Describe fraud and its impact; explain the objectives and components of internal control; evaluate internal controls
Response to the following problem:
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.