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ARTICLE · 24 SEPTEMBER 2015

Fraud Risk Increases When One Employee Controls Finances

Fuller Landau
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Recent reports alleging that an accountant defrauded a Toronto-area company of more than $1 million highlight the risks of granting financial authority to one employee without sufficient oversight, says Toronto forensic accountant Patricia Harris.

CanadaAccounting and Audit
Patricia Harris, CPA, CA IFA, CBV, DIFA, CFF
Patricia Harris, CPA, CA IFA, CBV, DIFA, CFF
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Recent reports alleging that an accountant defrauded a Toronto-area company of more than $1 million highlight the risks of granting financial authority to one employee without sufficient oversight, says Toronto forensic accountant Patricia Harris.

As Global News reports, York Regional Police fraud officers have charged a woman suspected of defrauding her former employer of more than $1.2 million in August 2014, after providing false credentials to obtain an accounting position with a Vaughan-based company.

During her employment, says the article, police allege the woman wrote herself cheques from company accounts and used the funds to pay her bills and personal debts, allegedly using 13 different types of fraud to avoid detection.

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