Craig Haver, an ex partner at Grant Thornton New York office was charged with stealing nearly $4M of money from clients. According to the latest reports, Craig had instructed the clients to send money directly to him rather than the firm’s headquarters. This had been happening from 2004 to July of 2012. The question is how come the firm did not realise for almost 8 years that one of their employees was siphoning away money. What was the process of recording the revenue- were they invoicing the clients and recording AR and then when they didnt pay for 8 years wrote them off!
How can a big auditing firm miss such transcations for so many years and involving a significant amount of money?
