Top Five FAQs For Forensic Accounting Services

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VERITI CONSULTING LLC Top Five Forensic Accounting FAQ’s TRUTHBEHINDNUMBERS.COM In-Depth Experience and Unparalleled Expertise

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Top Five FAQs For Forensic Accounting Services Provided By Veriti Consulting LLC QUESTION #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. QUESTION #2: How is occupational fraud detected? More than likely, it is detected by a tip from an employee of the victim organization. QUESTION #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. QUESTION #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. QUESTION #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. CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS CALL: 877-520-1280 EMAIL: [email protected]

Transcript of Top Five FAQs For Forensic Accounting Services

Page 1: Top Five FAQs For Forensic Accounting Services

VERITI CONSULTING LLC

Top Five Forensic Accounting FAQ’s

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 2: Top Five FAQs For Forensic Accounting Services

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.

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 3: Top Five FAQs For Forensic Accounting Services

QUESTION #2How is occupational fraud detected?

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

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 4: Top Five FAQs For Forensic Accounting Services

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.

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 5: Top Five FAQs For Forensic Accounting Services

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.

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 6: Top Five FAQs For Forensic Accounting Services

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.

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

Page 7: Top Five FAQs For Forensic Accounting Services

THANK YOUFOR VIEWING THIS PRESENTATION

PRESENTATION BY: VERITI CONSULTING LLC8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM

Page 8: Top Five FAQs For Forensic Accounting Services

EXPERT TEAM

TRUTHBEHINDNUMBERS.COMIn-Depth Experience and Unparalleled Expertise

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

Managing Director

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

Managing Director

Page 9: Top Five FAQs For Forensic Accounting Services

CONTACT VERITI CONSULTING LLC

CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS

CALL: 877-520-1280EMAIL: [email protected]

PRESENTATION BY: VERITI CONSULTING LLC 8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM


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