Summary of Decision re: Catherine Fisher, CPA
Summary of Complaint and Investigation
Catherine Fisher, a member of CPA Nova Scotia, was a controller for the Complainant’s company. The complaint alleged that she stopped completing routine bank reconciliations and the payables were not being monitored, managed or maintained, and that she failed to properly supervise an assistant, all of which had a significant negative financial outcome for the company.
The investigation found evidence that the Respondent delegated work to an assistant without considering internal controls, that an assistant was able to process EFTS without a second approval, that the bank deposit process was changed by the Respondent whereby deposits of cash were not made daily which caused losses for the company. Evidence was found that that bank reconciliations were not routinely completed or differences followed up appropriately or in a timely manner.
The Respondent admitted that as controller of the company she failed to appropriately consider how several changes she made respecting the company’s financial procedures detrimentally affected the company’s internal controls.
The Investigation Panel determined that it is in the public interest to resolve the matter through a consensual Reprimand and a Resolution Agreement with the Respondent. The workload, staffing shortages, and Covid-related issues were mitigating factors in reaching this decision.
The Resolution Agreement between the Investigation Panel and Ms. Fisher includes the following terms:
The Reprimand and Resolution Agreement became effective on August 15, 2022.