{"id":105005,"date":"2022-11-28t11:55:46","date_gmt":"2022-11-28t16:55:46","guid":{"rendered":"\/\/www.g005e.com\/?p=105005"},"modified":"2023-05-04t10:46:03","modified_gmt":"2023-05-04t14:46:03","slug":"forensic-techniques-can-be-fraud-deterrence","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/11\/28\/forensic-techniques-can-be-fraud-deterrence\/","title":{"rendered":"forensic techniques can be fraud deterrence"},"content":{"rendered":"
<\/a>bonus: 11 examples of \u201ccontrol culture\u201d services.<\/strong><\/p>\n by ed mendlowitz<\/i><\/a><\/p>\n trained forensic professionals investigate accounting and financial transactions that are, or will become, subject to legal proceedings. it is an early step in a potential war, and many times it is the first shot.<\/p>\n more: <\/b>six benefits of an internal audit<\/a> | the ten financial controls that\u2019ll make you a hero<\/a> | five cash reports you can\u2019t live without<\/a> | when an audit is a great thing<\/a> attorneys and c-level executives are often not familiar with forensic techniques and see them as a means to quantify a loss. financial forensics also provides a means to deter and detect fraud. today, i share my views on the value of forensic techniques used to deter fraud and encourage cvas to consider attending the cti\u2019s forensic accounting academy\u2122 or fraud risk management courses offered through the maff programs. some areas where forensic professionals are engaged\u00a0are:<\/p>\n the genesis of the process is adversity. yet, some of the conclusions reached can provide tangible benefits by recommendations of corrective measures that can be implemented to reduce risks of future losses or a tightening of controls. in fact, some engagements are not litigation-based, but rather are for the purpose of risk containment by reviewing a company\u2019s processes and procedures to make sure they are being followed, and to provide an oversight that they are appropriate for the company and its personnel.<\/p>\n by way of example, in one day\u2019s newspaper there were three articles about glaring frauds or stupid errors. it seems bank of america made a $4 billion error overstating its capital; another was about contractors who were sentenced to 20 years in jail for fixing time records with the city of new york; and the third was the federal government looking to bring in new people to run the health care websites because of the immobilized sites when they were getting started.<\/p>\n from my way of thinking, all of these could have been avoided with proper procedures, controls, reporting and oversight, and with someone in charge of this. when no one cares, cracks are opened, and possibly otherwise honest people do things they shouldn\u2019t, or people just get sloppy and do not pay attention to what they are supposed to be accomplishing.<\/p>\n when many misstatements are uncovered, forensic accountants or those trained in forensic techniques (not necessarily accountants) become the \u201ctabulators\u201d of the enormity of the system failures. i suggest that forensic professionals be called in early to create the systems that will make it extremely difficult to break through or that will deliver a message of the certainty of disclosure once a line is crossed. deterrence provides strong safeguards.<\/p>\n following are just some examples of the services forensic professionals can provide to create a control culture:<\/p>\n
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\nas for forensics, the process used involves identifying, gathering, analyzing and investigating transactions in a manner where the results can be clearly explained and documented. guesswork and assumptions are not part of the process, but inquisitiveness is essential in charting the path of what needs to be done. opinions are presented as an end product or result of the work. the engagement process needs to be free of bias; this means we refrain from supposing or leaning. the forensic report or result is a factual and expert presentation of financial and economic issues and possible quantifications of claims or damages that flow from the investigator\u2019s procedures.<\/p>\n\n
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