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What internal controls might have prevented an Anderson Community School bookkeeper from stealing more than $1 million?

The Anderson Community School Corporation hired Carla Burke in 1998 and then made her the food service department bookkeeper in 2006. She worked as the bookkeeper until she retired in 2019. Burke was responsible for maintaining the records for the school lunch fund. She reconciled the bank account, maintained vendor invoices, prepared checks to send […]

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How might the management of Jos-Tech have prevented an employee from stealing almost $500,000?

Victoria A. Ladd, 51, was employed by Jos-Tech, Inc., a custom plastics fabricating company located in Kent, Ohio, for many years. From January 2013 until January 2018, she wrote several checks to herself and cashed them or deposited them into her personal accounts. She also authorized electronic payments from Jos-Tech’s bank accounts to pay off […]

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Accounting Case Template tool available to build an introductory financial accounting case assignment

Again, as we start a new semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]

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Create Customized Financial Accounting Case Assignments with the Accounting Case Template

Again, as we start the fall semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]

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Create Customized Financial Accounting Case Assignments with the Accounting Case Template

The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]

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Why is internal control important for companies – and for students – to understand?

An article in Accounting Today from September 7, 2017, has the headline “Internal control weaknesses correlate with financial fraud.” Three accounting researchers* have found that “…the incidence of fraud disclosures at companies previously found by auditors to have material weaknesses in their internal controls is approximately 80 to 90 percent greater than companies on average, […]

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NEW! Create Customized Financial Accounting Case Assignments with the Accounting Case Template

The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]

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What internal controls might have stopped a Cargill accountant from embezzling $3.1 million?

Cargill, Inc., is the largest privately held corporation in the United States as measured by revenue. According to Wikipedia, if it were a publicly-held corporation, it would rank number 12 on the Fortune 500. In addition to its agricultural business, it also deals in energy, food ingredients, financial services, and a broad array of other […]

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