Identify at least four steps to take to reduce the chance of embezzlement.

Expert Solution

Embezzlement is the fraudulent appropriation to his own use or his own benifits of property or money entrusted to him or by other person acting in a fiduciary character. Mostly employee embezzlement can result from employees.some examples are -creating fake companies ,overstating their working hours,they having access to credit cards and they using it for their own purpose.

For reducing the chance of embezzlement take few steps,they are -To be conduct a detailed background check up on all employees -Company can be follow a strict policies and procedures,that can inform all the employees prior to the joining. - Recognize it can happen or not

-.Recheck all the datas and documents regularly - Review all the employees work regularly - Financial duties should be devide,don't allow one person to control one accounting process. -Maintain proper recording and followup for all type of transaction -Secure all the valuable things -Conduct security audit -Initiate strict security guidelines These are the some steps can help to reduce the chance of embezzlement

Nightingale answered 2 years ago

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