Send the link below via email or IMCopy
Present to your audienceStart remote presentation
- Invited audience members will follow you as you navigate and present
- People invited to a presentation do not need a Prezi account
- This link expires 10 minutes after you close the presentation
- A maximum of 30 users can follow your presentation
- Learn more about this feature in the manual
Do you really want to delete this prezi?
Neither you, nor the coeditors you shared it with will be able to recover it again.
Make your likes visible on Facebook?
Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.
Copy of Tallahassee BeanCounters
Susanne Collinson 29 April 2013
Transcript of Copy of Tallahassee BeanCounters
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?