Top Five FAQs For Forensic Accounting Services

VERITI CONSULTING LLC

Top Five Forensic Accounting FAQ’s

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QUESTION #1What 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.

QUESTION #2How is occupational fraud detected?

More than likely, it is detected by a tip from an employee of the victim organization.

QUESTION #3Who 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.

QUESTION #4My 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.

QUESTION #5What 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.

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EXPERT TEAM

Liz Monty, CPA/ABV, CFF, CFE, CVA, DABFA

Managing Director

John White, MBA, CPA/ABV, CFF, CFE, CBA, CrFA, ASA

Managing Director

CONTACT VERITI CONSULTING LLC

CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS

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Top Five FAQs For Forensic Accounting Services

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