Jan 8, 2013 | Accounting Frauds
The Reading School District in Pennsylvania announced that the district auditors uncovered an accounting error in the books of the organizations for 2010-2011. According to the audit, the revenues for 2010-2011 period were overstated by $15.6M. A big question here is...Oct 29, 2012 | Accounting Frauds
Another case of embezzlement in a company due to lack of segregation of duties. Debra Skies who has been working as the office manager at McCord Engineering, Inc. since the company’s inception in 1985 recently turned herself in for embezzlement. Debra was let go...Oct 22, 2012 | Accounting Frauds
A recent audit done of the accounting records of Waverly Village Court in New York showed a dismal state of affairs. During the audit period, Jan. 1, 2010, to Feb. 24, 2012, the audit noted that the village judges didn’t make sure court clerks kept track of the money....Oct 16, 2012 | Accounting Frauds
The officials at the Sebewaing Light and Water Department in Michigan, did not pay heed to audit reports that mentioned significant deficiencues in the accounting procedures. These warnings date back to 2006. Finally in May 2012, the auditors noticed that the money...Oct 2, 2012 | Accounting Frauds
A recent state audit of the books of the city of Evansville, Indiana, reveals poor bookeeping and accounting done by the city in 2011. The issue was not of embezzlement or cooking the books but more of incorrect recording of entries. The city implemented a...