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1、InternalControl&Cash4SPOTLIGHT:CookingtheBooks:EPICProductsTakesaHitThefollowingisadaptedfromatruestory:“I’veneverbeensoshockedinmylife!”exclaimedMikeCassell,manageroftheEPICProductsofficeinPaloAlto,California.“Ineverthoughtthiscouldhappentous.Wearesuchaclo
2、se-knitorganizationwhereeveryonetrustseveryoneelse.Why,peopleatEPICfeellikefamily!Ifeelbetrayed,violated.”CassellhadjustreturnedfromthetrialofEricaPrice,whohadbeenconvictedofembezzlingover$600,000fromEPICoverasix-yearperiod.PricehadbeenoneofEPIC’smosttruste
3、demployeesfor10years.Asinglemomwithtwoteenagedaughters,Pricehadpulledherselfupbyherownbootstraps,puttingherselfthroughcommunitycollegewhereshehadobtainedanassociate’sdegreeinaccounting.Cassellhadhiredherasapart-timebookkeeperatEPICwhilePricewasincollegetohe
4、lpherout.Shehaddonesuchagoodjobthat,whenshecom-pletedherdegree,Cassellaskedhertostayonandassignedhertheadditionalroleofcashier,inchargeofaccumulatingthedailycashreceiptsfromcustomersandtakingthemtothenightdepositoryatthebankeachdayafterwork.Throughtheyears,
5、healsoawardedherwhatheconsideredgoodraises,compensatingherataratethatwasgenerallyhigherthanotheremployeeswithhereduca-tionandexperiencelevels.Pricerapidlybecamethecompany’s“go-to”financialemployee.hotoShewaseagertolearn,dependable,responsible.In10yearsshene
6、vertooka©tockPiSdayofvacation,choosinginsteadtotakeadvantageofthecompany’spolicythatallowedemployeestodrawadditionalcompensationforvacationaccruedbutnottakenattheendofeachyear.CassellgrewtodependonPricemoreandmoreeachmonth,asthebusinessgrewtoserveover1,000c
7、ustomers.230InternalControl&Cash231Price’sincreasedinvolvementonthefinancialsideofthebusinessfreedCasselltospendhistimeworkingonnewbusiness,spendinglessandlesstimeonfinancialmatters.Cassellhadnoticedthat,inthepastfewyears,Pricehadbeguntowearbetterclothesand
8、driveashinylate-modelconvertiblearoundtown.Bothofherteenagersalsodrovelate-modelautomobiles,andthefamilyhadrecentlymovedintoanewhomeinanupscalesubdivi-sionofthecity.Cassellhadbeenpleasedthathehadcontri
