Statistics show the average organization loses five percent of its revenues to fraud each year. Small businesses are particularly susceptible to fraud due to insufficient internal controls. Veriti Consulting’s Charlotte, North Carolina team of CPAs, fraud examiners and forensic accountants have decades of experience uncovering and analyzing suspicious financial activities. Using specialized technical skills and judgment, Veriti’s professionals analyze financial transactions, trace assets and interview possible perpetrators.
Veriti’s forensic accounting services offer clients assessments of areas of operational weakness, internal control deficiencies, and methods to prevent fraud or malfeasance. Our reports and analysis are frequently used in civil and criminal proceedings by law enforcement and government agencies and in confidential investigations. Veriti Consulting’s forensic accounting experts are uniquely qualified to handle forensic investigations in matters such as:
- 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’s CPAs, fraud examiners and forensic accountants have decades of experience uncovering and analyzing suspicious financial activities, provide statistical analysis, perform asset tracing, conduct witness interviews, and other specialized techniques critical to unravel simple and complex fraud issues. Veriti is also is a licensed private investigation firm that provides expert witness and consultant services for disputed matters. If your business may benefit from working with a forensic accountant in Charlotte NC, contact Veriti 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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