Posts Tagged ‘Forensic Accounting’

Finding Hidden Income and Assets

Written by Tracy L. Coenen, CPA, CFF

Cases of financial fraud often focus on the core issue of where the money went. Successfully carrying out a fraud scheme involves not only taking the money, but covering up the fraud and hiding the money trail. Recent headlines have consumers wondering how someone like John Corzine of MF Global could have no idea where hundreds of millions of dollars went. But skilled financial investigators know there is always a trail, and while the money may or may not be recovered, it can be located.

Cases involving allegations of security fraud, money laundering, misappropriation of assets, income tax fraud, and Foreign Corrupt Practices Act (FCPA) violations require investigators to follow a money trail. However, sometimes it is difficult to know where to start, or where to continue when you’ve come to an apparent dead end.

World of Forensic Accounting Unveils How Companies Are Cheated Out of Millions

Millions of dollars are missing from a Milwaukee company, and an employee is charged with stealing a staggering sum of money. How deep the fraud goes is something investigators are still deciphering. FOX6 gives you a look at how they do it, and how they think one employee made off with millions.

In this interview with Milwaukee’s Fox affiliate, WITI 6, Tracy Coenen talks with news anchor Brad Hicks about how the Koss fraud may have been perpetrated, and how the company apparently made it so easy for former VP of Finance Sue Sachdeva.

Lifestyle Analysis in Criminal Cases: Proving Income Without Full Documentation

Written by Tracy L. Coenen, CPA, CFF

Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical.

In criminal cases, the issues surrounding the income of an individual or business have even higher stakes. These cases are quite often tax-related matters, but cases involving white collar crimes and drug trafficking usually include questions about income too.

Accountants Cite Lessons Learned in Koss Scandal

Eric Decker – BizTimes.com

How could one corporate executive make more than $30 million in unauthorized transactions over four years without anyone else on the company’s leadership team or its third-party accounting firm being aware of the embezzlements?

That is among the questions law enforcement investigators are asking as they sort through the criminal allegations facing Sujata Sachdeva, former vice president of finance and secretary of Milwaukee-based Koss Corp. Sachdeva’s employment was terminated by the firm in December, and investigators have confiscated more than 22,000 items as evidence, including high-end women’s clothes and bags.

Providing Forensic Accounting Services as a Small Firm

Written by Tracy L. Coenen, CPA, CFF

FOCUS – Newsletter of the AICPA Forensic & Valuation Services Section

Forensic accounting and fraud investigation are hot specialties in the accounting world. Experts agree that the need for fraud detection services is growing, creating opportunities for small and midsized firms that are looking to start or expand a forensic accounting practice. Building a stable forensic accounting practice takes time because the services and clients are unique. The key to becoming a real competitor in the area of fraud investigation to focus your firm’s strengths on the right quality services and clients to enhance your brand.

Young Pros Investigate Fraud As a Career Option

Written by Tracy L. Coenen, CPA, CFF

On Balance – The Magazine for Wisconsin CPAs
January/February 2007

Ever since the big corporate scandals at Enron, WorldCom and Tyco, there has been an intense focus on fraud. This has made the field of forensic accounting the next hot career for young professionals. The prospect of investigating fraud seems exciting and cutting-edge.

Forensic Accounting: A New Twist on Bean Counting

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

Reprinted in the Kansas City Daily Record

Traditional accountants and auditors have long been referred to as “bean counters.” Some may take offense at the phrase, but if they’re being honest, they admit that it is a simplistic but accurate representation of the work they do.

Your average, everyday accountants and auditors are generally engaged to count the beans. They take a look at the numbers, make sure they all add up, and possibly issue a report saying how and why the numbers add up.

Do the Prosecution Thing

The Business Journal of Milwaukee
By Kathy Bergstrom

Johnny Vassallo wants to send a message in his pursuit of a forgery case against his former employee. Rather than simply firing his bookkeeper and seeking restitution, Vassallo, owner of Mo’s, A Place for Steaks, 720 N. Plankinton Ave., worked to make sure the Milwaukee restaurant’s bookkeeper was charged criminally for forging checks.

“We’d like to send out a message that it’s not the right thing to do,” Vassallo said of the theft. Vassallo also owns Mo’s Market – A Place for Wine, a wine market/bar at 717 N. Plankinton Ave., Milwaukee, and Ten Eleven, a restaurant in the Park East Hotel, Milwaukee.

CPAs Magnify Their Interest in Forensics

The Wisconsin CPA – Excerpts from Cover Story
By Amy Gaeth, Managing Editor

Many people consider fraud and litigation to be unpleasant business. A growing number of Wisconsin CPAs are willingly getting involved in these areas, however. CPAs’ reputation for financial expertise and integrity has led litigants and attorneys to hire CPAs as expert witnesses and resulted in increased demand for forensic accountants.

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