World of forensic accounting unveils how companies are cheated out of millions
Brad Hicks at Fox6 did a bang-up job of showing the world the job of a forensic accountant: Millions of dollars are missing from a Milwaukee company, and an employee is charged with stealing a staggering sum of money. How deep the fraud goes is something investigators are still deciphering. FOX6 gives you a look at how they do it, and how they think one employee made off with millions.
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Hear the last part of this report on Tuesday Nights Fox-6 News at 9 pm and have been looking for it ever since. Great report! Hope there is a follow-up on how these types of shenanigans can be avoided – especially through effective cost accounting controls and double or triple verification methods regarding cash or equivalent accounts.
And, what’s the sense of having any audit of aNY firm if it can’t find even hints of outrageous embezzlement such as this at Koss Corp?!
There seems to be a lot of embezzlement going around these days – could it be a function of the incompetence of our auditing systems?!