Interim Treasurer Fiatala Manu of the First Samoan Christian Congregational Church in Santa Ana has recently been charged with the embezzlement of upwards of $110,000.
This could have been prevented by strengthening the organization’s internal controls.
Reduce your risk and strengthen your internal controls by implementing:
- Separation of duties
- Quality of employees
- Bonded employees
- Periods of absense
- Procedures manual
- Clear lines of authority and responsibility
- Pre-numbered documents
- Physical control over assets
- Tests of controls
- Controlling cash
- Bank reconciliations
- Whistleblower policy.
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By Kim Onisko, CPA
Kim Onisko is a Partner with Onisko & Scholz, Certified Public Accountants, LLP. You can find him on Google+. He has been in public accounting for over 20 years and has a specialty in forensic accounting.