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 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.
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 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.
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.
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.
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.
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.