{"id":999964633,"date":"2023-09-21T11:05:22","date_gmt":"2023-09-21T04:05:22","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999964633"},"modified":"2024-07-31T10:55:03","modified_gmt":"2024-07-31T03:55:03","slug":"female-accountant-corrupt-nearly-20-billion","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/female-accountant-corrupt-nearly-20-billion\/","title":{"rendered":"From the story of a female chief accountant embezzling nearly 20 billion to corporate financial management strategies"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"999964633\" class=\"elementor elementor-999964633\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3afbb66d e-flex e-con-boxed e-con e-parent\" data-id=\"3afbb66d\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-25311b31 elementor-widget elementor-widget-text-editor\" data-id=\"25311b31\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\">According to New Newspaper on September 19, Hai Duong: <strong>The female chief accountant who embezzled nearly 20 billion VND was sentenced to life in prison.<\/strong> This story has once again sounded a &quot;wake-up bell&quot; for business owners about the accounting - finance - business expenditure management process.<\/p><p style=\"text-align: justify;\">Together <a href=\"https:\/\/bizzi.vn\/\">Bizzi<\/a> Find out!<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/female-accountant-corrupt-nearly-20-billion\/#Tom_tat_vu_an_nu_ke_toan_truong_tham_o_gan_20_ty\" >Summary of the case of female chief accountant embezzling nearly 20 billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/female-accountant-corrupt-nearly-20-billion\/#Tai_sao_nu_ke_toan_truong_tham_o_nhieu_lan_de_dang_den_vay\" >Why is it so easy for a female chief accountant to embezzle so many times?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/female-accountant-corrupt-nearly-20-billion\/#Ban_ve_kha_nang_kiem_soat_va_chien_luoc_quan_tri_tai_chinh_doanh_nghiep\" >Discuss control capabilities and corporate financial management strategies<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tom_tat_vu_an_nu_ke_toan_truong_tham_o_gan_20_ty\"><\/span>Summary of the case of female chief accountant embezzling nearly 20 billion<span class=\"ez-toc-section-end\"><\/span><\/h2><p style=\"text-align: justify;\">According to the case file, Hoa worked as chief accountant at Sansei Vietnam Co., Ltd. During that time, Ms. Hoa took advantage of her position and authority to illegally withdraw cash and appropriate nearly 20 billion VND.<\/p><p style=\"text-align: justify;\">Specifically, after 41 times of preparing and signing a check to withdraw cash with the content &quot;withdraw cash to fund&quot; and submit it to the General Director\/Director to sign for release for purchase purposes, <strong>She appropriated 19.74 billion VND and 472 USD, equivalent to more than 19.75 billion VND.<\/strong> She used this money for personal expenses, even to invest in virtual currency on the internet, leading to serious loss.<\/p><div><figure id=\"attachment_999964634\" aria-describedby=\"caption-attachment-999964634\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-999964634 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/files-library-newimages-bhd_05112022_ketoan.jpg\" alt=\"The female chief accountant who embezzled nearly 20 billion VND was sentenced to life in prison\" width=\"700\" height=\"472\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/files-library-newimages-bhd_05112022_ketoan.jpg 700w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/files-library-newimages-bhd_05112022_ketoan-300x202.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/files-library-newimages-bhd_05112022_ketoan-18x12.jpg 18w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-999964634\" class=\"wp-caption-text\">The female chief accountant who embezzled nearly 20 billion VND was sentenced to life in prison<\/figcaption><\/figure><\/div><h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tai_sao_nu_ke_toan_truong_tham_o_nhieu_lan_de_dang_den_vay\"><\/span>Why is it so easy for a female chief accountant to embezzle so many times?<span class=\"ez-toc-section-end\"><\/span><\/h2><p style=\"text-align: justify;\">The story of the asset embezzlement case of Nguyen Thi Yen Hoa, a female chief accountant in Hai Duong, has attracted public attention and raised many questions about financial management in businesses. Hoa&#039;s behavior not only caused great damage to the company but also served as an important lesson about the necessity of establishing and implementing a careful corporate financial management strategy.<\/p><p style=\"text-align: justify;\">It can be seen that Nguyen Thi Yen Hoa has repeatedly deceived the business owner and appropriated such a large amount of money through disguised transactions related to the company&#039;s business activities. This can be explained through a number of reasons:<\/p><ul style=\"text-align: justify;\"><li aria-level=\"1\"><strong>Decision-making power as an accountant:<\/strong> The chief accountant usually has the authority to make decisions about conducting financial transactions, signing documents, and managing cash. This creates favorable conditions for them to take advantage of company assets without being detected. They have the ability to control financial transactions, thereby concealing illegal activities.<\/li><li aria-level=\"1\"><strong>Deep understanding of the financial system: <\/strong>Chief accountants often have in-depth knowledge of the company&#039;s financial system, including how accounts work, transaction processing, and tax regulations. This understanding allowed them to find a way to cover up the embezzlement activity <strong>skillful way.<\/strong><\/li><li aria-level=\"1\"><strong>Lack of internal control:<\/strong> If the company does not establish strong internal audit procedures or does not perform periodic audits, the chief accountant may use this opportunity to commit unauthorized acts without being detected.<\/li><\/ul><p style=\"text-align: justify;\">Most specifically, the fact that business owners do not know about these embezzlement activities is often due to trust in the chief accountant and lack of regular supervision and inspection.