Owning a business is hard work and it’s common for business owners to wonder how much their company is worth. Whether you are thinking about selling your business or not, have an offer on the table or are merely curious, there are quite a few misconceptions out there about how to value a business. Here […]
There are 3 important causes of loss profit (or loss fee) litigation in government contracts. Loss profit calculations are based primarily on a contract and a defined period of time (i.e. contract term). Scope creep, subcontractor disputes, and delays are the most common causes of loss profits/fees when performing work on federal contracts. All […]
An expert witness is someone who by virtue of training, skill, education or experience is believed to have knowledge or expertise in a certain subject beyond an average person. This knowledge makes the person eligible to be a witness in a case they otherwise may have no interest in. Expert witnesses are often brought in […]
Over the last several years, the number of cases related to financial statement fraud has experienced a gradual increase. In fact, according to a recent Cornerstone Research report, Accounting Class Action Filings and Settlements—2014 Review and Analysis, shows the SEC has a heightened focus on accounting, with cases involving restatements reaching a 7-year high in […]
How financial statements reveal corporate fraud The U.S. economy is finally recovering from the effects of the recession, but at least one major financial risk remains — corporate fraud. Fortunately, a CPA certified in financial forensics (CFF) can help companies and investors minimize losses from fraudulent conduct by scrutinizing a business’s financial statements. Fictional finances […]
Experts look to tax returns in hidden-asset investigations Business owners involved in divorce or engaged in fraudulent activity have plenty of motivation to manipulate their companies’ financial statements for their own ends. Fortunately, for financial experts such as forensic accountants and valuators investigating hidden assets, business tax returns aren’t so easy to misrepresent. In fact, […]
Hiring forensic accountants for cases involving fraud investigation, litigation support, disputes and more With the seeming rise in corruption and financial related crime in both the for- and non-profit sectors, identifying when forensic accounting is required can help to uncover evidence and limit overall risks to your company or organization. Just this month, International Relief […]
In January 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that provides private companies with an alternate method of reporting goodwill under Generally Accepted Accounting Principles (GAAP). Adopting FASB’s standard could reduce the cost and complexity of preparing financial statements for private companies following business combinations. However, this alternate method […]
Forensic accountants/CPAs require unique skills and training in order to blend accounting, auditing, and investigative skills to uncover and analyze financial data. In addition, to uncovering fraud, forensic accountants/CPAs provide litigation support in a courtroom setting. If you are a government contractor, considering hiring a forensic accountant or CPA, here are five things your forensic […]