What the attorneys could have done to prevent the loss

Reference no: EM132615835

A trusted full-time office manager and bookkeeper for a small law firm (three employees) embezzled $90,000 from its two attorneys over a 3-year period. The attorneys trusted her to handle all of the administrative functions of the office. They often chatted with her while they signed the checks. She produced good work over the last 10 years so it was never reviewed by the attorneys or an outside auditor. The fraud was uncovered by a temp employee covering the position while the bookkeeper was away on her first vacation since she was hired. Evaluate the possible schemes she may have used and the reasons how she was able to get away with it for so long.

Question (a) Choose one possible scheme for embezzlement.

Question (b) List three weaknesses explaining how she was able to get away with it.

Question (c) For each weakness, describe what the attorneys could have done to prevent the loss.

Reference no: EM132615835

Questions Cloud

Define complexity and variety of jobs at valley urgent care : The performance review program at Valley Urgent Care was developed some years ago and has generally served the organization well.

Estimating inventory conversion period : Thornton Universal Sales' cost of goods sold (COGS) average $2,000,000 per month, and it keeps inventory equal to 50%

Sales outstanding of the firms : Data on Nathan Enterprises for the most recent year are shown below, along with the days sales outstanding of the firms against which it benchmarks

What is the length of its cash conversion cycle : Mark's Manufacturing's average age of accounts receivable is 45 days, the average age of accounts payable is 40 days

What the attorneys could have done to prevent the loss : Choose one possible scheme for embezzlement. For each weakness, describe what the attorneys could have done to prevent the loss.

Compounded monthly with an investment period of 3 years : CALCULATE THE Total compound interest for a $1,250 loan at 3.4% compounded monthly with an investment period of 3 years

Prepare a loan amortization schedule showing the interest : Mr. Mamun borrowed Tk. 115,000 at a 12.5% annual rate of interest to be repaid over 5 years. The loan is amortized into five equal

Describe typical credit approval procedures : Design (using words) how payroll data should flow within the company, and in your design, make sure you address the control objectives.

Demonstrate your comprehension of project management : The purpose of this assignment is to demonstrate your comprehension of project management (PM) methodology and tools integration in context of the project.

User Account

All Pages