Money "Worst" Spent

Employees at southern Ohio correctional facility were caught stealing equipment, spending money on booze, hotels and a strip club, forging receipts, according to a state audit.

The total amount of improper spending sums to $ 20,090 by 11 directors and employees.

I am sure most of people will not be surprised by this kind of news anymore because we have been hearing too much of similar incidents during the past. What is worth discussing is why the system of check and balance is no longer working?

The separation of duties and rotation of jobs are designed to prevent from giving one person too much power and authority. However, corruptions as described in above case are becoming increasingly common. Some people complain about their earnings not keeping up with spending, which is the concept of rationalizing in accounting term. In addition to personal strong work ethics, rules and regulations such as Dodd-Frank act have to be put into place in order to fight for corruptions.