In today’s complex business environment, financial fraud remains a persistent threat. Understanding the common schemes, knowing the appropriate response, and being aware of liability issues can help businesses protect themselves. Here’s a comprehensive guide to help you navigate these challenges. [Read more…]
Five Steps to Preventing Expense Fraud
08/16/2024 Posted By
Expense fraud, a type of occupational fraud where employees manipulate expense claims for personal gain, poses significant risks to businesses of all sizes. Preventing this type of fraud is crucial for maintaining the financial health and integrity of an organization. Here are five essential steps to prevent expense fraud: [Read more…]
How to Avoid Becoming a Victim of Personal Financial Fraud
08/12/2024 Posted By
In today’s digital age, personal financial fraud has become an increasingly prevalent threat. Scammers are constantly devising new ways to steal your hard-earned money, and it’s essential to stay informed and vigilant. This blog post aims to educate you on how to avoid becoming a victim of personal financial fraud, the most common financial fraud schemes, the steps to take if you fall victim, and the circumstances under which a victim may be liable for the fraud. [Read more…]
Unraveling the Mysteries: The Role and Relevance of Forensic Accountants Today
08/07/2024 Posted By
In an age where financial complexities and fraud have become increasingly sophisticated, the role of forensic accountants has never been more critical. These financial detectives combine accounting expertise with investigative skills to uncover financial discrepancies, fraud, and embezzlement. But what exactly does a forensic accountant do, and where is their expertise most needed? Let’s explore these questions and understand the importance of forensic accounting in today’s world. [Read more…]
Why Accounting Internal Controls Are Important
07/31/2024 Posted By
In the same way that preventive maintenance is essential for keeping a car running smoothly, accounting internal controls are crucial for ensuring a business operates efficiently and securely. Just as neglecting regular oil changes, tire rotations, and brake checks can lead to costly repairs and potential breakdowns, ignoring or inadequately implementing internal controls can expose a business to significant risks, including fraud, financial misstatements, and operational inefficiencies. [Read more…]
Trustee Fraud: A Closer Look at Breach of Fiduciary Duty
06/18/2024 Posted By
Trustee fraud, a type of financial misconduct, involves a trustee who breaches their fiduciary duties to the beneficiaries of a trust. Trustees are legally obligated to act in the best interest of the beneficiaries, managing the trust’s assets with care, loyalty, and impartiality. When trustees exploit their position for personal gain, it constitutes fraud, often leading to severe financial losses for the beneficiaries and legal repercussions for the trustee. [Read more…]
5 most scandalous fraud cases of 2021
03/18/2021 Posted By
Each year always brings a fresh array of fraud-related scandals, and 2021 was no different. The massive theft of COVID-relief funds continued to play out, but other notable schemes hit the headlines. Here we list the most scandalous of the lot. [Read more…]
Why Small Business Owners Should Use Non-Compete Agreements
06/15/2019 Posted By
Small business owners are many times reluctant to use employee non-compete agreements because they have to few employees and do not want to pay an attorney to draft the required legal documents. The term non-compete agreement refers to a restrictive legal document that prevents a former employee from engaging in certain business acts for a prescribed period of time in a specific geographic area. [Read more…]
Lost Profits and Lost Business Value-What is the Difference
05/11/2019 Posted By
Damage remedies focus on lost profits and lost business value with such remedies calculated by financial experts. Although lost profits and lost business value are common calculations in business litigation, there are distinct differences between these two remedies. [Read more…]
Owner Disputes & Buy and Sell Agreements
04/05/2019 Posted By
Owner disputes many times involve a minority shareholder or business partner who disagrees with decisions made by a controlling owner. These disagreements can become significant and unable to be resolved without time consuming and expensive litigation. This can become a major distraction for company management and have a negative effect on business value. Often this will only be resolved by the minority shareholder or business partner leaving the company. [Read more…]