Sally steals the funds to be deposited in the bank and Sam manipulate the accoun

Question

Sally steals the funds to be deposited in the bank and Sam manipulate the accounting records.

The accounting books of the company should be critically examine for the following traits -

Identifying transactions which are just below the threshold of reporting

Identify series of cash disbursement which altogether exceed the threshold limits

Tampering should be checked for like identifying missing, duplicate,void or out of sequence check numbers

identify find the cheques issued but not cleared by the bank

verification of the deposit receipts issued by the bank should be done

Verify the deposits made as per company records against the Bank records

Identify statically unusual transactions in the books

Several steps should be taken in investigating Sam and sally being romantically involved against the company policies. The official and personal emails and chats should be monitored. Colleagues should be enquired if they have a hint of the relationship.

Explanation / Answer

1. A call come into George Co. fraud hotline claiming that Sam, the company’s accounting manager, has been colluding with Sally, one of his subordinates, to rip off company cash. According to the caller, Sally steals funds from the deposits entrusted to her to take to the bank, and Sam manipulates the accounting records to cover up the theft. The caller also maintained that the two are romantically involved---against company policy. Concerned, George Co.’s internal audit manager has asked you to put your data analytics skills to use to investigate this matter immediately.

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