Most Recent:
The Importance of Getting Internal Investigations Right
Internal investigations are a vital function for maintaining integrity, addressing misconduct, and mitigating legal liability. A proper internal investigation can shine light on the facts of an incident during a difficult time, bolster a company’s policy adherence, and discover gaps in current processes. However, when these investigations are conducted poorly or mishandled, they pose significant risks to the organization.
Protecting your Business against Vendor Fraud: Vital Strategies and Tips
Imagine your business losing thousands or even millions of dollars through dishonest practices that could have been avoided. Sounds like a nightmare, right? But vendor fraud is a grim reality for so many businesses across the U.S. It is an ugly siphon on hard-earned profits through schemes that aren’t always easy to detect. From price-fixing to kickbacks, there’s almost no limit to what fraudsters might cook up.
Navigating the Nuances of Central Tendency in Forensic Data Analysis
From the boardroom to the courtroom, there are ample examples of the misuse of statistics despite accurate calculations. Graphical and numerical descriptive statistics are wonderful tools to summarize large data sets, to condense huge amounts of information into concise charts and single values. However, the values reported must be interpreted correctly and used appropriately.
Changes are Coming to the Federal Rules of Evidence for Expert Testimony
Changes are Coming to the Federal Rules of Evidence for Expert Testimony Rule 702 of the Federal Rules of Evidence provides the ground rules for admissibility of expert witness testimony in Federal Court. The Rule has evolved since it was first adopted in 1975 with the most current revisions taking effect December 1, 2023.
The Significance of Site Visits in Business Valuation
Valuing a business goes beyond simply crunching numbers from financial statements or relying solely on new unproven AI software. It requires a thorough understanding of a company’s operations and the environment that it operates. While financial statements and sales reports provide valuable data, they only reveal part of the story.
Utilizing Benchmarking for Informed Business Valuations & Quality of Earnings Reports
Utilizing Benchmarking for Informed Business Valuations & Quality of Earnings Reports Benchmarking, the practice of comparing a company’s financials to those of industry peers and its historical performance, can yield valuable insights into future performance and potential risks.
The Challenge of Phoenix Companies in Bankruptcy and How to Safeguard Your Business
During 2023 corporate bankruptcy filings have risen leading to concerns not only for the companies involved but also for their stakeholders. While bankruptcy can be a legitimate business tool, some unscrupulous owners may exploit it to defraud creditors and restart their enterprises while utilizing new aliases. In this article, the concept of “phoenix” companies is further discussed and how you can protect your business from falling victim to the deceptive practices of these organizations.
Uncovering Hidden Risks in a Business Acquisition
When contemplating the purchase of a company or new business unit, fraud usually isn’t top of mind. However, seasoned business professionals should understand that overlooking the possibility of hidden risks in your acquisition target could lead to serious financial and legal consequences both now and in the future. Including a forensic accountant on your acquisition team could help you move the transaction along smoothly, without unpleasant surprises.
Protecting Your Business: Mitigating Financial Statement Fraud Risk
Financial statement fraud is a serious threat that can have pervasive consequences for businesses, investors, and insurers alike. Understanding the impact of financial statement fraud on your business is crucial. By being well informed about the warning signs and implementing preventive measures, you can better protect yourself from potential financial losses and expensive legal proceedings.
Jury Awards $22 Million in Back Pay to Manufacturing Employees
The U.S. Department of Labor (DOL) recently made an announcement regarding the outcome of a groundbreaking case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA. In this landmark verdict, a jury has granted more than $22 million in back wages to approximately 7,500 employees of a battery manufacturer. This award represents the largest recorded verdict under the Fair Labor Standards Act (FLSA). Additionally, the DOL, as the plaintiff, intends to seek an equal amount in liquidated damages and an injunction mandating future FLSA compliance by the battery manufacturer.