Wednesday, February 23, 2011
Friday, February 18, 2011
Wednesday, February 16, 2011
Check kiting is a crime. Oklahoma man senteced to over 4 years in prison for check kiting (unauthorized use of the bank's money to inflate balances in related accounts).
Friday, February 11, 2011
Financial Statement Fraud is a real problem - on Main Street and Wall Street. This is an example of why losses related to financial statement fraud can be devastating.
Tuesday, February 8, 2011
Monday, February 7, 2011
Saturday, February 5, 2011
8 Miami-Dade County nurses prison-bound for fraud - Florida Wires - MiamiHerald.com
Friday, February 4, 2011
- Fraud at Client's Company
- Financial Investigations Involving:
* Estate and Trust Disputes
* Minority Shareholder Disputes
* Divorce Proceedings
- Contract Disagreements
- Business Interruption
- Onsite CLE Programs
We will identify the key documents you need for your case, analyze financial records, assist you in identifying potential claims, and provide expert witness testimony.
- CPAs (and Financial Professionals):
- Client's Financial Records are a Mess
- Fraud at Client's Company
- Client needs Internal Control/Business Process Review
- Onsite CPE Programs
Our role is to work with you and your clients to ensure timely and accurate delivery of financial data; consult on internal control issues; or to investigate instances of fraud, waste or abuse.
- Business Owners:
- Fraud at my company
- Accounting records are a mess
- Policies and procedures need updating
- Internal control assessments
- I have a "feeling" that something "isn't quite right."
If you find fraud in your company, we will identify the extent of loss, file an insurance claim and assist you and your attorney with the civil and criminal process.
We can help you with business efficiency and fraud deterrence by assessing your internal controls, and working with you to ensure your policies, procedures, and business processes are up to date.
That's what my latest client thought. I'll call him TJ. He hired the "perfect" bookkeeper to mind his accounts. She had a "great" background, she was personable, and she was accountable (i.e. she came to work on time everyday!).
She was also an experienced fraudster.
The first month she worked for him, she deftly pocketed $500. By the fourth month of employment, she was on the take for over $5,000.
The fraud investigation piece of my practice is growing steadily. The majority of these frauds could have been immediately detected by any number of the following Internal Control Best Practices.
Implement them in 2011.
You won't be sorry.
1. I WILL REVIEW BANK STATEMENTS AND CANCELLED CHECKS
The majority of all frauds are cash schemes that can be found by a thorough review of the bank statements AND cancelled checks.
2. I WILL SEGREGATE ACCOUNTING DUTIES
Even if resources are limited, this can be accomplished.
3. I WILL PAY FOR A PROFESSIONAL BACKGROUND CHECK ON ALL NEW EMPLOYEES
The client mentioned above? A simple google search would have detected anomalies in the candidate's resume. A background check would have uncovered a non-existent college degree AND a criminal history COST? $79
4. I WILL ASK QUESTIONS AND DEMAND DOCUMENTS
Perception is key. Ask questions, ask for documents. If your employees know you are double checking, they are less likely to steal from you.
Reminder to my CPA friends: are you talking to your business-owner clients about these simple, yet effective anti-fraud steps during annual tax appointments?