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Custom How Companies Could Prevent Embezzlement Essay

Controlling the actions and the work of employees is a challenge faced by many companies today. Embezzlement is an act that has effect upon all workers in a particular company. These include the topmost management officer to the lowest in rank. Many organizations and companies have not been able to stop it. This essay paper discusses some of the examples through which companies could deal with embezzlement.

One of the ways considered to be good is by establishing a thorough internal control system. Company accounting is a very significant effort for any business to carry out.  In particular, there must be checks and balances put in place to get rid of the habit of a single individual having autonomy. Records should be made of each decision made or the moment a transaction takes place.  If possible, records should be made with copies. While online copies would be most efficacious, paper trails which cannot be tempered with must be kept. Again, there must be clear definition of responsibilities and their separation in any company that is willing to fight embezzlement. If there is nobody having overall control on the finance section, then planning embezzlement would be hard. Putting checks into place like a system of double entry system makes it difficult for the accountant to cheat. Therefore, it is always good to keep track of money coming in as well as its disbursement. Deposits into the bank must be accompanied by receipts and kept well. Several individuals must be in charge of payroll and make resolutions based on the same (Tips for Preventing Embezzlement, pp. 1-2; Murray, p.1).

Sue Sachdeva sentencing was alleged to have been through stealing from the company employees together with their families, and eventually the company stockholders. This kind of theft would be very difficult if no single individual was in charge of the accounting department. Apparently, Sue Sachdeva must have had autonomy in the finance department. If the company included several other people to be in charge as well as observing checks and balances, it would be impossible for such a thing to happen (www.fox6now.com/news/witi-111710-sachdeva-sentencing, 0, 7810404.story).

Custom How Companies Could Prevent Embezzlement Essay

Code: Sample20

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