With the prominent case of the embezzlement of $40 million at CBS Employees Credit Union still in the news, AuditLink’s Jim Vilker gets back to the basics of how credit unions can prevent this from happening at their own institutions. Welcome to Internal Controls 101!
A recent high profile embezzlement case has the credit union industry wondering how this could happen. Jim Vilker dives into it and credits part of the failure with a lack of basic oversight and best practices. What could credit unions change now to prevent the preventable?