Well, this is certainly great news for the area. The new casino will be open this year. The politicians are anxious to spend that new revenue. But, there is only so much money available for recreation, and the gambling money will have to come from somewhere. You may have noticed the recent report of another business missing $50,000 due to theft by an employee.
Before the casino opens, businesses, local governments and not-for-profits in the area should take a fresh look at their internal controls. Don’t let it be your organization that falls victim to a theft or embezzlement. Review your controls over cash receipts and disbursements. Deposit all cash receipts immediately; make sure that checks for payment and invoices match; never sign blank checks; review bank statements each month.
Tim Rennie
Ligonier
The writer, a CPA, is president of Rennie & Associates, CPAs.