Forensic Accounting Services
Forensic Accounting Services in Dayton,Ohio from Essex and Associates
Our firm has worked very closely with the Ohio Attorney General in gathering information on its behalf.
Forensic accounting support involves bringing in a team of trained professionals to gather information that then can be deciphered in a way that other accountants and potential defenders or litigators can utilize.
The gathering of this information is accomplished several different ways:
Review of the books
Examination of bank statements
Interview of appropriate personnel
Doing an asset inventory and a number of other steps.
The information that we help gather is then used to determine a variety of different things: economic damages calculations, whether suffered through tort or breach of contract; post-acquisition disputes such as earnouts or breaches of warranties; bankruptcy, insolvency, and reorganization; securities fraud; business valuation; and computer forensics/e-discovery.
We assist forensic accountants in professional negligence claims where they are assessing and commenting on the work of other professionals.
We also assist in areas of marital and family law, of analyzing lifestyle for spousal support purposes, determining income available for child support and equitable distribution.
If you are going through a divorce and the couple has significant assets, it is in the best interest of both parties to discover all the assets.
Engagements relating to criminal matters typically arise in the aftermath of fraud.
They frequently involve the assessment of accounting systems and accounts presentation – in essence assessing if the numbers reflect reality.
We have recently been assisting in three cases that have involved fraud.
As the old saying goes, “the numbers don’t lie.”
Presenting accurate numbers to a person that has perpetrated the fraud makes a confession and possible repayment more likely.
Forensic accountants utilize an understanding of economic theories, business information, financial reporting systems, accounting and auditing standards and procedures, data management & electronic discovery, evidence gathering and investigative techniques, and litigation processes and procedures to perform their work.
Forensic accountants are also increasingly playing more proactive risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, fraud deterrence engagements, and assisting in investment analyst research.
To assist in forensic accounting, one must have a wide and experienced background in business and investigative work.
Our firm also utilizes independent security companies in the process.
It's a good idea not only to have building security, cameras and Internet protection but is just as important to be able to have processes and procedures in place that will deter potential financial fraud.
An ounce of prevention is truly worth a pound of cure in the financial
Many times fraudulent activity will take place over a number of years.
The fraud remains undetected because it is usually accomplished by a trusted and well respected employee.
Having the right double checks in place will head off much skimming activity.
At the end of our engagement of assistance, we like to provide a best practices list of items that it would behoove the company to undertake.
If your business or your personal life is in need of a forensic accountant then go to Essex and Associates for the forensic accounting services Dayton,Ohio turns to for all their forensic accounting needs.