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Employee Theft 101. Daughn Baker, Facilitator Davie County Brittany Granados, Panelist Davidson County Cindy Marion, Panelists Stokes County . Theft By the Best- The Embezzler. Embezzlement "the fraudulent appropriation of property by a person to whom it has been entrusted.“

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employee theft 101

Employee Theft 101

Daughn Baker, Facilitator

Davie County

Brittany Granados, Panelist

Davidson County

Cindy Marion, Panelists

Stokes County

theft by the best the embezzler
Theft By the Best-The Embezzler

Embezzlement

"the fraudulent appropriation of property by a person to whom it has been entrusted.“

Managing A Small Business

the embezzler
The Embezzler

Is someone in your department with whom you know and trust.

the embezzler4
The Embezzler
  • Usually thinks that they are clever – even smarter than their manager/director
  • Cunning enough to beat the system
  • Someone with more self imposed authority than their current title
typical schemes
Typical Schemes
  • Pocketing cash without ringing up sales
  • Check-kiting- is taking advantage of the time period (or "float") which is the number of days between deposit of a check and collection of funds.
typical schemes6
Typical Schemes
  • “Lapping”-involves the temporary withholding of receipts such as payments on accounts receivable
  • Stealing goods
typical schemes7
Typical Schemes
  • Payroll frauds
  • Padding travel forms/reimbursements
  • Purchasing agents can accept "kickbacks" from suppliers from purchasing goods at inflated prices
typical schemes8
Typical Schemes
  • Overtime being falsely recorded
  • Abuses from personal use of company postage stamps, supplies, and equipment
just remember
Just Remember

Dishonest employees can figure out any number of ways to defraud their employer

know your employee
Know Your Employee

Take this quiz:

Dam, Shell, Taveirne Certified Public Accountants, Chicago, ILL.:

  • Is your employee/manager possessive of his/her paperwork or reluctant to share their responsibilities?
know your employee11
Know Your Employee

Take this quiz:

Dam, Shell, Taveirne Certified Public Accountants, Chicago, ILL.:

2. Are any of your employees apprehensive about taking time off?

……..First one in, last one to leave?

know your employee12
Know Your Employee

Take this quiz:

Dam, Shell, Taveirne Certified Public Accountants, Chicago, ILL.:

3. Are any of your employees living beyond their means? Any life changing events that would require additional income to cover expenses? Financial difficulties?

know your employee13
Know Your Employee

Take this quiz:

Dam, Shell, Taveirne Certified Public Accountants, Chicago, ILL.:

4. Could your employee have a possible substance abuse problem?

know your employee14
Know Your Employee

How many potential embezzlers could you identify from this quiz?

clues
Clues….
  • Large number of account adjustments
  • Large number of voids
  • Decrease in sales or decrease in pre-payments
clues17
Clues….
  • High volume of food purchases, but low participation
  • Production records cannot provide accurate documentation
clues18
Clues….
  • Official date stamp on deposit ticket doesn’t match the date written in by manager
  • Personal checks being cashed
  • Parent calls concerning errors in student account balances
clues19
Clues….
  • Customer is quick to make note “she never charges me this much” or something similar when a different person cashiers
  • Potential cash versus cash recorded on deposit ticket is less and checks are more.
  • Employee doesn’t want anyone to “learn” their job
let s hear from
Let’s Hear From…..

PANELIST #1

Brittany Granados, Director

Davidson County Schools

let s hear from21
Let’s Hear From…..

PANELIST #2

Cindy Marion, Director

Stokes County Schools

let s hear from22
Let’s Hear From…..

PANELIST #3

Daughn Baker, Director

Davie County Schools

slide23

An Ounce of Prevention….

Tighten Internal Controls

Rotate cashiers

Employee training

Document!

Create an environment of accountability

Be an example

Separation of duties

slide24

An Ounce of Prevention….

Is worth a pound of cure!

resources
Resources
  • Managing a Small Business, Bizmove.Com
  • Dam, Shell, Taveirne Certified Public Accountants, Chicago, ILL.
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