FORENSIC ACCOUNTING & FRAUD INVESTIGATION
FORENSIC ACCOUNTING & FRAUD INVESTIGATION
- Survey participants estimated that the typical organization loses 5% of its annual revenue to fraud.
- The median loss caused by the occupational fraud cases in the study, where dollar losses were reported, was $130,000 and more than one-fifth of the cases involved losses of at least $1 million.
- The frauds lasted a median of 16 months before being detected.
- More than 96% of the fraudsters in the study had never been previously charged or convicted for a fraud related offense.
- Asset misappropriation schemes are the most common type of fraud and represent more than 89% of the cases in the ACFE’s survey, with a median loss of $114,000.
The sad fact is that fraud is real. Too often, it is aided by poor internal controls, such as lack of segregation of duties, lack of oversight by management, and by putting too much trust in an individual who has the opportunity, motivation, and rationale to commit fraud.
Our forensic accounting practice utilizes the expertise of professionals who have obtained the Certified Fraud Examiner (CFE) designation from the Association of Certified Fraud Examiners (ACFE) and are also Certified Public Accountants (CPAs) with the American Institute of Certified Public Accountants (AICPA). If you suspect a financial fraud has been committed, we have experience in detecting, quantifying, and reporting on fraudulent activity within organizations and we can work directly with you and/or your attorney to ensure an effective investigation is conducted.
We also work with organizations to help develop internal controls to help prevent fraud. Although no system of internal controls can provide absolute safeguards against irregular activities, we can help you put in place the practices, policies, and procedures to minimize the chance of a financial fraud in your organization.
The forensic services provided by Bowman include:
- Fraud investigation
- Forensic accounting services
- Damage calculation
- Expert witness testimony
- Compliance with Federal Acquisition Regulations (FAR) and Defense Contract Audit Agency (DCAA)
We invite you to CONTACT US if you would like additional information or to discuss your particular business needs.
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