Intro to asset misappropriations for non-accountants

Wendell and the stolen hamburger money


By Joseph T. Wells, CFE, CPA

FraudBasics / Part two

This article is adapted from the chapter 2 of "Corporate Fraud Handbook: Prevention and Detection," by Joseph T. Wells, published by John Wiley & Sons, Inc. ©2004. For more information visit Products. 

This second part of a short primer on asset misappropriations ends with a discussion of the organization of financial records, books of account, and the concealing of the misappropriations - all good information for the CFE-to-be.  

Wendell is a cashier at a fast food restaurant. During one hectic lunchtime, he holds a customer's money for a few seconds longer than usual before placing it into the cash register and ringing up the sale. Wendall thinks, "No one's watching me. I could have slipped that money in my pocket." And one day his temptation gets the better of him and he does just that. It was simple so he pocketed the money the next day, and then the next. A habit is created.

 

 

 


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