Sonitrol Security Partners with Internal Audit Services
There are many reasons why fraud, embezzlement, fiduciary and officer-director liability, sexual harassment allegations, and policy violations occur in the workplace. The fact remains, these types of liabilities are statistically on the rise in the corporate world.
Sonitrol Security of Delaware Valley is pleased to announce a partnership with Internal Audit Services, Inc. in order to offer the following value added services to our clients:
Fraud Examinations
Assistance to Internal Auditors, CPA’s, Insurance Carriers
Business Management, Corporate Counsel
Personnel Integrity Reviews
Training and Confidential Advisory Services.
As a leader in your company, you need to recognize that fraud and liability may be occurring within your organization. Litigation is increasing, companies are downsizing and business failures are on the rise. This environment lends itself to disgruntled employees, who may take radical action to solve their problems.
Internal Audit Services, Inc. (IAS) provides you with the best business solutions to these problems by specializing in identifying the wrongdoer through Forensic Interviewing with a high success rate in prosecution or in gaining a signed confession with restitution.
Here are the benefits to your organization:
Identification of the internal control weakenesses in order to implement practical corrective action.
Written statements of admissions of fraud and liability and/or breach of company policy.
Signed promissory note of restitution.
Assistance at unemployment hearing review boards that may avert your organization from rendering unfair payment of unemployment compensation awards.
Potential for reducing insurance premiums for implementing an in-house loss prevention program.
Identification of positive and negative operation activities of both managment and staff.
Creation of a positive atmosphere for employees about the audit process, intimating to the interviewed employee that their information is an intricate necessity of the audit process and a positive proactive approach for the organization.
Utilization of audit findings to use as a planning and management tool.
Behaviorial modification of personnel who are comtemplating cuasing loss and liability to the organization by creating the atmosphere that such actions cannot be successfully accomplished without detection and identification.
The extent of our review in each area varies depending upon the vulnerabilities identified and the loss experiences of the operation. All confidential reports are provided bound, indexed, cross-referenced and notarizzed for executive managment and legal review.
With offices in Philadelphia, PA and Palm Beach, FLA, the company provides international, confidential fraud examination and detection of “white collar crime” and loss prevention.
Recently, the following article appeared in the Philadelphia media. This could happen to any business, no matter how large or small.
The former Chief Financial Officer of a gift company in Tredyffrin Township was arrested for allegedly embezzling over $1 million from the company.
Guido la Vella, 29, was the CFO of Taylor Gifts, a company that specializes in providing direct order gifts to customers around the world.
Vella allegedly stole over $1.4 million from the company from 2009 until his resignation in 2013.
Police say a bank alerted Taylor Gifts that a large amount of money was being transferred out of the company account. The company checked and determined the money was being moved from their account into Vella’s, according to investigators.
Officials with Taylor Gifts retained a financial consulting firm to perform an audit. They also contacted police who began an investigation.
Officials say Vella was charging personal items to his credit card and then claiming reimbursement from the company as a business expense. They also say Vella issued duplicate reimbursement checks for certain expenses, pretending to void out one of the checks while still retaining the funds for himself. Vella had access to the company’s accounts and reimbursement procedures due to his position as the CFO.
Vella allegedly used the stolen money to purchase high-end cars, jewelry, season tickets to the Eagles and a meet-and-greet with the Dave Matthews Band.
Vella was arrested and charged with felony theft, forgery and other related offenses.
“The defendant abused his position of trust in the company to line his own pockets,” said Chester County District Attorney Tom Hogan. “While Americans everywhere were struggling to find jobs and make ends meet, the defendant was living the high life by stealing from his own employer. This was not a crime of need, it was a crime of simple greed.”
For more information, contact John A. Capizzi, SFE, FACFE, DABFE, Principal, Internal Audit Services, Inc. at (215) 745-1529 or (800) 434-7746 or visit www.internalauditservices.com
Make sure you mention the Sonitrol Security of Delaware Valley partnership with Internal Audit Services when you explore what they can do for your company.