What the attorneys could have done to prevent the loss

Assignment Help Accounting Basics

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

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