Litigation Support Services
Every organization has the potential for fraud to occur regardless of the industry or the size. Not only can fraud affect an organizations reputation and value, but it takes an exhaustive amount of time and money to investigate and litigate fraudulent activity. The rapidly changing world of technology allows fraudsters to use state-of-the-art methods and schemes to commit their crimes.
In the Association of Certified Fraud Examiners’ (“ACFE”) “Report to the Nations 2018 Global Study on Occupational Fraud and Abuse”, it was estimated that small businesses (<100 employees) lost almost twice as much per fraud scheme due to occupational fraud with a median loss of $200,000. Approximately 42% of these frauds were caused due to lack of internal controls.
- Asset misappropriation is the most common type of fraud with a median loss of $114,000.
- Most common detection method was tips, through the use of telephone hotlines, emails and web-based/online forms.
- Anti-fraud controls such as external audits, a code of conduct and management certification of financial statements correlated to lower fraud losses and quicker detection.
- Most prominent organization weaknesses were lack of internal controls and override of existing controls.
Such repercussions of fraudulent activity can have a devastating effect on an organization. Frauds reported to the ACFE lasted a median of 18 months before being detected. Litigation support services can cover a wide array of our clients’ needs, including, but not limited to, the following:
- Internal Control Concerns or Analysis
- Analysis of Known or Suspected Fraudulent Activity, Persons or Transactions
- Litigation Support
- Tax Controversies
- Lost Profits Analysis
- Economic Damages Analysis
Whether it is a routine or complex matter, our CPAs and Certified Fraud Examiners (“CFEs”) are committed to providing a thorough and detailed analysis of the matter at hand in a timely fashion.