₦airaland Forum

Baronthecelebri:
The accountant should arrange boys and pay the man visit

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

that accountant na ozuor. He should know better that such instructions must be backed by mail.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

Baronthecelebri:
The accountant should arrange boys and pay the man visit

Threesha:
on what grounds?

Threesha:
on what grounds?

Baronthecelebri:
The accountant should arrange boys and pay the man visit

Baronthecelebri:
The accountant should arrange boys and pay the man visit

lavylilly:
Let's remember that a company where an accountant could be fired on the spot is a one-man company, therefore all these verify stuff may not work. If the accountant had delayed the payment, leading to loss of a major customer, he would still have lost his job. In such an organization, the one-man is the ultimate decider in every transaction, therefore the only real control that works there is confirm from him in all situations, even if by telephone call.

I have worked in one such company before in which the CEO expected instant adherence to his oral instructions, though he would authorise the transaction post-implementation. If the accountant insists on a written or verifiable authorisation before implementation, he would be fired on the spot

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

lavylilly:
Let's remember that a company where an accountant could be fired on the spot is a one-man company, therefore all these verify stuff may not work. If the accountant had delayed the payment, leading to loss of a major customer, he would still have lost his job. In such an organization, the one-man is the ultimate decider in every transaction, therefore the only real control that works there is confirm from him in all situations, even if by telephone call.

I have worked in one such company before in which the CEO expected instant adherence to his oral instructions, though he would authorise the transaction post-implementation. If the accountant insists on a written or verifiable authorisation before implementation, he would be fired on the spot

Threesha:
An accountant lost his job the other day.

Here is what happened:

The Head of Operations walked in and asked the accountant to transfer a large payment to a vendor immediately.

He highlighted that it was critical that the transfer take place urgently or the company would lose a deal.

The HoO further said that the MD/CEO was aware of the transaction and that she would be devastated if the company lost the sale because of untimely payment.

So, on the instruction of the Head of Operations, our young accountant initiated the payment.

It was eventually discovered that there was a major issue with that supplier since they did not deliver the products. An internal review revealed that there were major reservations about working with that supplier. Indeed, the MD was taken aback about why the payment was made to such a problematic supplier.

The accountant was summoned to explain why he processed the payment and said it was per the HoO's instructions. The HoO strongly responded that he had never given such an order.

The accountant was sacked on the spot for negligence because there was no documentary evidence that he followed the HoO's directions.

While many things could have been managed better with adequate processes and controls in place, that is not the point of the story.

Yes, our accountant was a victim of unfortunate circumstances, but when you understand the type of atmosphere you operate in, you must take extra precautions to protect yourself.

1. Always require written or other recorded evidence for all transactions.

2. Verify whatever information you are provided to act on. Even if it comes from the MDs themselves. "Trust but verify." It is difficult to verify without documentation.

3. Finally, impose a system in which "nothing is urgent." There must be some processing time involved. That is the time when you calmly go over all the pertinent information and documents linked to what is on your desk. People use "urgent" and chaotic situations to commit all sorts of folly.

The above may be difficult to implement, especially in weak-control environments (read: one-man businesses), but they are necessary for your peace of mind.

Who can say? You could be the catalyst for change.

Halo22:
In as much as the accountant became a victim of circumstance, I blame him for adhering to such an instruction when it didn't come directly from the MD. However, I trust karma to visit the Operation head for denying the instruction he gave out on behalf of the company.

fabregas04:
The term "young Accountant" says it all.
@No 3, i guess u are an Accountant yourself or a control/process person/auditor to have know all that. when it comes to process and payment, nothing is urgent. even in the so called one-man Biz u still have to stand your ground as d accountant and ensure that established processes are followed with proper documentation and WRITTEN approval before initiating payments.
The whole thing shows there's no control in the system cos ordinarily there should be payment terms with vendors. in that case d accountant cannot be caught unaware. there must have been necessary provisions for d payment to fly prior to d HoO rushing d accountant and what ought not. I still blame d accountant.