Expense reimbursement fraud is one of the most common and pervasive types of fraud affecting companies today. While the amount stolen by any one individual is relatively low, fraud investigations have found that the sheer number of employees committing this type of fraud can translate into a significant loss for a company. “Many employees don’t… Read more »
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Posts Categorized: Company News
Business Valuation: Why Shares in Private Companies Are Discounted
You own 25 percent of a privately held business valued at $2 million, so it stands to reason that your investment is worth $500,000, right? Not necessarily. When valuing an ownership interest in a privately held company, business valuation experts must consider factors that can significantly reduce the value of your stake in the business…. Read more »
Fraud Tales: Fraud Investigation Uncovers Theft in Auto Dealership
An auto dealership with a high volume of business established specific cash controls to assure that no car was delivered to a buyer until the dealership had received or accounted for all payments due from the sale. Despite the required checks and balances, a fraud investigation found that a senior salesman was able to misappropriate… Read more »
Fraud Tales: Fraud Investigation Uncover Inventory Control Weaknesses
The anti-fraud controls in place at a shipping supplies company were extensive and outwardly thorough. Incoming shipments were closely checked against the shipping manifest and outgoing shipments against the sales requisition that then became the invoice. The warehouse had an alarm to prevent break-ins. And the company conducted a detailed physical inventory at year-end to… Read more »
Forensic Accounting Experts Play Crucial Role in Marital Dissolution
Ending a marriage is difficult under any circumstances. But it becomes a complex and tangled affair when the marriage involves spouses who brought numerous assets into the marriage or acquired them during it. In these situations, a forensic accounting expert plays a crucial role in the marital dissolution by sorting through the financial maze to… Read more »
Engage Expert Witnesses Early for Successful Litigation Support
Trial attorneys know that expert witness testimony from a forensic accounting expert can be critical in determining the outcome of legal proceedings. Likewise, the timing of when an attorney engages the services of a forensic accountant for litigation support services and, ultimately, expert witness testimony also has a direct bearing on the success or failure… Read more »
Fraud Tales: Fraud Investigation Finds Stolen Cash in Business
Cognizant of the rampant escalation of fraud in the business world, the owner of a mid-sized retail establishment took great care in establishing fraud deterrence measures to protect the company. With more than 80 percent of the company’s sales paid in cash, multiple checks and balances were put into place to make sure each day’s… Read more »
Outsourced CFOs Bring Big Benefits at Reasonable Cost
Many small- to medium-sized businesses rely on their controller or accounting manager to handle routine financial and accounting matters. But what if a company’s financial needs exceed the basic functions their controller or accounting manager can provide? What happens when the more specialized services of a Chief Financial Officer (CFO) are needed, but the company… Read more »
Fraud Deterrence on Foreign Soil
Your company has decided to open a factory overseas, or to begin selling their products in a foreign country. Do you understand the laws that will affect how your company operates outside the boundaries of the United States? Which payments to foreign government officials are allowed and which are considered fraudulent? A forensic accounting expert… Read more »
Fraud Tales: Fraud Investigation Reveals Loopholes in Checkbook Controls
Harry Johnson was a savvy businessman who was well aware of the perils of not having the proper fraud deterrence measures in place. He took great care to see that his successful small business was adequately protected by anti-fraud controls that he created himself. Then how did Harry end up losing more than $200,000 from… Read more »
Forensic Accounting Experts Bring Peace of Mind in Trust and Estate Disputes
If you have children or grew up with brothers and sisters of your own, you probably know all about sibling rivalry and family squabbling. The conflicts tend to be fairly mundane. Who got the biggest piece of cake? Whose turn is it to take out the garbage? Who borrowed a favorite sweater without permission? And… Read more »
Secure Passwords Key to Fraud Deterrence
We hear about it all too often — another data breach at another major bank or retailer. It’s gotten so bad that Americans say they are more worried about identity theft than terrorism. There’s not much you can do to thwart hackers trying to steal data from your bank or favorite store. But you can… Read more »
Understanding Business Valuation, Part V
The process of determining the worth of a business is a complicated one. A business valuation expert must undertake a series of preliminary steps to set the groundwork and then consider the value of the business from three very distinct approaches before forming a professional opinion as to the initial value. With this process completed,… Read more »
