Recipients of company financial statements that are “associated” with Accounting Firms often assume that the financial statements are accurate, fairly presented, have undergone a rigorous examination by the Accounting Firm, and are not subject to fraud or misstatement. While that may be true in some cases, it very often is an inaccurate assumption that can… Read more »
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Posts Tagged: forensic accountant
Forensic Accountant Recommends Strategies to Maximize Cash Flow
Having sufficient cash on hand to finance operations, pay debts and provide income to the owners is an ongoing struggle for most small businesses. But there are recommended strategies from a forensic accountant in Philadelphia that small businesses can employ to maximize cash flow. “Cash flow problems can be challenging for even the most organized,… Read more »
Forensic Accountants Tackle Complexities of Economic Damages Calculation
When a business suffers financial or economic damages as the result of the actions of another or due to a catastrophic event, business owners, attorneys and the courts rely on forensic accountants to calculate damages and determine the amount of financial or economic recovery necessary to restore the business to the position it would have… Read more »
Fraud Investigations Identify Lesser Known Fraud Schemes
Employers generally are savvy about the more common types of fraud that plague businesses and may have enacted fraud controls and fraud deterrence programs to prevent them. But fraud investigations have shown that equally savvy fraudsters know their employers often overlook lesser-known fraud schemes — an oversight that leaves them free to pursue fraudulent activity…. Read more »
Fraud Deterrence Measures Can Lessen Petty Cash Fraud
Petty cash fraud may seem, well, petty. After all, your company keeps only a few dollars in the petty cash fund at any given time and it’s always secured in the company safe or otherwise locked up. It’s hardly worth the effort of enacting fraud deterrence measures to protect petty cash, right? You might be… Read more »
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 »
Damage Calculation and Expert Witnesses Testimony in Employment Cases
Attorneys often depend on forensic accountants to calculate damages in both wrongful termination and employment discrimination cases and subsequently to provide expert witness testimony in cases that make it to the courtroom. “Whether you are dealing with wrongful termination or employment discrimination, the methodology for calculating damages is similar,” said David Anderson, principal of David… 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 »
Assure Timely Royalty Payments with Royalty Audits by Forensic Accountants
Have you or your clients licensed the use of intellectual property in return for royalty fees? Are you or your clients franchisors who receive franchise fees from your franchisees? If so, are you conducting royalty audits in a timely manner to assure that you are receiving the fees to which you are entitled? If not,… 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 »
Forensic Accountants Simplify the Most Complex Data for Jurors
Presenting financial information to a jury, especially in complex matters, can seem a nearly impossible task. Most jurors have little or no understanding of financial statements or financial analysis, and introducing large amounts of data and complex spreadsheets can be mind boggling and intimidating. But the job of a forensic accountant providing expert witness testimony… 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 »
