Forensic Audit Uncovers Fraud & Embezzlement In BusinessesAll Articles
Forensic Audit Uncovers Fraud & Embezzlement In Businesses
When an employee notices fraud and embezzlement within a company, it’s usually too late. Funds have been moved elsewhere and those funds can’t always be recovered. Fortunately, with forensic audit, not only do your chances of recovering the money increase, you could actually catch it fairly early.
We’d like to think that we can trust all of our employees, but that’s not always the case. When companies do not have proper controls in place and rely heavily on their employees, your company’s assets are exposed. So what exactly happens during a forensic audit?
Forensic Accounting Procedures & Benefits
Forensic accounting is used to analyze financial information to detect fraud or embezzlement. When done properly, it can provide several benefits that include solving financial crimes, keeping professionals accountable, and detecting financial anomalies.
Forensic accounting procedures vary from case to case, but follow a few similar steps such as:
- Performing an initial investigation
- Developing an action plan
- Obtaining evidence and performing the analysis
The actual analysis will range greatly depending on the issue but could involve calculating damages, tracing stolen assets, and using charts and graphics to further explain their findings.
CPA Services For Smart Strategies
Fraud and embezzlement aren’t the only issues a business can face. CPA services can also be used to learn if you’re pricing models are profitable, filling in C-level gaps during times of need, and raising new capital for expansions or improvements.
At BIG, we take pride in our work. Some of our more popular CPA services that can help you grow include:
- Business Check-up
- Cost & Profitability Analysis
- Strategic Loan Partnership Services
No matter your accounting need, BIG has a service that can get your business from point A to point B.
Forensic accounting can be used to uncover fraud and embezzlement before it’s too late.