Consultants can assist Tribal governments with problems related to fraud and forensic accounting, including setting up effective controls and scheduled reviews to deter financial irregularities due to theft, embezzlement, and other causes. Tribal governments with many different sources of revenue may be more vulnerable to fraud, because the more complex the financial accounting the greater the difficulty in detecting fraud becomes. Tribal governments in this type of situation often find it helpful to develop internal controls in partnership with a Tribal government consultant to track current accounting and set up effectual methods of fraud deterrence.
Why Tribal Government Consultants Are Worth Their Weight In Gold
An established tribal government consultant can help clients with issues that are critical to maintaining healthy financial operations and provide expert advice and guidance on a variety of fiscal concerns, including:
- Analyzing and making recommendations to improve a Tribe’s overall financial strategy to identify areas of opportunity.
- Analyzing and implementing internal controls for all aspects of operations.
- The valuation of ancillary operations, such as retail and manufacturing operations, casino and gaming operations, natural resources, and resorts.
- The identification and analysis of current and future investment opportunities.
- Examination of non-profit activities with consideration to sustainability.
- Evaluation of business models and other business related consulting services.
These segments of tribal operations call for the advice of experienced financial investigation experts who are not only familiar with the dynamics involved in each business sector, but the interaction between all sectors using a “big picture” approach. The perspective of a Tribal government consultant can thereby help leaders make informed decisions and implement solutions to strengthen the Tribal community.
Tribal governments face many unique issues when it comes to accounting, which is why many tribes rely on the expert assistance of a specialized consultant who is not only familiar with complex issues in accounting, but the specific issues that Tribal governments encounter. Given the particular operations and challenges facing many Tribes, a tribal consultant can lend specialized assistance to ensure effective and efficient internal controls and sound operational practices.
Veriti Consulting, LLC’s professionals partner with Tribes throughout the U.S. to strengthen operations, ensure safeguarding of assets, review state compacts, and provide business valuation services. Contact Veriti today at 877.232.4410 or at info@veriticonsulting.com for more information.