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A vice president of marketing for your company has been charged with embezzling nearly $100,000 from...

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Accounting

A vice president of marketing for your company has beencharged with embezzling nearly $100,000 from the company. The vicepresident allegedly submitted fraudulent vendor invoices in orderto receive payments. As the vice president of marketing for thecompany, the vice president is authorized to approve the payment ofinvoices submitted by third?party vendors who did work for thecompany. After the activities were uncovered, the company respondedby stating: “All employees are accountable to our ethics guidelinesand procedures. We do not tolerate violations of our ethics policyand will consistently enforce these policies and procedures.” Useoutside resources/references where applicable.

How would you evaluate the internal controls of thecompany?
Do you think there are companies that develop comprehensiveethics and compliance programs for mid? and lower?level employeesand ignore upper?level executives and managers?
Is it an ethical issue if companies are not forthcomingconcerning fraudulent activities of top executives in an effort tominimize negative publicity?

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