Untitled Storyboard
Storyboard Text
- David is taken aback by the revelation, recognizing the devastating impact of the internal theft on the store's financial health and reputation.
- David, it appears that we have been plagued by internal theft and fraud within Treasure Haven. Someone within the company has been misappropriating inventory for personal gain. Our expenses are supposed to be the same every year. Your internal accountant has added an additional $500 to the rent expense account to make it seem like the store's net income is correct.
- Gurveer educates David about the significance of segregation of duties, suggesting that different employees be responsible for different aspects of inventory management to prevent collusion and fraud.
- To prevent future inventory fraud, I recommend implementing enhanced internal controls and inventory management practices.
- Gurveer stresses the importance of conducting regular physical inventory counts and reconciling them with the recorded figures to identify any discrepancies promptly. Herecommends implementing an inventory control system that includes proper documentation, approval processes, and regular reviews to ensure accuracy and accountability.
Over 30 Million Storyboards Created
No Downloads, No Credit Card, and No Login Needed to Try!
