Posts Tagged: forensic accounting expert in Philadelphia

Tricks of the Trade – How A Forensic Accountant Can Use Names, Addresses and Phone Numbers

A forensic accountant can use names, addresses and phone numbers when investigating potential minority shareholder suppression cases and when conducting a fraud investigation. In minority shareholder suppression cases, a forensic accountant will look for employees, subcontractors and vendors having the same last name as that of the majority shareholders, explained David Anderson, a Philadelphia forensic… Read more »

Tricks of the Trade: Benford’s Law Can Serve as Red Flag in Fraud Investigations

The business of forensic accounting is — most of the time — a very precise, highly detailed process. It might surprise you then to learn that one of the tricks of the trade forensic accountants use in fraud investigation stems from the very inexact science of probabilities, specifically, Benford’s Law. “Frank Benford was a physicist… Read more »

Detailed Financial Data Needed for Litigation Support Services and Expert Witness Testimony

A forensic accounting expert in Philadelphia or elsewhere in the U.S. often requires very specific, detailed financial documents for analysis before providing litigation support services and expert witness testimony during legal proceedings. But too often, attorneys engage the services of forensic accountants late in the process after having requested insufficient financial data from the opposition…. Read more »

The Role of the Forensic Accountant in Fraudulent Conveyance Litigation

Faced with losses that come as a result of foreclosures, divorces and other legal proceedings, less-than-scrupulous business owners sometimes resort to the fraudulent conveyance or transfer of property or other assets to lessen or eliminate their losses essentially by hiding valuable assets. When that happens, it is the role of the forensic accountant to uncover… Read more »

Forensic Accountant Advises Caution in Interpreting Financial Statements

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 »

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 »

Adjusting Executive Compensation in Business Valuations

Establishing the fair value of a business requires a business valuation expert to adjust the revenues and expenses of the business to reflect “normal” operations.  Non-recurring and unusual expenses and revenues are eliminated, and recurring expenses and revenues are adjusted to reflect amounts that would be incurred if the owners were “hypothetical” independent investors in… 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 »