Ralph Summerford, president of Forensic Strategic Solutions, Inc., discusses the importance and benefits of CPAs hiring outside counsel if they are at the center of an accounting malpractice case. He also discusses confusion that CPAs often have surrounding accounting malpractice insurance.
Ralph Summerford, president of Forensic Strategic Solutions, Inc., discusses the critical value a certified public accountant (CPA) who is also a certified fraud examiner (CFE) can add to an accounting malpractice case for attorneys, whether the attorney is prosecuting or defending an accountant. One of the greatest values a CFE can add is their ability to translate and relate to the jurors.
Kelly Schmid, director of valuation services at Forensic Strategic Solutions, discusses the process of estimating depreciation expenses and capital expenditures in a cash flow forecast. She also examines how an incorrect estimate can impact a business valuation.
Kelly Schmid, director of valuation services at Forensic Strategic Solutions, explains what capital expenditures are (also known as fixed assets). She also discusses the replacement and depreciation of capital expenditures, as well as the common misconception that depreciation and capital expenditures should always be equal in a normalized cash flow forecast.
Kelly Todd, managing member at Forensic Strategic Solutions, discusses how conflicts of interest can arise in the workplace and challenges associated with conflicts of interests that employers often face. She also discusses educating employees on conflicts and how to detect conflicts.
Kelly Todd, managing member at Forensic Strategic Solutions, discusses the close relationship between conflicts of interest and corruption. She also discusses preventative measures that can be taken to minimize opportunities for conflicts of interest to morph into corruption.
Lindsay Gill, director of forensic technology at Forensic Strategic Solutions, shares insight into the benefits associated with attorneys hiring forensic investigators to uncover evidence on suspects’ social media accounts. She also discusses how to authenticate the evidence gathered and the methods to do so.
Lindsay Gill, director of forensic technology at Forensic Strategic Solutions, discusses social media and its role as a helpful tool to uncover fraudulent electronic evidence in an investigation. She also describes best practices for forensic investigators to collect, analyze and interpret findings to connect the dots.
Bill Dameworth , director of valuation services at Forensic Strategic Solutions, details the steps of the two phases of an active/passive appreciation study. He also explains the various valuations that must take place throughout the analysis.
Bill Dameworth , director of valuation services at Forensic Strategic Solutions, explains what an active/passive appreciation study is and when this analysis would be performed. He also describes how the study differs from a traditional business valuation, the skillset the business valuation expert needs to possess and the importance of the expert working closely with the legal team.
Kelly Todd, shareholder at Forensic Strategic Solutions, discusses how to handle the alleged perpetrator, including notifying the perpetrator, conducting an admission-seeking interview and restricting the wrongdoing employee from company access. She also notes the importance of notifying your insurer when you think you might have fraud occurring in your organization.
Kelly Todd, shareholder at Forensic Strategic Solutions, discusses the prevalence of fraud in businesses and actions one should take when they suspect fraud in their organization, including assembling a team for the fraud investigation and securing potential evidence.
Leslie Parker, forensic analyst at Forensic Strategic Solutions, discusses accounting malpractice and the recent increase in claims as well as the importance of fraud education. Ms. Parker cites FSS’ work with Auburn University to develop its forensic accounting courses within its Master of Accountancy program as an effort to help expand the knowledge of fraud within the accounting profession.
Lindsay Gill, director of technology at Forensic Strategic Solutions, reviews the key areas in which technology has changed the landscape of fraud investigation and how data continues to become a growing risk for businesses.
Bill Dameworth, director of valuation services at Forensic Strategic Solutions, discusses the differences between the valuation of privately-held and publicly-held companies and those focused on profit maximization versus tax minimization.
Kelly Todd, shareholder with Forensic Strategic Solutions, gives fraud prevention tips aligning with the ACFE 2014 Report to the Nations research describing employee fraud awareness training as an extremely effective way to reinforce fraud policies, encourage anonymous tips from whistleblowers and establish compliance.
Ralph Summerford, president of Forensic Strategic Solutions, cites recent New York Times statistics to help reveal some reasons for the high frequency of fraud in non-profits, including high turnover, poor management and lack of tax audit enforcement. All of these issues make it increasingly difficult for the IRS and law enforcement to uncover and prosecute fraud.