Nationwide Accounting ServicesInternal Auditor - Internal Audit
Internal auditors are accountants employed to make certain that companies and their employees follow company policies, company procedures, and most importantly, state and federal laws. Internal auditors usually prepare written reports that are submitted to senior management, generally on a monthly basis unless immediate attention is required. Internal auditors are expected to identify problems and correct them before they are discovered by regulatory agencies or others outside the company.
Companies that are not large enough to justify the cost of a full-time internal auditor, will sometimes hire an outside consultant to perform the duties of an internal auditor.
Check Kiting
Check kiting is a form of bank fraud involving the misuse of the float time which are the days it lakes for a bank to process a check and transfer funds. It involves depositing checks from one account into the other, knowing there are insufficient funds to cover them, to create a fake, inflated balance. This practice is illegal and can lead to severe criminal charges. The core of the scheme is taking advantage of the time it takes for a check to clear, giving the illusion of funds being available when they are not. The perpetrator writes checks between accounts, often at different banks, that have no funds. Often, check kiting involves a shell game where funds are shifted between multiple accounts to prevent banks from discovering the lack of actual funds. Check kiting is not a victimless crime. It leaves financial institutions at risk for losses and can lead to severe penalties, including the potential for federal or state prison sentences.
Nationwide Accounting Services
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