question archive Marcia Munson served as executive director of Downtown Columbia, an organization created to revitalize Columbia, South Carolina
Marcia Munson served as executive director of Downtown Columbia, an organization created to revitalize Columbia, South Carolina
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Marcia Munson served as executive director of Downtown Columbia, an organization created to revitalize Columbia, South Carolina.
Over the course of 11 years, Munson embezzled $444,000. How did Munson do it? By depositing subscriber cash receipts in her own bank account, writing Downtown Columbia checks to herself and creating phony entities that Downtown Columbia wrote checks to. Downtown Columbia was led by a board of directors comprised of civic leaders. Munson’s embezzlement went undetected until Downtown Columbia couldn’t pay its bills. Give four ways Munson’s embezzlement could have been prevented.
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To prevent Munson's embezzlement, Downtown Columbia's board of directors could have:
a. Not permitted Munson to write checks for Downtown Columbia. Instead, appoint a board member to write the checks.
b. Not permitted Munson to receive cash that came to Downtown Columbia. Have subscriber checks sent to a post office box belonging to a bank and have the bank collect the checks.
c. Supervised Munson's work by examining Downtown Columbia's documents such as paid checks.
d. Had an audit of Downtown Columbia's transactions and financial statements.
