Fraud and Forensic Accounting
The keys to dealing with fraud are to be: (1) ever diligent, and (2) aggressively agile should you suspect or detect a crime.
Today, fraud in the workplace results in staggering losses of approximately $600 billion per year. The bad news: this number will likely increase with the rise of the digital criminal. The good news: fraud is preventable, detectable, and susceptible to quick, aggressive responses.
Your company, not for profit, or governmental entity needs to have a fraud prevention, detection, and response plan. The first step is a risk assessment that’s usually followed by recommendations for newer, better, and stronger internal controls. Other best practices include adding a healthy dose of employee education and installing monitoring technologies. However, as long as criminals find new ways of hurting your bottom line, you’ll always be building, revising, and updating your fraud management program.
Here’s an overview of the types of fraud that can occur across different industries:
|Types of Fraud||Specific Fraud Events|
|Bribery and Corruption|
|Intellectual Property Fraud|
|Financial statement fraud|
Businesses, not for profit organizations, and governmental entities often need assistance from a Certified Fraud Examiner (CFE) in the following areas:
- Anti-bribery and corruption investigations
- Asset tracing, misappropriation, and employee embezzlement investigations
- Design of IT controls
- Digital forensics services
- Economic damage analysis
- Financial statement fraud and improper revenue and expense recognition
- Fraud hotline evaluation and testing
- Fraud insurance recovery investigations
- Fraud prevention programs
- Fraud risk assessment and evaluation of internal controls
- Insurance claim analysis
- IT/cybersecurity assessments
- Litigation support and expert witness testimony
- Reconstruction of financial records
- Third party vendor kickbacks and contract compliance
- Whistleblower investigations
If you suspect fraud is occurring in your workplace, please immediately contact Steven Peiffer, using the fillable “Contact Us” form on this page, for a complimentary consultation.
Adams Brown provides fraud and forensic accounting services in the following industries:
For more than 20 years we have had a strong, stable relationship with Adams Brown. Their knowledgeable team has a strong understanding of our business and have been great partners. They have been instrumental in improving our business and financial operations over the years. We have never considered changing firms and would recommend them to anyone without reservation.
Walt Hill – High Plains Mental Health Center
The prompt, personal service provided by the Adams Brown team is the best benefit in working with this firm. They offer knowledgeable advice and help my business plan for any eventual scenario. Their guidance and support show their commitment to helping our business succeed. I would recommend them to anyone looking for an accounting firm that has the best interest of the business and its success at heart.
John VonLintel – JROBB, LLC
Par Exsalonce has used Adams Brown for over 10+ years for our payroll needs and have found them to be informative, helpful and accommodating. The salon is quite large and we are constantly adding new employees to the two locations. In addition, they handle insurance, IRA, Aflac and other deductions we throw at them! The entire team is wonderful to deal with – from the receptionist to the accountants that handle our diverse business needs. We could not ask for a more knowledgeable and dependable group of people. Our thanks to them many times over!
Teri Mills – Par Exsalonce
“With Adams Brown, we don’t just get a financial advisor – we get a business partner. Our engagement team does an excellent job serving our needs and continually works with us to develop a plan for long-term success. When we come to them with a question, they go above and beyond to get the answer. Knowing we have that kind of support and dedication from our CPA is important. Our company has been in business a long time, and having a partner like Adams Brown will help keep us on a successful path for many years to come.”
Gary Shorman – CEO, Eagle Communications, INC.
“I own a small business that has been running for over 40 years. I am proud to say we have been with Adams Brown for many of them! I am very pleased with the service they provide and their commitment to helping me grow my business. When I first began working with Adams Brown, I received guidance and a set of guidelines to follow that helped me achieve my business goals. I have full confidence that if I am unable to reach my main contact, I will still receive the best service so that I can stay on track. I highly recommend the team at Adams Brown.”
Dan Woolard – Midway Manufacturing, INC.
Fraud and Forensic Accounting Team Leader: