Be sure to subscribe! https://goo.gl/E3MGMs
Visit our Website for more: http://www.acuityacademy.com/
Step Nine: Consult with a Forensic Accountant - Top 10 action items when fraud is uncovered or suspected
We know that incurring more expense when you've suffered losses can be hard to accept. However, consider consulting with a trained forensic accountant. A trained forensic accountant has specialized training in investigating fraud schemes, collecting evidence, conducting interviews, and putting your case together. Working with the right forensic accountant means that you can get on running your organization, while you leave the investigation of this situation in the hands of an independent professional.
Do you have limited funds? That's okay! Find a forensic accountant who is willing to use some of your personnel resources to put a case together, coming in at the end to verify the work, write the report and help you navigate the process of reporting the case to your insurance company or local law enforcement. We once worked a large fraudulent disbursement scheme that required the review of thousands of cancelled checks. Once we understood the potential patterns, the client hired a temporary employee at the fraction of our professional rates. We showed that person how to identify the pertinent checks, list them in a spreadsheet, and copy the fraudulent checks for the evidence binder. Once that work was completed, we came in and reviewed the checks and the spreadsheet, conducted interviews, and wrote the report.
In a cash skimming case involving many years and daily analysis of incoming sales to deposits, we worked with the client's wife and former controller to identify the documents necessary to prove that cash sales had never been deposited. In this case, they worked for several weeks copying the necessary documents and summarizing the data in a spreadsheet. We reviewed their work, created a marked evidence binder, and wrote a report that resulted in the suspect's arrest within a few days. The work of our client's wife and former controller saved them tens of thousands of dollars in professional fees and provided them the end result desired: the criminal prosecution of the suspect for losses nearing $500,000.
There is no substitute for consulting with trained professionals in a time of need. And great professionals will work within your time and budget constraints to help you gain clarity in making appropriate decisions.
More about Tiffany Couch:
Tiffany is Acuity Forensics' founder and principal. Ms. Couch has more than 20 years of experience in the field of accounting, with the last 13 years focused completely on forensic accounting related engagements. She has conducted dozens of financial investigations, managed cases involving tens of thousands of documents, and has testified in state and federal jurisdictions. She has worked with local, state and federal officials to support their work (or provide a resource) in several significant embezzlement cases.
Tiffany holds a Bachelor of Science in accounting degree cum laude from Central Washington University. She is a Certified Public Accountant (CPA), Certified in Financial Forensics (CFF), and is a Certified Fraud Examiner (CFE). She is a faculty member for the Association of Certified Fraud Examiners (ACFE); and is a nationally recognized speaker on the topic of fraud and forensic accounting. She has also published several articles in local, regional, and statewide publications.
Tiffany is the winner of the 2014 James R. Baker Speaker of the Year, presented by the Association of Certified Fraud Examiners to honor an individual who has demonstrated the true spirit of leadership in communication, presentation and quality instruction. She is also an honoree for the 2007 Accomplished and Under 40, in which Clark County community leaders recognize their "rising stars", hosted by the Vancouver Business Journal.