Thursday, August 29, 2013

Arizona school accounting services manager sentenced in embezzlement case

Without audit solutions, it's possible for problems within accounts payable to stay hidden for years. The more frequently leaders use these important tools, the more likely they are to not only deter crime, but to find instances of misappropriation before they become severe.
According to the Arizona Daily Star, the former accounting services manager for Pima County's Joint Technical Education District was sentenced to three-and-a-half years in prison for embezzling $300,000 of funds intended for the school's use. The source reported that the perpetrator, Melinda Carpio, is also required to serve five years probation following the completion of her time in prison, as well as to pay more than $288,000 in restitution.
The news provider explained that Carpio stole the funds by making payments to phony vendors, after which point she and her husband would make transfers into their own bank accounts. KTVK-TV reported that the discovery was made after the school's CFO saw a discrepancy between the educational institution's expenditures and a listed vendor payment. More incidents came to light when an internal accounts payable audit was conducted.
It's never too late to make auditing a priority. By using best-of-breed solutions, organizations in any industry can protect their finances from harm.

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