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Top Five FAQs For Forensic Accounting Services

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Top Five FAQs For Forensic Accounting Services Provided By Veriti Consulting LLC

QUESTION #1:
What is the average loss suffered by occupational fraud? According to the most recent Report to the Nations, the median loss caused by occupational fraud is $140,000; however, more than one-fifth of these cases resulted in losses of at least $1 million.

QUESTION #2:
How is occupational fraud detected? More than likely, it is detected by a tip from an employee of the victim organization.

QUESTION #3:
Who commits fraud? According to the Association of Certified Fraud Examiners, fraud is committed by individuals who have a higher level of authority.  The majority of fraud was committed by those working in the accounting, purchasing or customer service departments, as well as those in sales and/or executive or upper management.

QUESTION #4:
My company gets an outside audit every year. Won’t this detect, or help prevent fraud? External audits should not be relied upon as a primary fraud detection method. Per the Association of Certified Fraud Examiners, external audits only detected three percent of reported frauds.  Effective internal controls, anti-fraud training, and good ethical tones from management should be implemented to help prevent fraud from occurring.

QUESTION #5:
What are typical traits for someone committing fraud? While not true in every instance, our experience indicates various red flags are employees who are living beyond their means, employees refusing to take vacation, and those who exhibit excessive control issues in the workplace.

CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS
CALL: 877-520-1280
EMAIL: INFO@TRUTHBEHINDNUMBERS.COM

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Top Five FAQs For Forensic Accounting Services

  1. 1. VERITICONSULTINGLLC Top Five Forensic Accounting FAQ’s TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  2. 2. QUESTION #1 What is the average loss suffered by occupational fraud? According to the most recent Report to the Nations, the median loss caused by occupational fraud is $140,000; however, more than one-fifth of these cases resulted in losses of at least $1 million. TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  3. 3. QUESTION #2 How is occupational fraud detected? More than likely, it is detected by a tip from an employee of the victim organization. TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  4. 4. QUESTION #3 Who commits fraud? According to the Association of Certified Fraud Examiners, fraud is committed by individuals who have a higher level of authority. The majority of fraud was committed by those working in the accounting, purchasing or customer service departments, as well as those in sales and/or executive or upper management. TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  5. 5. QUESTION #4 My company gets an outside audit every year. Won’t this detect, or help prevent fraud? External audits should not be relied upon as a primary fraud detection method. Per the Association of Certified Fraud Examiners, external audits only detected three percent of reported frauds. Effective internal controls, anti-fraud training, and good ethical tones from management should be implemented to help prevent fraud from occurring. TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  6. 6. QUESTION #5 What are typical traits for someone committing fraud? While not true in every instance, our experience indicates various red flags are employees who are living beyond their means, employees refusing to take vacation, and those who exhibit excessive control issues in the workplace. TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise
  7. 7. THANK YOU FORVIEWINGTHIS PRESENTATION PRESENTATION BY: VERITI CONSULTING LLC 8111E. THOMASRD. #120SCOTTSDALE, ARIZONA 85251 TEL: (877)520-1280 • EMAIL: INFO@TRUTHBEHINDNUMBERS.COM WWW.TRUTHBEHINDNUMBERS.COM
  8. 8. EXPERTTEAM TRUTHBEHINDNUMBERS.COM In-DepthExperienceandUnparalleledExpertise Liz Monty, CPA/ABV, CFF, CFE, CVA, DABFA Managing Director John White, MBA, CPA/ABV, CFF, CFE, CBA, CrFA, ASA Managing Director
  9. 9. CONTACT VERITICONSULTING LLC CONNECTWITHEXPERIENCED FRAUD, FORENSIC& ECONOMICDAMAGES EXPERTS CALL:877-520-1280 EMAIL:INFO@TRUTHBEHINDNUMBERS.COM PRESENTATION BY: VERITI CONSULTING LLC 8111E. THOMASRD. #120SCOTTSDALE, ARIZONA 85251 TEL: (877)520-1280 • EMAIL: INFO@TRUTHBEHINDNUMBERS.COM WWW.TRUTHBEHINDNUMBERS.COM

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