<\/p><div><figure id=\"attachment_999964635\" aria-describedby=\"caption-attachment-999964635\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999964635 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471.jpeg\" alt=\"Defendant Nguyen Thi Yen Hoa at trial. Photo: Hai Duong Newspaper\" width=\"1600\" height=\"1213\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471.jpeg 1600w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471-300x227.jpeg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471-1024x776.jpeg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471-768x582.jpeg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471-1536x1164.jpeg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/W_img_5471-16x12.jpeg 16w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-999964635\" class=\"wp-caption-text\">Defendant Nguyen Thi Yen Hoa at trial. Photo: Hai Duong Newspaper<\/figcaption><\/figure><\/div><h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Ban_ve_kha_nang_kiem_soat_va_chien_luoc_quan_tri_tai_chinh_doanh_nghiep\"><\/span>Discuss control capabilities and corporate financial management strategies<span class=\"ez-toc-section-end\"><\/span><\/h2><p style=\"text-align: justify;\">This case raises questions about the accounting and financial management processes of businesses. Businesses need to establish strong internal processes and periodic audit systems to ensure financial transparency and control. Businesses can:<\/p><ul><li style=\"text-align: justify;\"><strong>Separation of roles:<\/strong> To prevent intrusion and embezzlement of assets, businesses should separate roles and functions within the finance department. One person should not control all aspects of the financial process<\/li><li style=\"text-align: justify;\"><strong>Internal control:<\/strong> Ensure that employees in the finance department are trained on the procedures and risks associated with embezzlement. Businesses need to establish strong internal controls and processes to prevent abuse of authority and improper cash withdrawals. In particular, perform periodic internal checks.<\/li><li style=\"text-align: justify;\"><strong>Financial transparency:<\/strong> Ensure that all financial transactions are recorded and reported in a transparent manner. Businesses should consider using corporate financial and spending management tools to closely monitor and control real-time data.<\/li><li style=\"text-align: justify;\"><strong>Continuous audit and evaluation:<\/strong> Conduct internal audits and periodic reviews to ensure that the financial management strategy remains effective and relevant to the changing business environment.<\/li><li style=\"text-align: justify;\"><strong>Use technology-based corporate finance\/business expenditure management tools:<\/strong> Automating accounting\/financial processes will help minimize &quot;loopholes&quot; in the business, avoiding cases of embezzlement by employees. Besides, business expense management tools such as <a href=\"https:\/\/bizzi.vn\/\">Bizzi Expense<\/a> It also helps business owners track &quot;realtime&quot; transactions - immediately, helping business owners\/financial managers\/senior managers promptly detect any unusual signs.<\/li><\/ul><figure id=\"attachment_999964636\" aria-describedby=\"caption-attachment-999964636\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999964636 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23.jpeg\" alt=\"Businesses need to establish strong internal processes and periodic audit systems to ensure transparency\" width=\"1200\" height=\"630\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23.jpeg 1200w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23-300x158.jpeg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23-1024x538.jpeg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23-768x403.jpeg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/09\/word-image-23-18x9.jpeg 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-999964636\" class=\"wp-caption-text\">Businesses need to establish strong internal processes and periodic audit systems to ensure transparency<\/figcaption><\/figure><p style=\"text-align: justify;\">Nguyen Thi Yen Hoa&#039;s story is a reminder for business owners that financial management is more than simply recording data. It is an important part of the business&#039;s overall strategy. Businesses need to upgrade c<strong>Financial management strategy and application of comprehensive and strict expenditure management measures<\/strong> to ensure the company&#039;s sustainable development.<\/p><p style=\"text-align: justify;\">From this case, hopefully business owners notice <strong>The importance of financial management in businesses<\/strong> and need to apply appropriate measures to prevent acts of embezzlement and protect corporate assets.<\/p><p><strong>Follow Bizzi to quickly receive the latest information:<\/strong><\/p><ul><li><strong>Facebook:<\/strong> <a href=\"https:\/\/www.facebook.com\/bizzivietnam\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.facebook.com\/bizzivietnam<\/a><\/li><li><strong>Linkedin:<\/strong> <a href=\"https:\/\/www.facebook.com\/bizzivietnam\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.linkedin.com\/company\/bizzi-vietnam\/<\/a><\/li><li><strong>Youtube<\/strong>: <a href=\"https:\/\/www.youtube.com\/@bizzivietnam\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.youtube.com\/@bizzivietnam<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>According to Bao Moi on September 19, Hai Duong: Female chief accountant embezzled nearly 20 billion VND and received life sentence. The story\u2026<\/p>","protected":false},"author":37,"featured_media":999964637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-999964633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999964633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999964633"}],"version-history":[{"count":0,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999964633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999964637"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999964633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999964633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999964633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}