Loss Prevention Essay Example

crucial for these individuals. Privacy is essential in these investigations due to two main reasons: preventing exposure of defamatory allegations to employees and the local community, and avoiding premature disclosure of information and suspicions to unauthorized individuals. This becomes especially important when the extent of embezzlement and number of culprits are still unknown (Turner, 2009). After implementing these measures, it becomes necessary to hire a secure forensic accountant as well as potentially an external auditing company that can be trusted. This group will gather necessary information, assess their findings, and draw conclusions based on evidence. The corporation then bears the responsibility to take appropriate actions based on the information collected by both investigators and auditors.

The company may consider taking legal action depending on the findings of the investigation. The course of action will be determined by the severity of embezzlement or other unlawful activities, which could result in termination or imprisonment as a form of penalty. It is vital to treat embezzlement and theft with utmost seriousness and address them appropriately. To ensure a thorough investigation, it is imperative to maintain precise records of witness interviews and individuals implicated.

During the investigation, it is vital to interview employees who regularly have access to the missing funds. It is recommended to have a second person present during these interviews for question and answer accuracy. Recording these interviews will aid in identifying any discrepancies with other statements given (Sullivan, 2011).

It is important to highlight that having the same gender for the alternate participant in an interview as the interviewee helps reduce accusations of sexual discrimination and protects the interviewer. When conducting an admission-seeking interview with the plant controller,

it is essential to have comprehensive documentation of the interview, including evidence presented, and a plan detailing actions to be taken if guilt is established.

When conducting interviews, it is important for the interviewer to ask open-ended questions instead of ones that only require a yes or no answer. This will make it easier to compare audio recordings, documented interviews, and other statements in order to identify any inconsistencies or conflicting narratives. Although this process can be difficult and time-consuming, it is crucial for all parties involved to approach the situation with caution and attentiveness.

It is essential to detect and address potential fraud in order to initiate the recovery process and protect a company's reputation. Failing to investigate possible theft and embezzlement can lead to unreliable findings, unjustified arrests, or termination of employment. Accurate assessment of the extent of loss and crime necessitates thoroughness and the use of appropriate investigative approaches.

References Employee Fraud and Embezzlement. (n. d. ). Retrieved January 14, 2012, from Control Sys. org: http://www.controlsys.org/documents/bonewsletter/CSIA-TheBusinessOwner-JulAug06.pdf Sullivan, J. (2011, August 29). Auditor praises UW's handling of embezzlement case. Retrieved from The Seattle Times: http://seattletimes.nwsource.com/html/localnews/2016051268_theft30m.html Turner, D. (2009, April 6). Dealing with an Embezzlement Investigation. Retrieved from Bankers Online: http://www.bankersonline.com/security/dturner_embezzlement_040609.html