’s Fix-It and Larkin Construction
- Accounting needs tighter controls
- Set up inventory controls and perform unannounced audits (internal and external)
- Set up segregation of duties
- Projects over $10,000 need owner approval and appraised value of work performed
- Financial Statements need to be reviewed by owner on a monthly basis Lessons Learned Always have controls and procedures with inventory
Follow the cash and ensure it is properly recorded
Establish a procedure with nepotism
Investigate all personnel, including the efficient and reliable employees
Watch the employees that NEVER take vacation
Find out if employees are living beyond their means
Herlinda’s question? How in the world would we or anyone
have access to employees’ personal bank statements????? Isn’t that illegal? Is this something we should mention???? Unless there was a subpoena?
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