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• W779828422 abstract "[ILLUSTRATION OMITTED] Small family-owned corporations are often viewed as safe, stable work environs. Fewer employees equal a less stressful workplace, the possibility of becoming the next Enron or WorldCom seems slight, and close friendships flourish. However, these very reasons can cause small businesses to have a higher risk of susceptibility to fraud. Rather than being easier to review and control financial data, having a small staff can provide greater opportunities for collusion, and segregation of duties issues result in one or two staff members having the ability to manipulate financial accounts. It can also surprise one just how little you really know your coworkers. Conversely, others may feel more comfortable in a large corporation, believing that so many employees give someone little chance of committing fraud and getting away with it. This article discusses two cases that highlight how the perceptions related to size of a company and the risk of fraud can be quite deceiving. Case 1: Freeport Capital Carp Phil was a quiet man employed for the past 12 years by Freeport Capital Corp (Freeport). He was friendly with his coworkers and, due to his longevity with the firm, was treated like family by the owners. Viewed by many as a dedicated, tireless staff member, he seldom took vacation, and often worked long hours into the night or on weekends to ensure that the job was done. He was not a qualified accountant but had been in the field for over 20 years. Freeport was one company in the group of 14 family financial investment companies. As the Chief Financial Officer, Phil was a bank signatory for at least three of the companies with a signing authority limit of $20,000. Anything in excess of that amount was co-signed by the CEO. The individual companies were either audited or reviewed on an annual basis, and the external auditors viewed Phil as a competent, helpful individual who ensured all schedules were prepared for their arrival. With rising interest rates, each company was performing well financially and everyone was happy. Turnover was low, and staff had built a great rapport over the years, often socializing after hours. The owners spent 3 months every year vacationing in the tropics, comforted that the business was safe under Phil's watch. The office was small, and consisted of six persons--the receptionist, office manager, and accounts assistant (who all reported to Phil), plus the investment manager, and the CEO/owner. Phil and the accounts assistant were responsible for the day-to-day transactions and accounting records of each company, with Phil working on the biggest two in the group: Freeport and Simple Inc. Phil dealt with everything from setting up the bank account, preparing tax returns, and paying invoices to performing the bank reconciliations and financial statements on a monthly basis. In a small group it was easier for him and his assistant to split the companies in the group, with each of them performing all accounting duties for the companies in his portfolio. There was no segregation of duties or backup checks performed on the books by management apart from the annual audit. Internal controls were not closely monitored, as it was felt that the small size of the company was a positive factor in reducing any potential for control breakdowns. The annual audit for the past 3 years had always resulted in a clean opinion, and anything Phil's assistant didn't know, Phil could do. As fate would have it, one day Phil caught a chill and was forced to call in sick. The receptionist took the message and bade him a speedy recovery as she opened the daily mail. The first stack held correspondence from the bank, which was usually placed on Phil's desk for his action, but in his absence the receptionist decided to expedite the process. In going through the returned checks that accompanied the bank statement, she noticed one was made out to Phil in the amount of $10,000. …" @default.
• W779828422 created "2016-06-24" @default.
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• W779828422 date "2009-03-22" @default.
• W779828422 modified "2023-09-23" @default.
• W779828422 title "Size Doesn't Matter: A Case Analysis of the Relationship between the Number of Employees and Risk of Fraud in an Organization" @default.
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