Task: Benchmark Real Estate Funds
Kathy 48 YOA/ 3 years Bookkeeper sign checks/ make deposits/ make ledger entries, Cassandra 49YOA /3 years Real Estate Agent/ Closer-Closes deals on new purchases/ sign and write checks/ has access to all records and Joe 49 YOA/ 3 years Real Estate Agent/ Closer-Closes deals on new purchases/ sign and write checks/ has access to all records. All three work at a Real Estate Title Firm, called Benchmark, the firm closes deals on new houses. They get checks as down payments/escrow from the buyers of the homes. They get checks from the banks as reimbursement items on the HUD statement. All three can write and sign checks and its not uncommon for them to have each other write the checks out for each other, so they can close out deals. They all also make deposits of the weekly receipts. Benchmark, the owner is not involved.
Funds are missing in excess of $100,000. You, as the Certified Fraud Examiner/CPA, have to figure out who took the funds, what records you need, how you will explain the crime and how they did it!!!!