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Thieves in our midst

Shawn Cumberbatch

Thieves in our midst

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A Barbadian businessman has confessed to losing $3 million in the last two years through the fraudulent actions of a now former employee.

And the revelation made to a regional certified fraud examiner and internal control auditor last week in Barbados has prompted that expert to warn local company bosses that the same thing is probably happening to them, even if not on the same scale.

BDO Forensic Accounting Limited director Stephon Grey was here last week as one of the presenters at a two-day seminar on fraud management and control hosted by the Barbados chapter of the Institute of Internal Auditors at Accra Hotel.

After his encounter with the local businessman whom he did not name, but said he was “considering getting out of business”, Grey was even more convinced that Barbadian companies needed to invest in internal auditors.

Please read the full story in the Barbados Business Authority or in the eNATION edition.