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What is forensic accounting

Forensic Accounting Fact v. Fiction

Forensic accounting is a specialized area of accounting that involves investigating financial discrepancies, deviations, and fraud. It is somewhat of an art as well as a science that combines traditional accounting, auditing, and investigative skills to examine financial statements and transactions, ultimately, to find the truth behind the numbers.

Final Investigative Process

Final Investigative Process

The investigative approach can vary between professionals but in general refers to the systematic method or strategy used to gather information, evidence, and insights to uncover facts, solve problems, or make informed decisions. It includes a series of steps designed to methodically explore and analyze a situation or issue.

Internal Fraud Investigations

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.

Fraud Prevention & Investigations

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.

Measures of Central Tendency

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.

Accounting Expert Witness

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.