Seven warned over credit card misuse

The Australian today details credit card spending by top Seven executives, from a 2014 report by Deloitte partner Neil Gray to Seven’s commercial director Bruce McWilliam.

The report, which comes in the wake of revelations between CEO Tim Worner and former employee Amber Harrison, details spending of up to $600,000 over successive years -but does not allege any misuse.

McWilliam said heads of departments and executive producers can have a whole host of departmental expenditure on their card.

“So the figures are not just for what are loosely termed ‘ex­penses’ like entertainment, even though travel and other expenses are regularly incurred, given the nature of the business,” he said.

However forensic investigators warned Seven West Media that lack of control over credit card spending was an “ongoing risk to the ­organisation.”

The report found that “breaches of SWM (Seven West Media) policies and procedures together with inadequate management oversight have permitted a ­significant employee fraud to be perpetrated and remain un­detected over a number of years”.

McWilliam said controls have since been tightened to prevent further overspends.

 

Source: The Australian

 

 

 

 

2 Comments:

  1. The solution could be similar to what could be introduced for politicians, just cap the annual amount of expenses for each pay grade so that once it’s been reached they will have to pay the additional expenses themselves when doing their job or get asked the question why.

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