As part of a publicly traded company, Koss was required to file an audit of financial statements with the SEC and report it to financial users. The purpose of the audit procedure is to provide reasonable assurance on the company's financial reports and to detect material misstatements in order to protect the company's assets. However, Koss Corp. faced a major embezzlement, discovered in 2009 by the fraud of the vice president of finance, Sujata Sue Sachdeva, who had worked for the company since 1989, and Julie Mulvaney, a senior accountant who assisted her in this fraudulent scheme. Sachdeva started her career as a temp and was promoted to vice president of finance within a year. Sachdeva stole more than $31 million from the company's account over five fiscal years, from 2005 to 2009. To perpetrate this fraud, Sachdeva authorized at least 206 wire transfers from Koss' bank accounts to pay his American Express credit card bills and issued more than 500 cashier's checks from company accounts to pay for personal expenses. Sachdeva and Mulvaney easily stole company assets because they both handle accounting and reconciliation. Sachdeva still responded on Mulvaney's reconciliation and the two