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WHAT TO DO IF YOU SUSPECT YOUR
ORGANIZATION IS THE VICTIM OF EMBEZZLEMENT
- Investigate first! Never accuse until you know the facts.
- Call your attorney and CPA for advice.
- Be careful when confronting the person:
- Consider having your attorney and CPA with you, but always have a witness, particularly if the situation is male-female
- If there is any possibility of a problem, consider having a police officer with you
- It's usually better to confront the person after business hours when fewer employees are present to avoid an incident and embarrassment
- On advice of counsel, the person should be either terminated or put on administrative leave.
- Make sure you get such items as keys, credit cards and so forth.
- Consider changing the door locks.
- Change the computer passwords!
- Decide whether or not to press charges.
- Contact the insurance company that handles the fidelity bond.
- Get advice from counsel on how to relate the circumstances to employees, the board of directors and investigators.
- Get advice from counsel on how to handle references.
- Work with your accountant to thoroughly evaluate the system of internal controls and correct whatever deficiency led to the problem.
Reprinted with the permission of Edward McMillan, CPA.
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last updated:
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