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Yea....this is why you require a second pair of eyes and upper level management approval for these type of transfers. No one person should be able to give away
by nullrouted 11y ago
Yea....this is why you require a second pair of eyes and upper level management approval for these type of transfers. No one person should be able to give away the bank.
- kjs3 11y agoActually, that sort of accounting oversight is required by SOX controls, which someone in management has attested to. I'm thinking there are a pack of very humorless folks at the SEC warming up some very uncomfortable questions for the Ubiqiti executive team.
- PhantomGremlin 11y agoAt one startup I was at, the CEO and CFO both needed to sign all checks (his was before wire transfers were so commonplace), That policy started when the founders were self-funding the company. It was their money they were spending. Prudence gets left behind as companies grow and accept outside money. After a while, a CEO can decide, basically on his own, to drop $16 billion on a company with IIRC TTM revenue of about $30 million. Easy come, easy go.