Question

How would you handle the following situation: You work in the payroll department of your employer....

How would you handle the following situation: You work in the payroll department of your employer. This means you know everyone’s salary. You have noticed that an employee (who has access to customer cash receipts) has bought a $90,000 sports car. This person only makes $25,000 per year and to the best of your knowledge, is making mortgage payments on their house, and supporting 3 kids. What do you do?

Homework Answers

Answer #1

An employee who has access to customer cash receipts had chances that he might made some misappropriation in cash balances. In such case one can do the following steps:

· As an employer, you deserve the right to ask the employee about the sources of fund through which he had bought the car.

· You should reconcile the cash books accounts of last month to present date and wherever necessary take external confirmation from third party also for respective payment and receipt.

· Independent Physical Verification of cash should be made immedatiely.

· Records of Employee personal bank statement should be verified.

· Inform this matter to the board/management of the company.

· Suspend the employee till the matter does not resolve so that the employee cannot tampered the real facts.

· If the employee found guilty for misappropriation of cash, necessary legal actions should be taken against him.

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