I think this situation makes light of bigger problems at Clive Peeters. Even if the woman was clever enough to set up her own company and siphon off money to the company through payables and the payroll system, surely someone should have realised there was a $20 million dollar gap in what was going on?
Who was reconciling the bank? Who was doing payables? I’d say the answer is probably the same lady in this case, which is the biggest ‘no no’ from a business controls perspective.
You want to lower the opportunity for fraud in your business? It’s e-e-easy… make sure you have an independent person from payroll or payables reconciling the bank. That way, if money goes missing, they will pick it up pretty quickly, especially if its more than a million dollars a month.