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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 l.jpg

Employee Theft 101

Daughn Baker, Facilitator

Davie County

Brittany Granados, Panelist

Davidson County

Cindy Marion, Panelists

Stokes County


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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


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The Embezzler

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


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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


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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.


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Typical Schemes

  • “Lapping”-involves the temporary withholding of receipts such as payments on accounts receivable

  • Stealing goods


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Typical Schemes

  • Payroll frauds

  • Padding travel forms/reimbursements

  • Purchasing agents can accept "kickbacks" from suppliers from purchasing goods at inflated prices


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Typical Schemes

  • Overtime being falsely recorded

  • Abuses from personal use of company postage stamps, supplies, and equipment


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Just Remember

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


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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?


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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?


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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?


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Know Your Employee

Take this quiz:

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

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


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Know Your Employee

How many potential embezzlers could you identify from this quiz?



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Clues….

  • Large number of account adjustments

  • Large number of voids

  • Decrease in sales or decrease in pre-payments


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Clues….

  • High volume of food purchases, but low participation

  • Production records cannot provide accurate documentation


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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


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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


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Let’s Hear From…..

PANELIST #1

Brittany Granados, Director

Davidson County Schools


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Let’s Hear From…..

PANELIST #2

Cindy Marion, Director

Stokes County Schools


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Let’s Hear From…..

PANELIST #3

Daughn Baker, Director

Davie County Schools


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An Ounce of Prevention….

Tighten Internal Controls

Rotate cashiers

Employee training

Document!

Create an environment of accountability

Be an example

Separation of duties


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An Ounce of Prevention….

Is worth a pound of cure!


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Resources

  • Managing a Small Business, Bizmove.Com

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


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