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

the best way to handle the matter for nigeria. Kidnap the HoOp, demand for amount exponential of 10 the amount he ordered.

Wisdom is indeed profitable to direct

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.

That's true ,your advice is a powerful and potent defence mechanism.

[quote author=Drefaithful post=116442428]In an Ideal setting and standard organization an accountant needs to fulfil all the righteousness before such actions should be taken in line with financial regulation Act, most of us an accountants shoulder so many risk in the course of our duties.

Although, the nature of this subject matter depicts it as one man business. a lot of unconventional practices take place. apart from the fact that This accountant in question has been sacked, the matter can even lead him to EFCC net, on the ground that what are the evidence that was given to him before such action is taken. anyway the baby accountant is just a victim of circumstances, because of the fact that he found himself in what we call " ethical dilemma "



Oil dey your head jare

He supposed to have asked for any documentation before carrying out such transaction.whether through written or even WhatsApp for documentation purpose.

Threesha:
on what grounds?

Burial Grounds

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

Correct Man.

Street is the way sometimes

Threesha:
on what grounds?

Gbasgbos!

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.

That company is a mediocre and sub standard one cos there should be CCTV evidence showing that conversation and in most cases, there could be verbal directives.

In any company where the accountant can initiate and complete a payment isn't actually supposed to be called a company, it's just an enterprise.

My point is that the accountant can even just decide to falsify documents and make payments and jakpa with the organizations money.

Kobicove:


Who told you the company has no process.

The reason why this happened is probably because the Head of Operations put a lot of pressure on the accountant because he is of a higher rank

Lol, if there was process in place, there wouldn't have been need for pressure in d first place. The HoO can merely give payment instruction while d accountant INITIATE(not pay) d payment then follows d payment approval processes which may include(not limited to) signing by: 1. the accountant, 2. the HoO himself, 3. the HIC(Head of internal control) & 4. the E.D(or the MD) before d disbursement.
on the other hand, are you saying d accountant has absolute power to make ANY payment without anyone checking or approving such? how did he even make d payment? was it:
1. via instruction to d bank? which the E.D or the M.D has to sign the payment instruction before the bank could honour it or
2. via direct uploading to d bank online platform? which he can only INITIATE while the E.D or the M.D would have to approve online before the money is disbursed?
3. or any other method. i like to know how he singlehandedly make d payment.

Openpeace:
In any company where the accountant can initiate and complete a payment isn't actually supposed to be called a company, it's just an enterprise.

My point is that the accountant can even just decide to falsify documents and make payments and jakpa with the organizations money.

thank u. an accountant initiated and completed payment all by himself, that's laughable honestly. that accountant shld be a millionaire by now sha.

it have nothing to do with one man business , the accountant doesn't have a prove of order and by default is at fault, here is were experience count and reason why once you employed you given official email as a means of communication , Every action should be communicated with a mail and a proper approve line of order . Experience is the best teacher.

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.

Accountant initiated payment without necessary approval, not even an email? He should be tried for at least gross negligence and suspected collusion. Very naive of him if he truly doesn't benefit anything from the deal

kkfada:
it have nothing to do with one man business , the accountant doesn't have a prove of order and by default is at fault, here is were experience count and reason why once you employed you given official email as a means of communication , Every action should be communicated with a mail and a proper approve line of order . Experience is the best teacher.

What's of organization that doesn't have email? But communicate via oral communication

Not all company have money for CCTV

Majesty33:
That company is a mediocre and sub standard one cos there should be CCTV evidence showing that conversation and in most cases, there could be verbal directives.

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.

Very informative.

FalseProphet1:
I see that company folding up before the end of this year.

This I have seen.

Lol...

Inexperienced accountant.


My people know me. since I knew the kind of people Nigerians are, I no dey mouth talk. Send on WhatsApp or email official with your signature.

The Accountant self..so he just succumbed to intimidation threats. He should have stood his ground for documentary evidence. Every financial person knows that. Rather he lost his job for maintaining ethics than for negligence. It's a lesson though!

Really

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

Bros, irrespective of that, my former MD have turned down account to pay supplier. He insisted he needed to see his approval e mail. People sometimes forget they have given verbal approval.

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

very simple...

This should be a lesson to all, I suffered it once and since then I learnt my lesson, any instruction for me to obey must be documented. I worked with an MD that will tell you to do something and the following day, he will tell you I did not.

Always ask your Boss to send an email or message on phone or chat. It is better to be asked to go for doing the right thing with evidence than Boss words against yours.

You will get another better job in Jesus name amen

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

This is true until the one man tells you he didn't give you the same instruction he called ten minutes earlier about. Doing anything as serious as sending huge sums of money to vendors or clients without express written instructions (which should also be backed up with a phone call) is unacceptable in any organization, whether one man or not. In fact, that one man will respect you more as an accountant if you insist on documentary evidence each time before carrying out any instructions. Working without instructions will lead to diasaster soon enough for that one man to fire you regardless. Lesson: always request documentary evidence EVERY SINGLE TIME!

westlius:
Officially work isnt done by voice alone but via documents either by mail/WhatsApp msg or text msg.
That's where the Accountant missed it.
It means he acted without instructions

That is smart there by it will be issued as a written document.

westlius:
Officially work isnt done by voice alone but via documents either by mail/WhatsApp msg or text msg.
That's where the Accountant missed it.
It means he acted without instructions

The guy just dull himself. When you know the situation of things like this whenever it goes south. Document everything

federalgodey:
One of the features of an accountant is scrutiny, but in these case he has shown incompetent.

Not incompetence but negligence.Even if he requested for proper documentation,he may still be fired especially in a toxic work environment.

FalseProphet1:
I see that company folding up before the end of this year.

This I have seen.

you have seen well

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.

Well! The accountant can even sue the company and claim damages.

He can’t be sacked for negligence when he couldn’t have paid a third party without clearance from the HoO or CoO.

Even the Head of Finance and Admin will give clearance because that is his department and he is the HoD.

The story does not add up. Anyway, this may happen in an organization that is not structured.

And this is called OFFICE POLITICS. no matter how urgent always send a MAIL and receive an ACKNOWLEDGEMENT. This also happened to me and I was the only one called for DC as they said I was an OLD STAFF and should have known better.
Big lesson