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
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
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
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
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
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…]
The Importance of Selecting the Right Forensic Accountant
One of the most important decisions an attorney involved in a complex litigation will have to make is the selection of a forensic accountant as a consultant or as an expert witness. The specialized training and expertise of a forensic accountant can make a significant impact in the successful outcome of a case. [Read more…]
ACFE 2016 Global Fraud Study – Fraud In Small Business
Anti-fraud professionals, business managers, government and regulatory agencies, and the media each have a vested interest in assessing the total amount of money lost to fraud each year. While many studies have attempted to determine the extent of fraud’s financial impact, the challenges in arriving at the true total cost of fraud are numerous. [Read more…]
What Is the Difference in All the Various Valuator Credentials?
Okay, you’ve seen the professional designations such as CPA, CVA, AVA, ABV, ASA, CBA, CFFA and so on. But WHAT ARE ALL OF THESE DESIGNATIONS? Isn’t just a regular CPA all one needs in a matter of valuation or forensic accounting? [Read more…]
Hiring a Forensic Accountant During Your Divorce
The dreadful “D Word.”
Divorce is never easy, but in today’s world, it is all too common, becoming an industry within itself. While the pain and heartache that attach themselves to a separation can be difficult to navigate through, complicated finances usually comprise a large bulk of the dispute. [Read more…]