Market statistics help us realize that each year the average organization loses five percent of its revenues to fraud. Small businesses are especially susceptible to fraud due to lack of effective internal controls. Veriti Consulting’s team of CPAs, fraud examiners and forensic accountants have years of experience researching and exposing fraudulent financial activities. Veriti’s Phoenix, Arizona professionals use specialized technical skills and judgment to analyze financial transactions, analyze assets and interview possible perpetrators.
Veriti’s forensic accounting services offer clients assessments of areas of operational weakness, internal control deficiencies, and processes to prevent fraud or wrongdoing. Law enforcement and government agencies and confidential investigations frequently use our reports and analysis in civil and criminal proceedings. Veriti Consulting’s forensic accounting professionals are exceptionally qualified to handle forensic investigations in matters involving:
- Business fraud
- Falsified documents
- Asset misappropriation
- Internal control review and recommendations
- Accounting reconstruction
- Compliance violations and accounting irregularities
- Property infringement
- Hidden assets
- Business failure analysis
- Vendor fraud
- Ponzi schemes
- Occupational fraud
- Economic extortion and bribery
Veriti is a licensed private investigation firm in Arizona and uses various resources to provide statistical analysis, perform asset tracing, conduct witness interviews, and other specialized techniques essential to resolving simple and complex fraud. Veriti also provides expert witness and consulting services for matters in litigation or arbitration. If your business may benefit from a forensic accountant in Phoenix AZ, contact Veriti Consulting’s Phoenix, Arizona office at (877) 520-1280 or by email to learn more.
Forensic Accounting FAQs
1) What is the average loss suffered by occupational fraud?
According to the most recent Report to the Nations, the median loss caused by occupational fraud is $140,000; however, more than one-fifth of these cases resulted in losses of at least $1 million.
2) How is occupational fraud detected?
More than likely, it is detected by a tip from an employee of the victim organization.
3) Who commits fraud?
According to the Association of Certified Fraud Examiners, fraud is committed by individuals who have a higher level of authority. The majority of fraud was committed by those working in the accounting, purchasing or customer service departments, as well as those in sales and/or executive or upper management.
4) My company gets an outside audit every year. Won’t this detect or help prevent fraud?
External audits should not be relied upon as a primary fraud detection method. Per the Association of Certified Fraud Examiners, external audits only detected three percent of reported frauds. Effective internal controls, anti-fraud training, and good ethical tones from management should be implemented to help prevent fraud from occurring.
5) What are typical traits for someone committing fraud?
While not true in every instance, our experience indicates various red flags are employees who are living beyond their means, employees refusing to take vacation, and those who exhibit excessive control issues in the workplace.
Contact Veriti Consulting at (877) 520-1280 or email us to learn more about our forensic accounting services.
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