The Te Papa fraud case is a timely reminder

August 20, 2020


The payroll fraud at Te Papa, which has appeared in the media this week, has been a timely reminder that robust controls are required around payroll, and that these controls should be reviewed regularly to ensure they are working effectively. Whilst details are limited on this specific case, it has also highlighted the need to have staff rotation plans, and ensure staff take leave regularly. Whilst the loss of over $120,000 is not insignificant, it may have been a significantly larger figure if the employee conducting the fraud had not gone on leave, leading to a colleague to identifying the issue.

A proactive approach to identifying control weaknesses and suspicious transactions can reduce the likelihood of fraud, or if you are unfortunate enough to be subject to it, it may reduce your loss.

At Nexia New Zealand we are here to help. Our team can help with payroll audits, internal control testing, and fraud investigations to help protect your business. Please do not hesitate to get in touch with us to discuss how we can help you.


For further details on the fraud case, click here to read the Stuff article.

 

   


Talk to a specialist

William Dawson

William is Nexia Christchurch's Forensic Accountant Manager.

William has dealt with multifaceted commercial disputes tracing IP stolen by a manufacturer and the theft of customers by a former employee.

e. wdawson@nexiachch.co.nz

 

Kasey Love

Kasey is Nexia Christchurch's Solicitor and Insolvency Manager.

Kasey has a deep understanding of insolvency and knows what to look for, and what the warning signs are.

e. klove@nexiachch.co.nz

 

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