Can Employees Misappropriate Funds From Your Bank Account?

Can Employees Misappropriate Funds From Your Bank Account?  It's easier than you think!  "I'm shocked." "She was so sweet, all my patients were so fond of her." "Why did she do it?"  These are typical comments business owners make when it is uncovered that an employee has misappropriated funds from their bank account.  The answer to "Why" is easy.  The business owner did not implement basic internal controls segregating check preparation, receipt of funds, and bank reconciliation functions.  Contrary to what many people think, we as accountants customarily do not look for fraud and cannot be expected to find fraud when we perform our normal service such as income tax and financial statement preparation.  Have You Evaluated the Effectiveness of Your Internal Controls Regarding the Handling of Your Money?  If you need help, please do not hesitate to call upon us.  We have significant expertise and experience in these areas.

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