Minnesota Society of CPAs Footnote Magazine February/March 2017
The growth in forensic accounting and fraud investigation specialties has led accounting firms of all sizes to expand their practices to these areas. Experts agree that this practice area will continue to grow for the foreseeable future.
Is it as easy as it sounds to add forensic accounting to your firm’s competencies? Traditional audit staff may have excellent foundational knowledge that could be applied to fraud investigations, but offering consistent and reliable services to clients in the area of forensic accounting will take some work.
Here are areas your firm — especially if it’s small — should focus.
It is a simple decision to start providing accounting services. The next step is deciding which specific services to provide. Many types of engagements can fall under the forensic accounting umbrella, so it is important to develop a focus.Continue reading
shares her insight on uncovering financial details to ensure that divorce settlements are fair and equitable. A forensic accountant and fraud investigator, Coenen wrote the book to arm lawyers with a powerful tool when valuing and dividing property in complex divorce cases.
Bank statements can be a very valuable tool in child support and divorce cases, particularly when one party has not been forthcoming about income and expenses. We can look at deposits to draw conclusions about income, and the level of expenditures may also give us clues about the level of income. Tracy talks about some of the ways she analyzes the bank statement data.
Wall Street Smarts: A Guide to Finding Your Inner Investor, by Miles Goodwin, is masterful compilation of the best investment advice for the average person. The book does the seemingly impossible by pulling together the best investment advice from the best books out there. Mr. Goodwin has done the hard work so you don’t have to. He has taken decades of investment research and experience (as an average person just trying to manage his own money) and extracted the most relevant advice from some of the most knowledgeable authors. Added to this material is a wealth of information he has accumulated over the years.
Where does the average person begin when trying to learn about investments? There are lots of great articles and books out there, but how do you figure out which ones are relevant and accurate? And how do you find the time to read all of them? Simply put, most people can’t. And that’s why Wall Street Smarts is an invaluable tool for anyone who wants more control over their savings and investments.Continue reading
The book starts out with the premise that being a blue collar worker actually CAN offer you an opportunity to gather wealth. Blue collar as used in this book means a job which doesn’t require a college degree, but requires a certain level of skill and training. This includes trades like carpenters, truck drivers, auto technicians, police, and skilled manufacturing workers. A sampling of current annual earnings for these jobs ranges from $40,000 to $82,000, which might be surprising to some.
Early on we learn about basic financial concepts such as net worth and cash flow, which are explained well. Also included are information on debt, budgets, saving, investing, the many types of insurance, taxes, and wills. These topics are covered briefly, but there is enough information for it to be valuable.Continue reading
Firms of all sizes are interested in expanding their practices to include forensic accounting and fraud investigation. Experts agree: This practice area is growing and will continue to grow for the foreseeable future.
Yet adding forensic accounting to a firm’s portfolio of services might not be as easy as it sounds. While traditional audit staff might have a good foundational knowledge to branch out into fraud investigation, offering reliable service to clients in this area takes a little more work.
While the decision to provide forensic accounting services may seem simple, the next step is deciding specifically which services to provide. There are many types of matters that may fall under the forensic accounting umbrella, and it is important to develop an appropriate focus.
A firm’s services could be geared toward a variety of fraud-related matters, including corporate embezzlement, financial statement fraud, and insurance claims fraud. The business could alternately be focused on litigation matters like contract disputes, shareholder lawsuits, business valuation, and bankruptcy consulting. There are many more types of cases that could fall under one or both of these headings, so it’s clear that there are a great deal of choices to be made.Continue reading
Ask a random group of attorneys what they think of social media, and you’ll get some funny looks. Several of them will turn up their noses, while an equal number will have only a vague idea of what you’re talking about. Although more attorneys are participating in social media, there is still a good bit of reluctance to get involved.
The phenomenon called social media is simply a category of online resources used by people to communicate with one another, research topics of interest, stay on top of current events, and market their businesses. It includes blogs, which may be used by professionals to write about news affecting their industries, promote their businesses and expertise, and engage in dialogue with others in far away places.
Sites like Facebook, LinkedIn, and Twitter are considered to be more pure social media than blogs. A blog can be created and maintained without interaction with other people, if that’s what the writer chooses. Facebook, Twitter, and other social media sites require interaction with others to make them worthwhile. On these sites, you will “connect” with people you know or are interested in, and you’ll be able to see updates they post about themselves and their companies, articles they’ve written, and articles they find interesting. You will be able to “like” or comment on their updates, and often engaging discussions follow.Continue reading
In November 2014, Marquette University professor of political science Dr. John McAdams criticized the instructor of a philosophy class (graduate student Cheryl Abbate) for allegedly shutting down discussion of a student’s negative opinion of gay marriage. Dr. McAdams wrote:
Abbate explained that “some opinions are not appropriate, such as racist opinions, sexist opinions” and then went on to ask “do you know if anyone in your class is homosexual?” And further “don’t you think it would be offensive to them” if some student raised his hand and challenged gay marriage? The point being, apparently that any gay classmates should not be subjected to hearing any disagreement with their presumed policy views.
Dr. McAdams opined:
Abbate, of course, was just using a tactic typical among liberals now. Opinions with which they disagree are not merely wrong, and are not to be argued against on their merits, but are deemed “offensive” and need to be shut up.
I am no stranger to such suits. I was sued in this fashion by Medifast Inc. (aka Take Shape for Life) in 2010, and it took over five years for me to be dismissed, have the dismissal affirmed, and have the court order Medifast to pay my attorneys’ fees. The whole point of the Medifast lawsuit was to make me stop saying unflattering things about the company. And to scare anyone else who might dare to say bad things about the company…. the cost of litigation is tremendous, and companies like Medifast use the threat of litigation to shut up their critics. Continue reading