Phantom Expenses

The Accountant Signed Off — But the Cash Was Already Gone

The Accountant Signed Off — But the Cash Was Already Gone

Pholus Advisory | 05/30/2025
A signed financial statement often brings comfort. To boards, donors, and investors, it signals legitimacy. But in high-risk environments—especially where informal networks and layered loyalties dominate—a clean sign-off can conceal rather than reveal. The cash may already be gone, diverted through mechanisms that remain invisible to standard reviews. When this…
Search
Connect with us.

Get real world insights with no recycled talking points.

Book Pholus for a Speaking Engagement

When the stakes are high, theory isn't enough. Our talks are shaped by real terrain.

Facing a critical situation?

Get practical insights for complex markets. No jargon. No noise.