Potential Business Threat from Suspected Fraud

The foreign sleeping partner and shareholder of a sizable travel agency suspected his local director of embezzlement of company's funds.

The company's volume of transactions was heavy, with about 1000 sales invoices per month, the bulk of which were on cash basis. Clerks employed by the local director handled the accounts, which were not updated and messy with many unclear entries, especially on sales receipts.

Due to the backlog of accounts, the company could not get the audited financial statements in time for it to renew its licence. The company was at risk of losing the licence to continue operations.

AccountServe Engaged To Create New Set of Books

AccountServe was engaged to revamp the whole set of accounts. Due to the urgency of the case, the SWAT team was deployed and managed to complete the backlog of 18 months' accounts in 3 weeks, producing a proper set of accounts which facilitated:

  1. The audit process, enabling the company to meet its filing deadline and hence obtained a renewal on its licence in time.
  2. A detailed analysis of sales and collection, enabling the shareholder to establish the collection status and claim for the funds embezzled.