Author Archives: North American Forensic Accounting

Common Elements of U.S. Corporate Compliance Frameworks

How much do you really know about your company’s inner operations? How much can you know? If someone in your organization was bribing foreign officials, illegally dumping toxic substances, or falsifying business records, would you know about it before it appeared on federal enforcement radar? If not, a single unscrupulous individual or a small group of conspirators could bring your entire organization down. Given that it’s impossible to oversee every employee action at all times, how do you protect your company from noncompliance that can trigger potentially crushing prosecution? The answer is to implement and maintain a corporate compliance program that deters wrongdoing while qualifying your company for leniency if rogue actors transgress the law.

By North American Forensic Accounting | Published September 1, 2025 | Posted in Compliance, Internal Controls |

10 Indispensable Internal Controls for Every Business

Since at least the 16th century, English speakers have repeated the proverb, “When the cat’s away, the mice will play.” It’s a concept that school children readily understand, especially when their regular teacher is absent and they’re treated to a substitute. Yet, the simple lesson seems to elude many business leaders whose companies are riddled with internal fraud. Of course, you can’t stand over your employees every moment of the day, but you need to have guardrails in place to keep them on the straight and narrow. In this article we’ll present a recent case where the rodents ran wild, and our list of 10 controls you must implement to be an effective feline.

By North American Forensic Accounting | Published August 1, 2025 | Posted in Internal Controls |

Conducting Effective Employee Relations Investigations

Companies today must adhere to heightened expectations when it comes to culture, compliance, and accountability. Thus, when a worker makes a complaint, (e.g., harassment, discrimination, retaliation, misconduct, or policy violation), leadership comes under intense scrutiny for the manner in which they conduct their employee relations investigations. When handled correctly, a thorough and fair ER investigation protects the company, supports the rights of employees, and demonstrates a commitment to ethical conduct. When mishandled, it exposes the organization to significant legal liability, regulatory penalties, and damage to employee trust.

By North American Forensic Accounting | Published July 15, 2025 | Posted in Compliance, Internal Investigations |

NAFA Salutes DOJ for Huge Takedown of Healthcare Fraud

There’s probably no lower brand of thief than one who will steal from the sick and elderly. Yet, Medicare and Medicaid fraud is a multi-billion dollar per annum business in the United States, threatening vital services for the most vulnerable members of our society. That’s why those of us in the business of stopping fraudsters were delighted to hear the announcement from the U.S. Department of Justice on Monday, June 30, 2025, of the largest healthcare fraud enforcement action in U.S. history.

By North American Forensic Accounting | Published June 30, 2025 | Posted in Fraud Investigation |

How the new Tariffs Might Affect Business Valuations

At the time of this writing, we are in the midst of a 90-day “pause” in the implementation of “the President Trump tariffs.” Washington observers are divided on the tariffs. Supporters believe President Trump is clearly in the driver’s seat as he wields the leverage accorded the world’s largest economy to correct decades of imbalanced trade relations. They’re content to tough-out a period of uncertainty they hope ends with more favorable trade agreements.

By North American Forensic Accounting | Published May 1, 2025 | Posted in Business Valuations |

Why You Shouldn’t Rely on Financial Statement Audits When You Need a Forensic Audit

Back in 1974, the English rock band Ace had its one and only hit, in which lead singer Paul Carrack demands to know, “How long has this been going on?” At North American Forensic Accounting, we could put that song on a continuous loop for our clients, after we inform them they have been losing money for years, if not decades, due to waste, fraud, and abuse. How could they not have known? Often, it comes down to relying on financial statement audits when what they really needed was a forensic audit.

By North American Forensic Accounting | Published April 1, 2025 | Posted in Forensic Accounting |

Internal Fraud and Theft Risk in the Cannabis Industry

Some of us can recall back in 2014, Colorado’s grand scheme to become the center of the legal, recreational marijuana industry, a virtual Napa Valley of Cannabis. Tax revenue from retail sales was going to solve every municipal problem for the town of 112,000. The streets would be paved with Gold, and the schools would be the finest in the land. Early returns were promising; The Wall Street Journal reported, “The day after legal recreational use arrived in Pueblo, Colorado, in 2014, fifty people were camped out in front of one of the first dispensaries, waiting for the doors to open.” The two shops licensed at the time “rang up a combined $1 million in sales the first month, sending $56,000 in taxes to the county.” Pueblo was on its way to becoming not just the national center of cannabis commerce but a tourist destination for connoisseurs of recreational marijuana.

By North American Forensic Accounting | Published March 1, 2025 | Posted in Cannabis Industry |

Calculating Economic Damages from a Cyber Event

Any time you hear the word “event,” you can be sure someone’s coming for your wallet. The word might appear on an invitation to the annual black tie for the Humane Society, in which case you’re probably happy to write a check. In the worst-case scenario, a business associate, vendor, supplier, or your own IT team might inform you of a “cyber event.” Then there’s no need to get the tuxedo pressed. There will be no cocktails, soft jazz, or chicken dinner. But the costs to your business might be so catastrophic that your team can’t even begin to quantify them. However, an accurate calculation is imperative, if your business is going to fully recover from cascading losses resulting from the “event.”

By North American Forensic Accounting | Published February 1, 2025 | Posted in Calculations |

How a Forensic Accountant Can Assist Your Independent Pharmacy

The corner drugstore is an American institution, offering personalized service, neighbor to neighbor, in communities across America. But, like Main Street itself, independently owned and operated pharmacies are struggling to survive in a business environment dominated by, and skewed towards, huge conglomerates. If you own and operate an independent pharmacy, you don’t need us to tell you about low reimbursement rates and narrow margins. You know that to survive, you must control expenses, eliminate waste and prevent unnecessary losses. In this article, we’ll outline the ways a retail pharmacy forensic accountant can provide valuable assistance to fortify your bottom line, so you can continue to serve your community.

By North American Forensic Accounting | Published January 1, 2025 | Posted in Retail Pharmacy |

Major Considerations for Conducting a Compliance Investigation

Conducting a compliance investigation can sometimes feel like you’re looking for a needle in a haystack. Frustrating, time-consuming, and seemingly impossible to resolve. The quick and easy solution, of course, is to burn the haystack and sift through the ashes. But, not when that haystack is your company. Bear in mind that the purpose of your investigation is to strengthen your organization, not torch it. Thus, there are parameters investigators must observe and lines they must not cross. Anyone conducting a compliance investigation must act in accordance with legal and ethical protocols, and proceed in a way that is minimally intrusive on the organization’s operations.

By North American Forensic Accounting | Published December 1, 2024 | Posted in Investigations |