Accounting Newsletter


August 12 2008 Accounting Newsletter

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A Forensic Accountant Global Mindset
Going global means challenges and opportunities. Having worldwide operations implies that corporations should hire candidates with a global mindset. It entails higher earnings tied to a unique mix of qualifications.

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FAFSI Case of the week© - Excess of power?

Who? A former Chief Finance Officer and his wife are under investigation
Why? Apparently embezzling more than $2.6 Million.
How? The CFO had control over all of the company’s finances including the company’s bank accounts.
What did he do? Unlawfully withdrew funds from the company’s accounts in order to maintain a lavish lifestyle for himself and his family: expensive vacations, bar tabs, etc.
How did he cover it up? He altered internal checkbook spreadsheets and moved funds between accounts in an attempt to cover up the thefts.
What if they are found guilty? They face a maximum penalty of 30 years in federal prison and a fine of up to $1 Million.

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Consuelo Herrera, CAMS, CFE, Accounting Editor

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