Forensic Accounting Services and Fraud Prevention Services – Why Bother?

Hinkle + Landers, PC, one of the leading Albuquerque CPAs and accounting firms, stays up to date on news that has an impact the accounting industry and our community.  The following is an article of interested related to fraud and forensic accounting services.

Forensic Accounting Services and Fraud Prevention Services – Why Bother?

One only has to search the internet using the key words “fraud articles” to see the plethora of examples of fraud.  From corporate fraud to medical fraud, from large organizations to “Mom & Pop” organizations, from highly-skilled fraud to easy-as-pie fraud, no organization or person is fully protected or out of the reach of the arms of fraud.

Identity theft scams abound with direct contact schemes using email or cold-calling, credit card fraud such as hacking or un-authorized use, and alliance scams which rely on familiarity such as a caregiver or a relative, trusted or not.  Medical fraud is also flourishing from a variety of billing schemes.  Churches and social groups are popular targets from the outside and the inside, from financial advisors to clergy.  Corporate fraud is more diverse than the organizations that are its targets.  Simply put, the old English proverb of “Where there’s a will, there’s a way” is the rule of thumb.

There are some common denominators to all frauds and one of the most pervasive is the lack of sufficient internal controls.  Internal controls are their relative importance are deeply imbedded in the foundation of generally accepted accounting principles, both state-side and abroad.  So how do we protect ourselves from fraud?  Proactive is almost always better than reactive.  

Fraud Prevention Services are an effective proactive approach.  An expert assessment of risk and internal controls is a must, and arguably is as paramount of an input into the services or products that are sold as the raw ingredients. 

Forensic Accounting Services that are reactive in nature or after-the-fact such as services for damages calculations related to various litigation scenarios or procedures designed to detect irregularities or reconstruct records.  There are also forensic accounting services such as those related to bankruptcy or valuations either for business purposes or related to family law areas such as divorce, spousal support or custodial support determination.

The benefit of expert Fraud Prevention Services and/or Forensic Accounting Services performed by a reputable CPA firm cannot and should not be underestimated.  The high costs of fraud and its increasing prevalence in the marketplace are sufficient reasons to engage in asset protection tactics.  There are no guarantees but it is logical to conclude that using sunscreen in the Mohave desert in mid-day August is better than going without.    

Firm Profile:  Hinkle + Landers, CPAs is one of Albuquerque New Mexico’s leading accounting firms.  Hinkle + Landers, CPAs has been operating for over 40 years in Albuquerque as well as all parts of New Mexico.  Hinkle + Landers, CPAs also provides fraud and forensic accounting services in Albuquerque New Mexico - Call Us: (505) 883-8788