How Can DWD’s Fraud & Forensics Group Help?

Posted on Thursday, January 12, 2017

You worked hard to operate your business profitably. You take various precautions to prevent insurance scams, embezzlement and other types of fraud that eat into the profits of many companies. Even so, your firm could be the victim of fraud some day.

Is Your Company Vulnerable?

If people inside or outside feel that your organization is an easy target, you may find more fraud attempts and losses. Reason: Outside criminals and employees often share this type of information with one another.

If that happens, you may need to go to take legal action. In addition to potential recovery of the losses, litigation can make it known to others that your company is not an easy target.

Simply filing a lawsuit may provide some help in recovering your loss and deterring others, but you want to make sure that you have the strongest possible case in order to get the maximum recovery. The better the case you present, the stiffer the penalty the fraudster is likely to face, and therefore the stronger the message you send to others who might consider defrauding you.

What Can You Do?

If you suspect fraud within your company, forensic accountants can employ their expert knowledge to research financial records and uncover evidence when fraud exists.

In investigating the matter, whether it involves white-collar embezzlement or rank-and-file employees stealing from the cash register, a forensic accountant reviews all of the facts and presents clients with possible courses of action. For the most egregious cases, litigation is likely to be recommended. But in cases where there are several minor losses (such as employees stealing small items or amounts of money) other actions are likely to be recommended, including termination, better security procedures, etc.

How Can a Forensic Accountant Help?

Specifically, a forensic accountant can:

Assist in obtaining documentation necessary to support or refute a claim.
Review the relevant documentation to form an initial assessment of the case and identify areas of loss.
Assist with Examination for Discovery (Discovery is a phase, early in a legal proceeding, during which lawyers and parties to a case meet outside the courtroom to exchange written information and hold face-to-face questioning sessions, called depositions) including the formulation of questions to be asked regarding the financial evidence.
Attend the Examination for Discovery to review the testimony, assist with understanding the financial issues and formulate any additional questions that may be necessary in order to strengthen your case.
Review the opposing expert's damage report and assessment of the strengths and weaknesses of the positions taken. Assist with settlement discussions and negotiations.
Attend the trial to hear the testimony of the opposing expert and to provide assistance with cross-examination.

In addition to having special expertise, forensic accountants also work with a close network of other professionals, including private investigators and security consultants, to help provide the best current and ongoing solutions.

Posted in Fraud & Forensics Group

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

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