Fraud Never Takes a Holiday in Indiana
These latest headlines should remind companies about the risk of Fraud and the importance of implementing and verifying adequate segregation of duties. In these stories, embezzlers use their position, their employer’s misplaced trust, and inadequate fraud risk management to defraud organizations. July 29, 2016 Indianapolis woman to be sentenced in $5M embezzlement schemeAugust 16, 2016 Former utility CEO charged with embezzling $500K August 29, 2016 Former local United Steelworkers president sentenced for embezzlementSeptember 13, 2016 “It was done in little bits, little pieces:” Woman accused of embezzlementIn each of these cases, the fraud could have been prevented had the companies implemented a system of internal controls, including adequate segregation of duties. Segregation of duties is a key internal control intended to minimize the occurrence of errors or fraud by ensuring that no employee has the ability to both commit and conceal errors of fraud in the normal course of their duties.