Does the type of fraud differ between industries and locations?

fraud image

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 …

Does the type of fraud differ between industries and locations? Full Article »

How deep does the investigation process get?

investigation graphic

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 …

How deep does the investigation process get? Full Article »

Global Fraud is on the Rise

entrepreneur, idea, competence

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 …

Global Fraud is on the Rise Full Article »

What is Forensic Accounting?

forensic accounting image

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 …

What is Forensic Accounting? Full Article »

War Story: The Wal-Mart Mexico Bribery Scandal

The Wal-Mart Mexico scandal has created a never-ending list of curious consumers, and a long-lasting sour taste in the mouths of shareholders. The fraud allegation is very basic but the case is incredibly complex, in which I hope this blog sheds some light on any questions you may have. In 2005, Wal-Mart’s key executives received significant and what seemed to be highly-credible evidence that executives of its substantially large subsidiary, Wal-Mex, had paid hundreds of bribes to Mexican officials for …

War Story: The Wal-Mart Mexico Bribery Scandal Full Article »

At what point is Forensic Accounting needed?

timing accounting

This is a question we are asked on a regular basis, and can deadlock a company if left unanswered. The simple response is BEFORE IT IS TOO LATE! Forensic accountants are typically used in 2 scenarios: on the front end minimizing the risk of fraud; and providing support in situations where there is a suspicion of fraud or the potential for crisis. In either instance, the earlier a forensic accountant is retained, the better. As forensic accountants, we love working …

At what point is Forensic Accounting needed? Full Article »