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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (34906)	12/3/1998 7:52:00 PM
From: Enigma	Read Replies (1) \| Respond to of 94695

Bill - I"m sure you're right - but I'm not sure how many audits actually catch fraud. We had another interesting one (all v. interesting for a young accountant!) In those days cold storages weren't organised all that well so far as stacking was concerned. We heard that a supermarket in Port of Spain was getting stuff from our cold storage - stuff which belonged to other customers!. It worked something like this - there was collusion between the man at the gate and a clerk in the office. Goods were shipped out to the supermarket at some fraction of their value and the money was divvied up between our two employees. There was such a pile of stuff in the cold storage that it was almost impossible to say which belonged to which party. As soon as we got wind of it - we asked for the back invoices, only to find that there had just been a fire in the office and all the records were gone!. It's difficult for an auditor to find this kind of fraud - especially where there are colluding parties. I could go on....... At first I was shocked - especially by the simple ones I found which were so blatant- but gradually one became fairly dispassionate about it E