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- Title
SCICAP Credit Union: A Theft of $2.7 Million over 37 Years.
- Authors
Franklin, Mitchell
- Abstract
SCICAP Credit Union failed as a result of an embezzlement scheme by a long-term employee that went undetected over a period of 37 years. Through this case, the student is exposed to the concept of internal controls, and also will discuss how internal controls can be established and maintained within a financial institution setting. The student will reflect on the responsibility of the Board of Directors and Supervisory Committee for the well being of a financial institution, as well as issues that may be faced if one were in a supervisory role of an organization and suspicious of an active fraud. This case allows students to understand and apply internal control concepts at several levels of Bloom's Taxonomy within the setting of one case.
- Subjects
CREDIT unions; EMBEZZLEMENT; LONG-term employees; INTERNAL auditing; FINANCIAL institutions
- Publication
Business Education Innovation Journal, 2017, Vol 9, Issue 1, p123
- ISSN
1945-0915
- Publication type
Article