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    Copyright:

    © All Rights Reserved
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    38 views1 page

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    of 1

    3. Robert was the chief teller in a large New York bank.

    Over a period of three


    years, he

    embezzled $1.5 million. He took the money by manipulating dormant accounts.

    Unfortunately, Robert was both responsible for handling dormant accounts and for
    dealing with complaints from customers. When a customer would complain about his
    account, Robert was always the one to explain the discrepancy. He usually used the
    excuse that “it’s a computer error.” What internal control weaknesses allowed this
    fraud
    to occur? (10 points)

    © In this company, there is no segregation of duties and no independent checks.

    ® An individual like Robert was given too much trust and supervisory authority by
    the bank.

    ® Should have separate supervisors for dormant accounts and customer complaints

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