Question

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

Answer 1

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