Here is another local example of the cost of not having appropriate financial internal controls:
First, he lied on his resumé and falsified his accounting credentials. Then, once he was hired by North Vancouver property rental company Unique Accommodations, Arthur Tat-Yue Wong used his trusted status as a supposed CGA to defraud the business over and over again — even while it was forced to lay off staff and close its Squamish, BC, office, the North Shore News reports. Between 2007 and 2010, Wong wrote about 75 cheques to himself to cover “expenses” and personal credit card bills, leased a Porsche and rented a storage locker in the company’s name, and faked letters of employment and T4 statements to qualify for a mortgage on a $775,000 Burnaby, BC, home and $200,000 line of credit. Wong pleaded guilty to the fraud and has repaid about half the funds he stole. At press time, he was awaiting sentencing; prosecutors are asking for a prison term of two to three years.