Piercy Bowler Taylor & Kern
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PBTK Manager Angela Go Receives COBIT 5 Certification

[Las Vegas, Nev] May 25, 2017 – Piercy Bowler Taylor & Kern (PBTK), a full-service accounting firm based in Las Vegas, is pleased to announce that Audit Manager, Angela Go, CPA, CISA has received her Certificate of Completion for the COBIT 5 Foundation Course. This certification complements her previous designations in accounting and information systems, and was the logical next step in her progression towards becoming an information systems audit and control professional.

“I first became interested in the COBIT 5 certification when I heard other IT professionals discussing how the COBIT 5 Framework changed the way governing bodies and management thought about the role of IT in their enterprise, “said Go. “Instead of thinking of the IT function as simply an operations support department, the COBIT 5 Framework shows how there is a more effective decision making process because the needs of both internal and external users are incorporated in the process. “

Go has been with PBTK since 2006. Prior to joining the Las Vegas office of PBTK she worked in the retail industry for 13 years; several of those years were spent in management positions. Her retail experience has provided her with valuable customer service and management skills that translate well into the accounting profession.

COBIT 5 is the only business framework for the governance and management of enterprise Information Technology. Launched in April 2012, COBIT 5 helps maximize the value of information by incorporating the latest thinking in enterprise governance and management techniques, and provides globally accepted principles, practices, analytical tools and models to help increase the trust in, and value from, information systems.

About Piercy Bowler Taylor & Kern

Piercy Bowler Taylor & Kern is a full-service accounting and business advisory firm that provides accounting and auditing, tax, consulting, valuation and litigation support services. Founded locally in 1990, the firm specializes in the casino gaming and leisure time industries, governmental and not-for-profit organizations, real estate development and construction industries and the legal and general business communities. Now with offices in Salt Lake City, Reno and Las Vegas, PBTK is one of the few independent accounting firms in its local markets to perform SEC audits. For more information on PBTK, visit pbtk.com or call Shannon Hiller at 702.384.1120.

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Lesson Learned from an Accounting Assistant Sentenced to Prison

No business owner wants to find out that one of their employees is stealing, but it happens all too often. Hopefully other businesses can learn from the unfortunate situation one organization experienced recently when a former accounting assistant pled guilty to embezzling more $70,000 in rent payments and was sentenced to five months in prison.

So how could this happen? Since the ex-employee was in charge of not only collecting the rent payments but recording them in the accounting system, putting the payments in the cash box and depositing the money at the bank, they were able to cover up the theft fairly easily. The accounting assistant reduced the amount collected in the accounting software to match the bank deposit, and she kept the difference. She stole 181 tenant rent payments between 2010 and 2015, primarily paid in cash. The fraud was only discovered when another employee noticed two rent payments were missing.

Some of the lessons that any business can take away from this case of employee fraud include:

  • Segregation of duties. No one person should be in charge of collecting, recording and depositing payments. In this case, one person handled every step of the rent payment process, providing the opportunity for someone motivated enough to commit fraud.
  • Surprise audits. Make it know that at your company, you hold unscheduled audits. When people fear getting caught it decreases their motivation to act, even if the opportunity may exist.
  • Fraud training. Have training for all employees that includes fraud red flags. In this case, another employee noticed the missing rent payments, but there may have been other red flags early on that if identified could have stopped the fraud much sooner. For example, the perpetrator not taking vacation, living beyond their means, and becoming secretive or territorial.

Not all employees will steal, but it is important to create a work environment that acknowledges the possibility. Build a system of internal controls – checks and balances that not only protect the company from fraud, but that shield the employees from their own opportunistic tendencies. Contact Mike Rosten, CPA, CFE at PBTK if you would like help strengthening your internal controls or if you suspect an employee of fraud and need a forensic investigation.

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