(Learning Objectives 1, 2, 3: Describe fraud and its impact; explain the objectives and components of internal control; evaluate internal controls over cash receipts and cash payments) Mary Jenson served as executive director of Downtown Bridgeport, an organization created to revitalize Bridgeport. Oregon Over the course of 14 years, Jenson embezzled $295,000 through a variety of methods. Jenson deposited the organization’s cash receipts in her own bank account. She wrote Downtown Bridgeport checks to herself, and she also created phony entities to which Downtown Bridgeport wrote checks Downtown Bridgeport was led by a board of directors composed of civic leaders. Jenson’s embezzlement went undetected until the organization couldn’t pay its bills.
Give four ways Jenson’s embezzlement could have been prevented.
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Financial Accounting (12th Edition) (What's New in Accounting)
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