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• W296104494 abstract "In a strong economy, small businesses may suffer if they forget about the Not long ago, CPA Stanley Person uncovered an embezzlement at a small company client. thief was a veteran employee who had oversight of the company's finances. Why had the gone undetected for several months? The company was doing so well nobody noticed it was losing According to Person, whose 15-person New York firm serves mainly small businesses, one risk of a strong economy is that small clients may loosen their internal controls, thus discovering or theft long after it has happened. Good times have not necessarily made life easy for small company owners, Person says. People's dreams expand as the economy does. They look around and see that their next-door neighbor has just become a multimillionaire. They're chasing the Golden Fleece much more than they used to, and they forget to pay attention to the basics. Person says the most vulnerable are private companies in the $10 million to $30 million range because they are large enough to lose substantial sums but often not yet big enough for adequate finance departments. Since they aren't public, they aren't having the audits that might uncover such problems. Even the smallest companies aren't exempt. It can happen at a $2 million business with smaller amounts--say, $100 to $200 a shot. Could it happen to your clients? Here are some insights into why it happens and suggestions for services CPAs can offer clients to help them avoid it. THE ROOT OF THE PROBLEM Person identified a number of factors that contribute to internal fraud: Employee resentment. In one case, a client was showing Person his new luxury car when a key employee came in to ask for a small raise. owner refused, saying he couldn't afford it. You just set yourself up for fraud Person told him. Employees who spend years taking care of mundane details can become resentful if they are left out when business booms. CPAs should warn clients to be sensitive to employee hopes and expectations--or at least to avoid showing off on the job if they don't intend to reward workers with improved pay, working conditions or perks. Fraud doesn't happen in a vacuum, Person says. Someone doesn't just wake up and say, `I'm going to start writing checks to myself.' owner has to become a mark. While they may be resentful, not all embezzlers can be identified by their sour personalities. The people doing the stealing are usually very nice to the accountant, Person observes. They'll say to the CPA, `Don't worry, I'll take care of those bank reconciliations.' Misplaced trust. Very often in smaller businesses one long-term employee bears an inordinate amount of financial responsibility. A company may not have the proper segregation of duties, says Person. We'll look at it and see that Barbara Jones has too much control over cash. She opens the mail, she makes up the deposit slips, she deposits the money in the bank and she signs checks in the absence of the owner. When we bring it to the owner's attention, he or she will usually say, `Why, Barbara Jones has been with me forever!' While the person may be completely reliable, it makes more sense to distribute these financial duties among more staff members. Technology. Electronic transfers and computerized check writing make a thief's work that much easier, according to Person. In one situation he heard about, a worker was paying off her own debts with wire transfers from her employer's account. transfers turned up on the company bank statements, but the person who received those statements was the worker herself. If the business is doing $40 million to $50 million a year in sales and making purchases of $30 million a year, no one is going to miss, say, $10,000 a month, because it's not a big enough percentage to notice, Person says. Besides companies that do a lot of wire transfers, others that can fall victim to are heavy cash businesses, since cash is easy to misappropriate, and those with 10 or fewer employees, because controls are often weak. …" @default.
• W296104494 created "2016-06-24" @default.
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• W296104494 date "2000-11-01" @default.
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• W296104494 title "The Downside of Good Times" @default.
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