For business disputes, ClearRidge provides forensic accounting and fraud investigation services.
Partnership and Corporate Dispute
In cases of partnership and corporate disputes, an expert is vital to analyze, document and explain the disputed transactions. This could include determining sources of revenue, tracing expenses, or identifying abnormal transactions.
Estate and Trust Dispute
We can assist in working through numerous transactions to identify discrepancies and to verify accurate distribution, and to uncover improprieties in the distribution of the assets or expenditures.
Expert Witness Testimony
We can testify during a hearing or trial to help the judge and jury better understand the facts of the case, by simplifying the facts and presenting them in a cohesive and logical argument that stands up to cross-examination.
Loan Default and Loan Fraud
In cases where a bank customer has defaulted on a loan, or the customer has breached terms of the loan, we use our experience in tracing financial transactions, performing fraud investigations and forensic accounting engagements to assist a secured creditor in uncovering the financial anomalies. We can also advise on cash flow issues and the securing of assets collateralizing the loan to pay down the debt.
Almost every day, there is a new story about fraud: lottery scheme, Ponzi scheme, check fraud, loan fraud, securities fraud, mortgage fraud, embezzlement; the list is endless. According to the Association of Certified Fraud Examiners, the most common occupational fraud scheme is asset misappropriation. Asset misappropriation occurs in various forms, but it primarily involves theft of cash, fraudulent disbursements, and theft of inventory or other assets.
Most businesses notice anomalies in their financial information. Such anomalies could include unexplained difficulties with cash flow; losses in inventory; or delinquent payments from customers. In order to correct a problem, a business needs to identify the problem. For these businesses, fraud examination methods help identify either financial mismanagement, high risk areas, or fraud. Once identified, analyzed and quantified, we can plan and implement a solution with the organization to remediate the occurrence of financial mismanagement and fraud in the future.
Banking and Financial Institutions
Financial and Investment Services
United States Government
Business owners who protect their organizations using anti-fraud measures significantly reduce their risk of fraud and fraud related losses. According to the Association of Certified Fraud Examiners, 5% of an organization’s annual gross revenues are lost each year to fraud. Fraud prevention is an investment that delivers a return to the bottom line.
Fraud Prevention for Businesses
Your star employee becomes your closest confidant, and you couldn’t imagine running your business without her, until you find out she has stolen from you. You’re not alone. According to the Association of Certified Fraud Examiners, 28% of all occupational frauds were committed against small business, and the median loss in those schemes was $154,000. (2014 ACFE Report).
Business owners don’t have time to verify every detail in their business. External audits have a function, but they are expensive and are not designed to uncover or prevent fraud.
We provide an ongoing service to businesses with simple and effective tools to uncover and prevent fraud by focusing on the highest risk factors, which can detect fraud in real time. These tools include monitoring for duplicate transactions, false vendors, even dollar amounts, ratio analysis and trend analysis. Additionally, we can manage a fraud reporting hotline for employees to anonymously report any suspicious activity.
Fraud Prevention for Financial Institutions
The top eight industries that fall victim to fraud, in order of magnitude are: i) banking and financial services; ii) government and public administration; iii) manufacturing; iv) healthcare; v) education.
Financial institutions have so many compliance regulations dictating the controls, however, regulations are implemented with varying objectives in mind and are rarely intended to detect or prevent fraud within the financial institution.
Internal controls and prevention measures can be effective for a season, but with technology rapidly changing, fraudsters becoming increasingly creative and financial institutions need fraud prevention measures that adjust, change and adapt to any situation.
For an effective fraud prevention system, risk-based strategic planning and coordination of existing controls, coupled with engaging training, ongoing fraud monitoring and a third-party fraud reporting hotline are the most effective methods to mitigate fraud risk.
Fraud Prevention for Non-Profits
A non-profit organization’s success rises and falls with its reputation. In the case of fraud, donors wonder if the organization can be trusted with their money and institutions question the integrity of the internal systems and judgment of leadership, both Executive and the Board.
Unfortunately, fraud is perpetrated against organizations, no matter their mission statements. Churches and charities alike contain the one key element to fraud – people. Every person is surrounded by pressures and situations, for which money appears to be the solution.
We can help to eliminate fraud in a non-profit by analyzing the mission, vision, and purpose of a non-profit and complimenting existing prevention measures with other effective resources, including internal controls, segregation of duties, a fraud reporting hotline and ongoing monitoring.