Ovid (publius_ovidius) wrote,
Ovid
publius_ovidius

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The Quiet Accountant

I'll call him "Bob." Bob was a rather quiet guy. He worked for our company for years and despite sitting only 20 feet from me, we never spoke. I'd say "hi" and Bob would nod (or bob, I suppose) and that would be that. Then he abruptly left the company.

Prior to Bob's departure, our company hired an auditing firm and in the course of the audit, they discovered that no matter how hard they tried, they couldn't get the numbers to add up. Over the past few years, there was a discrepancy of over half a million between what we spent and what we should have spent. Here's part of the news report that resulted:

Some ... weaknesses [in Rentrak's accounting procedures] related to Rentrak's discovery, in March 2004, that one of its employees may have engaged in fraudulent activity. Following an investigation by an outside firm retained by Rentrak, it was determined that the employee had embezzled approximately $570,000 from Rentrak during the period from 1998 through 2003, the company said. KPMG advised Rentrak that weaknesses in its internal controls related to the segregation of duties within the accounting function exist.

This is why Bob left the company so abruptly. There's more information but as it's speculation and rumor I'll not report here other than to say we're fortunate that our company is in a strong financial position.

By the way, I'm back from Burning Man. I'll post more about that later.

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