Tallahassee Bean Counters Essay
An investigation with the financial efficiency and condition of Tallahassee Bean Counters (“TBC”) was carried out for the period May through September 2013 for the purpose of sharing with you any kind of observations or areas that need additional concern. This analysis was based upon a limited knowledge of the business plus the control environment. Furthermore, a lot of the detailed testing procedures that generally will be performed within a complete forensic investigation have not been carried out due to my not having full access to every financial paperwork and records. Please contact me should you determine a more formal investigation is warranted based on the results included in this examination. Our results include the pursuing:? The overall control environment is not established in order to avoid, detect, or deter deceptive activities which include financial reporting;? Ghost (fictitious) employees have been created and payments had been made to these fictitious employees;? Revenues by ticket sales do not consent to supporting paperwork;? Bank first deposit transactions are generally not properly confirmed;? Inventory can be subject to misappropriation. Potential Suspects and Red Flags Based on my personal review of personnel files, interviews with co-workers, spouses or former spouses, and preceding employers, 3 individuals – Phil Ackers, Ben Mountain, and Terri Hughes – have been identified as potential culprits of deceitful activity. Underneath are the key elements that resulted in this willpower. Phil Ackers: As leader of TBC, Mr. Ackers should be in charge of establishing the entire control environment of the corporation. The “tone at the top” is one of the most significant factors to ensure that fraudulent activity is either averted, detected, or deterred. However , there are zero formal types of procedures whereby personnel can survey known or suspected bogus activity. Second, Mr. Ackers supposedly presented Ms. Hughes with additional bonuses in sufficient quantity to get in cash a beach house in the Florida Keys. Although that purchase was made 12 years before, there is improved concern of Mr. Acker’s actions in light with the amount of outstanding debts he is preserving. Last, Mister. Ackers was responsible for managing the construction activity of the new training facility. The course of his control comes with the ability to keep and agree to payments to vendors and initiate alter orders with out secondary approvals. Mr. Ackers also has the ability to override handles in his potential as chief executive. Furthermore, Mister. Ackers grips cash linked to program, promo, and solution sales. Terri Hughes: Ms. Hughes provides spent at least two decades working with Mr. Ackers. Furthermore, she has been acquainted with Mister. Ackers for at least 22 years although the level of their relationship is not known. Prior to her employment with TBC, Ms. Hughes performed for Mr. Ackers as his associate at Pizzano’s Restaurant in Miami. Pizzano’s Restaurant was owned by Mr. Ackers. Additionally , Ms. Hughes apparently purchased a home inside the Florida Important factors with funds provided by Mr. Ackers because “bonuses” for her superb function. A home in the California Keys can be rather expensive in addition to the constant property taxes and maintenance. When seen in conjunction with Ms. Hughes’ earnings and her maintaining rent payments for a second residence in Tallahassee, one must question whether her profits can support this sort of a lifestyle.
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