The case clearly shows that there has been theft by Cathy who is an employee in the department. Because the amount is missing and there is a proof of tax receipt, the amount has been misappropriated by Cathy. Studying the scenario it can be concluded that the finance department has been suffering from such thefts since a long time. Cathy has been allotted the finance department which shows lack of internal control and segregation of duties. Only when she was away from work, such information about theft was discovered. The amount would be difficult to estimate.
Embezzlement could be occurring in the department and the employees had no knowledge about it. Cathy used to collect the money but did not deposit in the respective accounts. Cathy also mentioned that she could not locate the receipt which meant she had misplaced it or stolen it from the records. There are high chances that Cathy is at fault and she should be investigated. Cathy has been involved in embezzlement of money and the investigations may reveal a significant amount of theft. Receipts from tax payers also ensure that she was at fault and has misappropriated the amount. The receipts from the tax payers can be used as a proof against Cathy. The computer glitch that she complained about was also a lie and the amounts could have been transferred into her personal account. Further investigations can only reveal the amount and the whereabouts of the stolen amount. In organizations with ineffective internal controls, such acts frequently take place.
Works Cited
Asset Misappropriation Fraud. n.d. <http://www.actionfraud.police.uk/fraud_protection/asset_misappropriation>.
