Preventing and Detecting Employee Theft and Embezzlement: A Practical Guide

Preventing and Detecting Employee Theft and Embezzlement: A Practical Guide

Hardback Wiley Advisor

By (author) Stephen Pedneault

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  • Publisher: John Wiley & Sons Ltd
  • Format: Hardback | 310 pages
  • Dimensions: 156mm x 234mm x 30mm | 522g
  • Publication date: 13 July 2010
  • Publication City/Country: Chichester
  • ISBN 10: 0470545712
  • ISBN 13: 9780470545713
  • Sales rank: 1,132,548

Product description

Small business owners and accounting departments need immediately useful tips for preventing embezzlement from taking hold in their organizations. With practical guidance for detecting embezzlement in every business, this book reveals lessons learned by author Stephen Pedneault in his twenty years of working with small businesses and organizations both in preventing and investigating employee embezzlements. This eye-opening book offers business professionals an insider look at the different ways embezzlement occurs in businesses, and hard-won advice for keeping their businesses from becoming victims of embezzlement and fraud.

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Author information

STEPHEN PEDNEAULT, CPA/CFF, CFE, is the founder and Principal of Forensic Accounting Services, LLC, a CPA firm specializing in forensic accounting, employee fraud, and litigation support matters. Steve is the author of Fraud 101: Techniques and Strategies for Understanding Fraud and Anatomy of a Fraud Investigation, and a contributor to Fraud Casebook: Lessons from the Bad Side of Business, all published by Wiley. Steve has also written numerous articles appearing in local and national media, and is a frequent speaker on the subjects of employee embezzlement and forensic accounting. For more information about Stephen Pedneault, go to

Flap copy

You're a busy business owner. You don't have time to think aboutwhether or not any of your employees may be stealing from you orembezzling from your business. Or . . . do you? Based on author Stephen Pedneault's experience of over twentyyears working with clients and counsel in a wide range ofemployment-related issues--many stemming from some type oftheft or embezzlement of assets, money, proprietary information, orall three--"Preventing and Detecting Employee Theft andEmbezzlement: A Practical Guide" is the readable, usefulresource that will help you better protect your business.From implementing prudent hiring policies and practices throughcollecting receipts, making deposits, writing checks, payingemployees, and evaluating the adequacy of insurance coverage, thisessential book covers the major financial areas commonly found inmost small businesses, and provides you with easy steps to followin preventing and detecting embezzlement.With checklists at the end of each chapter so you can literallystart protecting your business right away, this practical guidetakes a closer look at: Why you would be wise to perform independent due diligence on apotential employee--even if they are referred by someoneelseThe truth about contacting past employers when checking on acandidate--why it's not much helpWhat you must do in the hiring process to better protectyourself and your businessHow to know and monitor your existing employeesIf you are a business owner--even if your business is verysmall--and you don't want to get burned by employee theft orembezzlement of any kind, "Preventing and Detecting EmployeeTheft and Embezzlement" is the practical guide you want to keepby your side. Its shorter chapters, checklists, and cases arespecifically designed to work with your busy schedule, to makeprevention and detection of employee theft a more effortlessreality in your business.

Table of contents

Preface . Acknowledgments. Introduction. CHAPTER 1 Hiring the Right Employees. Disclaimer. Where Do You Start? Advice of Counsel. Application Policy. Due Diligence. Personal Information. Past Employment. Education. References. Criminal and Civil History Checks. Credit Checks. Hiring Time. Hiring the Right Employees: Considerations. CHAPTER 2 Know Your Employees. Why Is Knowing Your Employees Important? Open Communications. What Should You Watch for in Your Employees? Know Your Employees: Considerations. CHAPTER 3 Sales, Cash Receipts, and Collections. Here s Where Everything Starts. Recording and Tracking Sales. Collections. Debit Memos and Other Adjustments. Accounts Receivable. Sales, Cash Receipts, and Collections:Considerations. CHAPTER 4 Credit Card Sales, Transactions, and MerchantStatements. Processing Sales. Reconciling Sales. Processing Refunds or Credits. Reviewing and Reconciling Refunds or Credits. Reviewing and Reconciling the Merchant Statement. Credit Card Sales, Transactions, and Merchant Statements:Considerations. CHAPTER 5 Purchases, Cash Disbursements, Checks, and PettyCash. Purchases. Cash Disbursements/Checks. Unpaid Bills/Accounts Payable. Petty Cash. Purchases, Cash Disbursements, Checks, and Petty Cash:Considerations. CHAPTER 6 Credit Cards and Debit Cards. Credit Cards. Debit Cards. Credit Cards and Debit Cards: Considerations. CHAPTER 7 Employee Expense Reimbursement. Expense Submission. Where Are the Abuses? Payment Processing. Employee Expense Reimbursement: Considerations. CHAPTER 8 Electronic Banking. Traditional Banking (In-Person Deposits and Manual CheckWriting). Check Processing and Clearing Changes. Changes in Bank Deposits. ATMs. Online Banking. What Can You Do? Electronic Banking: Considerations. CHAPTER 9 Payroll Processing. Payroll Administration: Adding/Changing/Terminating. Payroll Processing. Payroll Tax Returns. Payroll Processing: Considerations. CHAPTER 10 Inventory Issues and Controls. Prevention: Good News and Bad News. Retail Businesses: Items Available for Sale. All Businesses: Items for Use by Employees (Supplies, Tools,and Equipment). Detection. Inventory Issues and Controls: Considerations. CHAPTER 11 Bank Statements, Canceled Checks, andReconciliations. Bank Statements. Investment Account Statements. Canceled Checks. Bank Reconciliations. Bank Statements, Canceled Checks, and Reconciliations:Considerations. CHAPTER 12 Financial Reports. Generate Financial Reports Regularly. Why Is the Regular Review of Financial Reports SoImportant? When to Consider Outside Advice and Assistance. Financial Reports: Considerations. CHAPTER 13 Safeguarding Your Bookkeeping or AccountingSystems. Manual Bookkeeping Systems. Computerized Bookkeeping and Accounting Systems. QuickBooks Users. Safeguarding Your Bookkeeping or Accounting Systems:Considerations. CHAPTER 14 Prevention, Detection, and Insurance. Timing Is Everything. Adequacy of Coverage. Responsibilities for a Claim. Disclaimer. Prevention, Detection, and Insurance: Considerations. CHAPTER 15 Your Response to an Identified or PotentialIssue. A Dreaded Day of Discovery. Due Diligence on the Discovery. What If It Appears to Be Fraud? Your Response to an Identified or Potential Issue:Considerations. Appendix A: Embezzlement Controls for BusinessEnterprises. Appendix B: Who Was Lester Amos Pratt? About the Author. Index.