Every day, there are incidences of theft and fraud. It doesn’t matter where you go, who you work for, or what you do. It can happen to anyone at any time and this is true of both individuals and companies. This is why it’s important to know how to handle situations of fraud and theft, especially if it is occurring in the workplace and affecting your organization. Keeping track of your finances and your assets is important. It can be hard when you have to go through all your assets if you think there are assets missing. You shouldn’t have to go through them alone.
Taking care of theft or fraud doesn’t have to be stressful or anxiety-inducing, especially when you have experts and professionals from Cooper Norman investigating and walking you through every step. Fraud examiners will assist you in coming up with strategies to implement for investigative purposes. If you are looking for a forensic accountant, here are some things you should know.
Forensic accounting is the process of investigating an organization’s reported finances in an attempt to discover misconduct occurring throughout the company regarding financial processes. Forensic accounting is not necessarily a mandatory process. If you are going through some of your tax papers or your books and you notice some inconsistencies in the finances of your organization, you may want to look into getting a forensic accountant.
A forensic accountant will help you come up with different strategies to discover misconduct regarding the finances of the organization, and implement these strategies throughout the organization. With this, you should be able to figure out if money is flowing the way it’s supposed to or if there are suspicious inconsistencies.
You can trust your forensic accountant to thoroughly analyze all of your organization’s financial records to investigate fraud, trace your assets to ensure they’re all accounted for, and even work with you on checking for copyright infringement with trademarks or patents, etc. There are many things that a forensic accountant can do. On any given day during the investigation they can be doing anything from crunching numbers, scrutinizing the books for fraud, to conducting interviews if there have been suspicions of fraudulent or illegal activities. These processes are helpful to uncover information regarding missing finances, identity theft, stolen assets, etc.
Every year, approximately 5% of revenue is lost due to fraudulent activities, which adds up to about $4.5 trillion each year. With the growing amounts of social media, the development of cryptocurrencies, and the overall technological development of the world; fraud has become easier to commit which also means that it’s becoming an increasing issue, especially in the U.S.
The issues of theft and fraud aren’t going away any time soon and as the world continues to develop with different types of digital currencies, there are going to be more issues revolving around fraud. The app store is flooded with new banking and trading apps for cryptocurrencies but there aren’t a whole lot of laws regarding how to keep track of these currencies and what to do in situations where money has been stolen through the web. This also makes for less protection regarding cryptocurrencies and any checking or savings accounts you may open that are exclusive to an app or an online website.
Now more than ever, it’s important to be able to keep track of your finances, assets, and any identifying information that may be used in a negative way. When things start to go wrong, it’s best to get started investigating immediately, so it doesn’t continue to happen and keep going unnoticed. When handling large amounts of money and many assets, it can be more difficult to keep track and ensure that everything is in place.
It is recommended for any organization that thinks they may be experiencing incidences of theft to start investigating immediately. Cooper Norman is here for you to provide their forensic accounting expertise with professionals that care about investigating fraudulent activity to put a stop to it and assist you in taking preventative measures in the future. They will assist you in going through all of your books and performing interviews to discover any breaches due to fraudulent activities and provide you with the knowledge and resources you need to provide better security throughout the company. Even if you don’t expect fraudulent activities in your company, working with a forensic accountant can help your company prevent future fraudulent activities.
Cooper Norman’s professionals will do their best to implement strategies that work for you and your organization to help reduce the number of assets and finances going missing and increase your revenue to the fullest capacity. They will also work with you to discover and fix any damages that may have been incurred due to activities of theft or fraud. They will help you come up with a preventative plan to ensure that your revenue remains at its maximum potential and all of your assets are allocated to the right places to ensure your organization continues running smoothly.