Lisa is a highly competent employee of the XYZ Ltd. She is responsible for

accounting-related matters for more than 15 years. Her devotion to the firm

and her duties had always been exceptional, and over the years, she has

been given increased responsibility. Recently, the managing director of XYZ

Ltd and the audit partner of an independent accounting firm in charge of the

audit were shocked and dismayed to discover that Lisa had embezzled more

than $1000,000 over the five year period by not recording billings in the sales

journal and subsequently diverting cash receipts.

Required:

Discuss the major factors that permitted the defalcation to take place.