Internal control, as defined in accounting and auditing, is a process for assuring achievement of a company’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. Weak internal controls in a business are like an invitation to fraud! An internal control risk assessment should be undertaken which focuses…
Read MoreFraud is unavoidable and for those in business, it is an operational hazard. Businesses are usually the victims of fraud and suffer the cost of The fraud, The cost of investigating the fraud, and The cost to ensure it does not reoccur. An effective prevention and detection strategy should be
Read MoreFraudsters target businesses that work with foreign suppliers or businesses that regularly transfer funds online. How do they get your details? They use what is known as “social engineering” and “computer intrusion” techiques e.g. a worm to compromise real business email accounts and then create unauthorised transfers of funds out of the business bank accounts.…
Read MoreInternal controls are systematic measures (reviews, checks, methods and procedures) established by a company to; • conduct its business in an orderly and efficient manner, • safeguard its assets and resources, • deter and detect errors, fraud, and theft, • ensure accuracy and completeness of its accounting data, • produce reliable and timely financial and…
Read MoreFinancial statement fraud is intentional misstatements or misrepresentations within the financial statements. A forensic accountant’s role in investing financial fraud is to look for warning signs or red flags. Some common accounting red flags include: Aggressive revenue recognition – such as recognising revenue in earlier periods than when the sale was delivered Growth in inventory…
Read MoreForensic Accounting provides an accounting analysis that is suitable to the court which will form a basis for discussion, debate and ultimately dispute resolution. Forensic Accountants are trained to look beyond the numbers and deal with the reality of the situation. There are a number of areas that a forensic accountant can provide expertise: Marital…
Read MoreThe Insolvency Service of Ireland (ISI) issued its statistics for Qtr 3 2014. To date in 2014, the ISI has dealt with cases involving c.€1billion. The percentage of debt written off under DSA’s and PIA’s was:- PIA – secured debt – average write off was 17% (range was 0% to 69%) PIA – unsecured debt…
Read MoreForensic investigation interviews are an effective way to determine poor control systems in a business, identify employees who are in a position to act fraudulently and whom may be motivated to de-fraud a business, and ideally to produce a confession from a guilty party. Body language of the interviewee is important and can indicate “tell-tale”…
Read MoreSome of us have lost our mobile phone or worse had it stolen. Even if you backed it up, it is a nuisance restoring your data. With more data now on your phone such as:- * your personal e-mail address * your contacts * e-mail history * sms history * social media history * pictures…
Read MoreThe requirement for a forensic accountant is often associated with court proceedings whether they are civil or criminal. However, there are many situations whereby a client may wish to carry out a forensic review in advance of deciding whether to take civil or criminal action or simply to establish / quantify where a suspected breach…
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