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Some workplaces operate as if they are fully engulfed in a five-alarm fire. Employees consistently scramble to meet deadlines, the team is stressed, the work is intense, and far from helping to put out the blaze, managers contribute to the disarray with poor...
While building trust with your team is fundamental for a small business owner, it's important to be vigilant. Think, “Trust but verify.” Employee dishonesty isn’t just about obvious behavior, like stealing office supplies or embezzling money, it can include any number...
For a decade, Dhirendra Prasad worked primarily as a buyer in Apple Inc.’s Global Service Supply Chain department. As far as Apple was concerned, Prasad’s job was helping buy parts and services to repair older devices. Trusted and well-paid, the 50-something...
Economic turmoil can create a perfect storm for employee fraud, as companies sacrifice compliance activities to save money, and financial insecurity and temptation among workers increase. To protect your business from potential fraud, it’s important to be aware...
Artificial intelligence (AI) has the potential to transform the way we do business, making companies, as The Economist once put it, “swifter, cleverer, and leaner.” Unfortunately, legitimate businesses aren’t the only ones with access to AI tools. As financial...
The long-running financial fraud investigation and subsequent criminal cases involving Theranos Inc. offer a cautionary tale on how easily investors and stakeholders can be deceived by company insiders. Theranos founder Elizabeth Holmes raised more than $700...
In a financial fraud investigation, using technology to marshal big data can be a major help. But it’s just one piece of the puzzle. To complete the picture, a fraud investigator must rely on information gathered from a disparate array of sources—everything from...
It may be the most wonderful time of the year for sales and profits, but if you are not on the lookout for fraud-minded employees, your business may end the holiday season with far less silver and gold in its stocking. The holidays, in fact, are a prime time for...
In 1992, only one in five Americans owned a computer, even fewer were on the internet, and a “twitter” was something a sparrow did, not humans. Forensic Strategic Solutions (FSS) was founded in October 1992, and like the internet, the concept of forensic accounting...
From board games to drive-in movies, a whole raft of retro activities have made a comeback amid the COVID-19 pandemic. Unfortunately, fraudsters also have been busy reviving a blast from the past—the Ponzi scheme. During the last two years, financial fraud...
A do-it-yourself approach may work well for repairs around the house, but for CPAs conducting a financial statement audit, engaging specialized forensic accounting services to help design an audit to detect fraud can help avoid a career-damaging DIY disaster....
Recently, the former comptroller of a Maryland dance academy pleaded guilty to fraud after she gambled away nearly $1.5 million of school funds at a local casino. One embezzlement fraud conviction is bad enough. But the woman in question had been convicted just eight...