Hinson 6-2-2 Current Events Paper

Hinson 6-2-2 Current Events Paper - Intermediate Accounting...

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Intermediate Accounting I ACCT310-V1WW Professor Gina Sturgill Assignment 6-2-2 Current Events Paper Jamie Hinson February 18, 2008
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PBS&J Company, located in Tampa, FL, just recently discovered a $36 million embezzlement which included three employees including the company’s Chief Financial Officer, CFO, and two other subsidiaries. This occurred between the years 2000 and 2005, and was recently discovered by an accounting professional. $36 million dollars seems like a huge chunk of change that would kind of “stick out”, however, the embezzlers are the ones who took care of most of the company’s finances, which made it easy for them to “hide”. The embezzlers actually didn’t steal money directly from the company. They actually over-stated specific clients in order to give themselves an “extra income”. Needless to say, this unlawful act is still considered embezzlement and will be tried as such. Embezzling is a serious crime that normally ends up back-firing!
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This note was uploaded on 09/08/2010 for the course ACCOUNTING 320 taught by Professor Hickman during the Spring '10 term at Heidelberg.

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Hinson 6-2-2 Current Events Paper - Intermediate Accounting...

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