Owning and operating an auto dealership can be a rewarding experience. Despite the long hours and myriad of issues facing the dealer, a well-run dealership can be a source of satisfaction and financial reward. However, the complexity of auto dealership operations can give employees and others the opportunity to commit fraud, thereby diverting significant profits… Read more »
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Posts Categorized: Forensic Accounting
Are Your Clients at Risk Under the Foreign Corrupt Practices Act or the U.K. Bribery Act?
If any of your clients conduct or plan to conduct business in any foreign country, then you should read this blog. The U.S. Foreign Corrupt Practices Act of 1977 (FCPA) makes it a crime for a business or any of its officers, directors, employees, agents or shareholders to bribe a foreign official, foreign political party… Read more »
Reducing Litigation Costs Through Specialized Software
Using specialized data-mining software in complex litigation support and forensic accounting engagements can yield significant cost and time savings. In most forensic accounting engagements, time is of the essence and, when litigation is involved, deadlines for discovery or accepting proposed settlement offers can become a major issue. If it normally takes several weeks to perform… Read more »
Executive Culture is Essential in Preventing Employee Fraud
I was recently involved in a fraud investigation of the CFO of a privately held company that spent years following the directives of the majority shareholder to run the majority shareholder’s personal and/or nonexistent expenses through the company. In addition, the CFO was directed to implement other schemes that the majority shareholder designed to defraud… Read more »
Understanding Your Business’ Financial Statements Is the First Step Toward Preventing Fraud
Many of my recent forensic and litigation engagements have arisen when business owners (including legal and other professional firms) suddenly learned that trusted individuals within their businesses had perpetrated a fraud upon the business. Most of these business owners had received regular monthly or quarterly financial statements for the business but had failed to read… Read more »
Discovery of Hidden Assets
In divorce proceedings and certain types of commercial litigation, counsel may suspect that the opposing side has hidden some assets. A forensic accountant can be of great assistance in formulating discovery information requests and conducting the analysis that will aid in the identification and location of potentially hidden assets. In order to identify hidden personal… Read more »
