Top 6 Ways Forensic Accountants Help During Divorce

Top 6 Ways Forensic Accountants Help During Divorce

Forensic accounting is the sexy version of accounting that takes facts from behind closed doors, brings them into the open, and provides a sense of truth to individuals and businesses of all types. Without a shadow of a doubt, divorce is one of the most frequent altercations requiring the need for a forensic accountant. In many divorce scenarios, the trust component is in question, at best. Whether or not a spouse has formed a business to conceal assets, started a …

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Top 4 Signs That Your Employee or Business Partner is Committing Fraud

Man Committing Fraud

One of the most commonly asked questions our firm receives is “how do I know if someone is committing fraud?” Well, unfortunately you don’t know until you know. However, the sooner you identify the presence of fraud, the less detrimental to your business it will be. It is important to understand inherent risks your business model holds, and in turn, create awareness around certain parts of your business that are more vulnerable to fraud and how certain employee actions should …

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US Government Crackdown on Financial Crimes: Transparency, the New Normal.

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As the laws currently stand in the United States, anonymous companies can be erected easily. In most cases, these are legitimate businesses. In others, the anonymous aspect of creating companies in the U.S. has worked against the interests of America. These companies aren’t active and productive companies. They are a part of money laundering, a way to shuttle money from foreign entities through the United States. These companies are called shell companies, and the United States is one of the …

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4 Tips for Small Business Dealing with the Impact of COVID-19

Tips for Small Businesses Dealing with the Impact of COVID 19

The business world has changed since the beginning of COVID-19, and a certain amount of adaption needs to happen whether we like it or not. One of the apparent categories of issue that many businesses face, are the financial and fraudulent barriers that have been heightened or have arisen during this period. We have four tips to help businesses during this time.

Twitter Was Hacked; What Does This Mean?

password hack

“One of the worst cybersecurity disasters” in history occurred on the social media platform, Twitter, on July 15th, 2020. Twitter, of course, is a ‘microblogging’ site that is the service of choice for many people due to its freedom and personal connection with short word posts. However, Twitter fell victim to a cyberattack that promoted a cryptocurrency scam under Bitcoin. The hackers utilized Twitter’s internal systems to hack multiple Twitter accounts belonging to some of the largest names in the …

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World Leaders in PPE Procurement Advisory & Due Diligence

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In the unprecedented COVID-19 world we now live in, it appears the laws of the “Wild West” have taken effect. Buyers of all sizes are formulating fictitious “Proof of Funds” reports, while sellers are falsifying inventory stock levels, price gouging, “padding” with excessive commissions and creating levels of misrepresentation to conceal the true ownership of the PPE. Since the inception of the 2020 COVID-19 pandemic, Intellex has performed in-depth due diligence and fraud detection on both the buy and sell …

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Does the type of fraud differ between industries and locations?

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Fraud is an on-going concern for companies of all types and sizes. Certain industries are susceptible to different types of fraud, and can be affected in different ways based on the frequency and size of each fraud occurrence. For example, a company in the banking or financial services industry may experience a multi-million dollar fraud once every few years, where a company in the retail industry may experience fraud occurring on a daily basis. Companies in the retail industry use …

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How deep does the investigation process get?

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WHAT HAPPENED TO MY MONEY? This is a question that many of us will ask at some point in our careers, whether or not we do everything in our power to prevent it. In order to answer this question, you will need to investigate. Forensic accountants have investigation methods that can provide clarity in these types of situations. The methodology behind each financial investigation remains fairly constant, but with the ever-changing nature of business and more specifically fraud tactics, we …

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Global Fraud is on the Rise

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Global fraud is on the rise, and new statistics present a scary realization for small businesses around the world. The 2016 Global Fraud Study (GFS) released by the ACFE, was an analysis of occupational fraud occurrences over approximately a 2-year time frame from 2014-2015. The GFS states that small businesses with less than 100 employees suffered the same median loss due to fraud as large companies with more than 10,000 employees. To clarify, this means that the average amount lost …

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What is Forensic Accounting?

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When one hears the phrase “forensic accounting”, it is usually followed by “oh wow, that sounds exciting”, and it is! The StarTribune calls it “CSI for the number-crunching crowd” in an August 1, 2015 publication. Forensic accounting is a comprehensive analysis of financial and accounting records in order to provide a basis for the courts to use in a dispute between two parties. Traditional accounting expertise is used as the basis for forensic accounting, however the analysis of records goes …

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