26 Mar 2019
It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports.
Level upon level of corporate management also failed to detect that the same employee was running a scheme to sell more than $200,000 in company equipment on eBay.
Only a fraction of expense reports are closely examined, so it is no wonder that companies experience more than $7 billion in annual losses from fraud, according to the Association of Certified Fraud Examiners.
By Beth Pinsker, Reuters, 25 March 2019
Link to Reuters
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet