October/November 2004

Roughly six percent of corporate revenues are lost each year because of fraud, translating to about $600 billion annually, according to the Association of Certified Fraud Examiners. 

When the economy turns sour, the result is often an increase in fraud as dishonest employees maneuver to attain their share of undeserved profits.  With the increase in white collar crime, more insurance companies are starting to turn to forensic accounting firms to help track down the fraud, determine how much money is missing and, in many cases, figure out how the crime was committed.   

“We attempt to put ourselves in the mindset of the perpetrator,” said Dennis McBay, a partner in the Dallas office of Matson Driscoll & Damico.  “We look through all available ledgers, look into computer records and generally try and find a trail.”

Half detective and half accountant, the forensic accountant delves into financial books to uncover and ultimately prove what most business owners might only suspect. If you are concerned about potentially dodgy activity within your business, a forensic accountant can either put your mind at ease or help your company resolve the problem.