Has your business been the victim of fraud? If you suspect that this is the case, you may need to look into business fraud investigation services, performed by a qualified forensic accountant.
No matter what scheme a fraudster attempts to use, the end goal is the same, to relieve your business of money. All businesses use accounting to track their income, assets and expenses. Criminals operating from inside or outside of your business may attempt to hide theft within normal activities. The only way to prove that a theft like this has occurred is to analyze your accounting records closely to search for suspicious transactions. The financial professionals who perform this service are known as forensic accountants.
The Steps of an Investigation
A forensic accounting investigation follows a process. If you contract with an accounting firm for business fraud investigation services, they will likely use the process similar to this one:
Gather Evidence
To conduct a complete investigation, forensic accountants must have complete access to the financial records of your business. The investigation team is on your side; be sure to give them the information they need.
Conduct a Preliminary Investigation
The next step is to complete a preliminary investigation. The purpose of this investigation is to gain a basic understanding of the situation; this understanding is necessary because it lets the experts know where to focus their attention.
Interview Witnesses
The corporate fraud investigator may wish to interview anyone who had access to your company’s finances at the time of the theft or who may have knowledge of the crime. The investigators will analyze the statements made by the witnesses and search for discrepancies. They may choose to conduct further interviews based on the results.
Conduct an In-Depth Investigation
At this stage, the investigation will begin. With a basic understanding of the situation and the results of the interviews in hand, the accountants will go to work. The experts will ferret out any evidence of fraud contained in your records and attempt to uncover the guilty party.
Report the Results
A forensic accounting expert will prepare a report detailing the results of the investigation. If they find evidence of criminal activity, investigators may be required to report this to law-enforcement. In any event, you will have the knowledge you need to respond to the problem appropriately.
Most of your employees are honest, and have no wish to steal from your business. Unfortunately, a single criminal can do enormous damage to your business. You should take steps to protect yourself such as controlling access to your financial records and fully vetting any employees or contractors who have access to these records. Even when you take these measures, a determined criminal or a disgruntled employee may succeed at committing a crime.
Business fraud investigation services will help you detect and recover from the damage caused by a criminal. Now that you know a bit more about the process, you are in a better position to protect your business.
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If you’re in need of business fraud investigation services, from suspected employee fraud to fraud preventative programs contact the team at Veriti Consulting LLC by calling 855-232-4410 or send us an email.
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