Accounts payable audits can be essential tools for bouncing back from internal fraud. When an employee is found to be misappropriating funds, it's important that the company quickly determines how to address the problem, and that includes recovering the missing money.
According to the Addison County Independent, Karen Brisson, a former town clerk for Weybridge, Vermont, was recently sentenced to two years in prison for embezzling more than $400,000 from the community's accounts. Brisson will also be required to pay the money by writing checks to herself and depositing the money in her personal bank accounts.
WCAX-TV reported that Brisson's lawyer stated she committed the thefts as a way to pay off personal debts. One reason these actions went unnoticed for so long was that the transactions were not initially significant enough to make a major impact on the town.
"It was taken in small bites and so we didn't feel the hit," Steve Smith, a selectboard member, told the source.
Going forward, it's important for Weybridge to continue paying close attention to its accounts payable processes, and this includes using frequent audits to uncover any discrepancies.
Karl Andersson has devoted his career to helping organizations improve their business processes. For 15 years, he has worked with multitudes of Fortune 500+ companies as the CEO of Technology Insight. Before this, he spent 10 years working in the audit and consulting sectors, which included large international projects in both Europe and Asia.
Karl brings a combination of industry expertise and real-world experience. The diversity of his clients has allowed him to understand a variety of industries, and the unique challenges that each of them face.