In today’s complex business environment, an effective accounting system is more than just a tool for recording transactions—it’s a frontline defense against fraud. Forensic accountants often uncover financial misconduct due to weak or outdated accounting systems that fail to detect irregularities. Therefore, developing and continuously improving an organization’s accounting system is not only about efficiency but also about fraud prevention. [Read more…]
Strengthening Accounting Systems for Fraud Prevention: A Forensic Accounting Perspective
02/28/2025 Posted By
5 most scandalous fraud cases of 2024
01/31/2025 Posted By
This year’s most scandalous frauds incurred billions in losses and deeply impacted many lives. They also focus our attention on what goes wrong when organizations eschew vital anti-fraud fundamentals. Whether it’s defrauding government regulators or failing to employ proper cybersecurity protocols, many of the cases on this year’s list spotlight the severe consequences of acting unethically or lacking solid anti-fraud controls.
Fraudsters work year-round to perpetrate their schemes; we work year-round tracking and compiling those fraud cases as they’re reported in the news. We tap the expertise of our Advisory Council — a dedicated group of ACFE members who advise us on numerous anti-fraud matters — to vote on the most scandalous cases. Here are the most scandalous fraud cases of 2024.
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Exposing Collusion: How Forensic Accounting Uncovers Hidden Fraud and Protects Your Business
01/01/2025 Posted By
Collusion in auditing occurs when two or more individuals or entities conspire to circumvent internal controls, manipulate financial records, or hide fraudulent activities. It poses a significant challenge to auditors, as collusion can render even the most robust auditing processes ineffective. This is because the coordination among perpetrators often includes falsifying documents, suppressing information, or leveraging their access and positions to override controls. [Read more…]
The Essential Skills of a Forensic Accountant: How They Differ from Tax and Business Accounting
12/26/2024 Posted By
When it comes to unraveling complex financial mysteries, not all accountants are created equal. Forensic accounting stands apart as a specialized discipline that requires a unique blend of technical expertise, analytical skills, and investigative prowess. But what exactly sets a forensic accountant apart from a tax or business accountant, and why should you consider hiring one? Let’s delve into the essential skills of a forensic accountant and how their role differs from other types of accountants. [Read more…]
How to Avoid Becoming a Victim of Business Financial Fraud
08/26/2024 Posted By
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…]
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…]
The Benefit of Using a Forensic Accountant in Divorce Cases
08/02/2018 Posted By
One of the primary objectives in a divorce is the division of marital property , which includes all
assets and liabilities accumulated during a marriage. An experienced divorce attorney can help with property division however, when it comes to complicated financial assets a forensic accountant can be invaluable in assisting an attorney with a complex financial situation. [Read more…]
Misconceptions about Fraud in the Family Business
07/19/2018 Posted By
A family owned business likes to think that it is immune from fraud and that their trusted employees including family members would never steal from the business. Sadly, family businesses are not exempt from fraud and to think that your company is safe from this type of activity can put your business at significant risk for embezzlement and other acts of asset theft. The most common misconceptions related to family business fraud are: [Read more…]