Case Study: Stealing With A Smile

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Recommended: Frauds and its effects

Committing fraud is detrimental to any company. There are many different types of fraud that numerous individuals commit. One fraud in particular that was committed in the Stealing with a Smile case was cash larceny from deposits. Cash larceny from deposits is the taking of money from a company’s bank deposit and falsifying a new bank deposit slip in order to misrepresent the actual deposit. According to the case, Charlie, the courier, never deposited cash; those funds went into his pocket. He simply completed a new bank deposit ticket at the bank that reflected only the amount of the checks. Charlie deposited these checks into the WMA account. He then destroyed the customer copies of the falsified deposit tickets that the bank had stamped …show more content…

According to the case, “He rarely took time off. If he knew he would be out, he would argue against having someone else act as the bank courier.” As a co-worker, this would be a concern of mine. An individual may like how his or her work is done just the way they do it. However in many companies, the objective is to figure out how to grow. With growing comes learning and teaching. The fact that Charlie would go on vacations and not want anyone to touch any of this work is definitely a huge red flag. Another detection technique would be to do daily bank reconciliation. At the company they only did a bank reconciliation at the end of the month. The lack of daily bank reconciliations allowed the activity that Charlie was conducting to continue on for a much longer period of time than it could of. Even with the companies monthly bank reconciliations they did not question why the cash deposits varied from Charlie’s deposits to the deposits made by the prior courier. With this technique being applied the companies accounting team could have stopped the fraud before it got out of control and hurt WMA

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