VERMONT “EMBEZZLEMENT EPIDEMIC”
Several Vermont state, city and private company employees have been charged with embezzlement from their workplace in recent months. In nearly all of these incidents, the employee was responsible for numerous functions, without proper oversight. To help your business, prevent the opportunity for fraud to occur – proper oversight should be linked to a segregation of duties. Segregation of duties should include a division of responsibility of authorization, custody, and recordkeeping functions. For example, the person signing checks for your business should not be responsible for depositing the checks at the bank. Likewise, the individual in charge of approving the purchase of new merchandise should not also be reconciling the monthly financial reports.
For more information on the embezzlement epidemic in Vermont, visit the Burlington Free Press.