Natural and man-made disasters happen every day. At some point, somewhere in the world, there is a major fire, flood, storm, sinkhole or other event that can threaten to you put out of business, temporarily or permanently. What would you do if that happened? You certainly have homeowners insurance, auto insurance, health insurance, life insurance… Read more »
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Posts Categorized: Forensic Accounting
Anderson Speaks to Bucks County Estate Planning Council
David Anderson, CPA, CFE, CVA, addressed the Bucks County (Pa.) Estate Planning Council in February on the topic of forensic accounting services in Philadelphia and business valuation in a divorce. Anderson, principal of David Anderson & Associates, a Philadelphia forensic accounting firm that provides a full range of business valuation services in the Delaware Valley,… Read more »
The Person at the Top Can Best Stop Fraud
As a smart and competent proprietor of a business who has a number of smart and competent people working in key positions, you probably think you might not need to take steps to deter fraud. Everyone knows stealing is bad, correct? It’s also true, you might believe, that you – as the owner, the man… Read more »
General Observations from Interviews with Fraudsters
A key part of any fraud investigation involves interviewing employees, customers, vendors and others. These interviews, explain a leading Philadelphia forensic accountant and Certified Fraud Examiner, can help provide an understanding of the business, uncover potential fraud, frame the size and scope of the fraud and identify potential fraudsters. However – according to David Anderson,… Read more »
What Is Your Business Worth? Get a Formal Business Valuation
You read in the paper that a local business just sold for $15 million. You feel your company is about one-third the size of that operation. Does that mean you have a $5 million business? A friend said she heard you can determine the worth of a business by multiplying its income by six and… Read more »
Trusted Employees Often At the Root of Corporate Fraud
Check any online or print news source almost any day; you’ll probably find articles reporting on fraud investigations involving hundreds of thousands and even millions of dollars being pilfered from small and large businesses, governmental entities and charity groups. Far too often, the blame falls to the feet of a trusted employee with years of… Read more »
How Personal Goodwill Affects Business Valuations
When determining the value of professional services businesses – such as law firms, medical practices or accounting, engineering or consulting operations – it is important, according to a noted Philadelphia forensic accountant and Certified Valuation Analyst, to consider the personal goodwill associated with the professional or business owner. David Anderson, principal of David Anderson &… Read more »
Protecting Charities and Non-Profits from Fraud
Given the nature of their organizations and missions, people would think that houses of worship, charities and other non-profit organizations would be free of financial fraud issues. However, most people – says a noted Philadelphia forensic accountant and Certified Fraud Examiner – would be wrong. According to David Anderson, principal of David Anderson & Associates,… Read more »
Three More Common Mistakes Made When Valuing a Business – Part Two of Two
Our study of the most significant mistakes made while setting a business valuation concludes as a well-respected Philadelphia forensic accountant and Certified Valuation Analyst takes a closer look at three additional issues that often are encountered in this process. Relying on outdated business transactions and industry growth rates: According to David Anderson, principal of David… Read more »
Five Frequently Made Mistakes in Valuing a Business – Part One of Two
While most business valuations properly follow applicable professional standards, some have fallen short when the financial professional makes one or more significant mistakes. Here, from a noted Philadelphia forensic accountant and Certified Valuation Analyst, are two of the five most frequently made business valuations miscues. The three other top mistakes will be detailed in our… Read more »
Fighting Vendor Billing Fraud
Businesses and other organizations can fall victim to vendor billing fraud perpetrated by outside parties just as easily as they can be by unscrupulous employees or managers, explains a noted Philadelphia forensic accountant and Certified Fraud Examiner. An example of this, according to David Anderson, principal of David Anderson & Associates, a Philadelphia forensic accounting… Read more »
What is a Song Worth?
When valuing a business – or part of a business, a financial professional must take into account such intangible assets as patents, trademarks, trade names, goodwill, literary works, and even songs, according to a leading Philadelphia forensic accountant and Certified Valuation Analyst. “Although the phrase ‘I got it for a song,’ meaning for practically no… Read more »
Why Bank Reconciliations Are Critical in Protecting Against Fraud
It is important for a business to closely monitor and control its bank reconciliations and other account-related activities to help prevent fraud, according to a noted Philadelphia forensic accountant and Certified Fraud Examiner. David Anderson, principal of David Anderson & Associates, a Philadelphia forensic accounting firm that provides a full range of fraud investigation and… Read more »
