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 accounting expert in Philadelphia
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 »
Business Valuation the First Step in Selling A Business
Selling a business is not dissimilar from selling a house. There are a number of steps a business owner must take to prepare the business for sale and it starts with relying on a business valuation expert to determine what your business is worth. “The parallels in selling a house and selling a business are… 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 »
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 »
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 »
