Blog

Posts Tagged: Certified Fraud Examiner in Philadelphia

Fraud Investigations Identify Financial Statement Fraud As Costliest

The most expensive frauds in the business world don’t involve the theft of cash or other assets, but rather the falsification of financial statements.  Repeated fraud investigations have found that these financial statement frauds usually are perpetrated by or at the direction of senior management. “This is fraud at the very highest levels of a… Read more »

Fraud Deterrence Measures Combat Computer Hackers

Despite heightened awareness about hackers and increased expenditures for cyber security, major businesses and financial institutions continue to fall victim to hackers.  Businesses can bolster their fraud deterrence measures in this area by being aware of the non-computer system exploits that allow hackers to successfully attack computer systems and taking steps to prevent them. “Most… Read more »

Tales of Fixed Asset Fraud

Most asset misappropriation frauds are focused on cash, and maybe inventory.  However, frauds involving fixed assets, primarily equipment and furniture, are also prevalent. Accordingly, fraud deterrence and prevention programs also should address protecting fixed assets from fraud, said forensic accounting expert David Anderson of David Anderson & Associates, Certified Fraud Examiner in Philadelphia. Some of… Read more »

Fraud Investigations Reveal How to Stem Purchasing Department Fraud

Do you have a purchasing department employee who suddenly started taking expensive vacations, wearing expensive jewelry or driving an expensive new car?  There are lots of reasons why an employee might appear to be living beyond their means.  Perhaps the employee or their spouse came into an inheritance, won the lottery, received a sizeable insurance… Read more »

Employee-Driven Retail Fraud Continues Despite Fraud Deterrence Measures

Despite increasingly stringent fraud deterrence measures, fraudulent activity in retail operations such as stores and restaurants continues to pose a significant problem, with the retail industry estimating a loss of nearly $3.2 billion to fraud in 2014. “Technological improvements and greater oversight have made it more challenging for fraudsters to steal cash and inventory from… Read more »

Fraud Tales: Fraud Investigation Tracks Tiny Fraud that Grew

As fraudulent activity goes, it was a seemingly miniscule theft — a mere $2,000 pilfered decades ago.  Hardly worth raising an eyebrow.  But the case of Mark Jenkins is a prime example of how a seemingly innocuous case of fraud can mushroom into a major theft, requiring a forensic accountant to conduct a fraud investigation… Read more »

Fraud Tales: Fraud Investigation Uncovers Medicare and Medicaid Fraud

Government payments to providers under the Medicare and Medicaid programs are based on an “honor billing system,” meaning it is up to providers to honestly and accurately bill the government for services or goods provided.  Not surprisingly, fraud investigations routinely uncover fraudulent activities that cost the government billions of dollars each year. “As a forensic… Read more »

Fraud Tales: Fraud Investigation Reveals Fraudulent Junior Partner

The senior partner at an auto dealership was a successful businessman who owned multiple businesses.  As a result, he relied heavily on his junior partner to act as the general manager of the dealership.  With the dealership running smoothly and turning a profit, the senior partner had no reason to suspect anything was amiss until… Read more »