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Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Who Needs Forensic Accounting?

8/19/2020

 
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By Rich Lipton, Lipton CPA Associates
Do you worry that you or your business might be the victim of fraud?  Do you need to analyze your financial data to uncover potential misconduct?  Are you investigating an entity for possible acquisition and need to ensure the absence of financial irregularities? Maybe you're involved in litigation and require an expert witness to testify on your behalf?
​
If any of these situations apply, you need Forensic Accounting services.
Who Needs Forensic Accounting?
Forensic accounting - also called financial forensics or forensic auditing - is an area of accounting that investigates actual or anticipated disputes.  Disputes can range from business-related litigation to marital dissolution. We handle both litigation support and investigative accounting.

Litigation Support
This area covers accounting assistance for current or pending litigation.  For a litigation assignment, a forensic accountant...
  • assists in obtaining the necessary documentation to support or refute a claim;
  • examines the relevant documentation to form an assessment of the case;
  • reviews the damages report by the opposing expert;
  • assists with settlement discussions and negotiations; and
  • attends trial to hear the testimony of the opposing expert and provide assistance with cross-examination.

Investigative Accounting
Occasionally, you may need to explore whether fraud or misconduct has occurred, such as employee theft of property or inventory, misappropriation of funds by employees, kickbacks to employees from outside businesses, securities fraud, and insurance fraud.  Investigative accounting services will give you a clear understanding of the situation...
  • review the situation and offer suggestions for possible courses of action;
  • assist with the protection and recovery of assets;
  • coordinate with other experts, including private investigators, forensic document examiners, and consulting engineers; and
  • assist with any necessary civil action or criminal prosecution.

Forensic Investigations Take a Variety of Forms
The services of a forensic accountant are required for a range of investigations across many different industries.  Here are the most common assignments in forensic accounting:
  • Disputes Among Shareholders or Partners. The compensation and benefits given to each of the shareholders or partners is one of the more common issues in these cases.
  • Personal Injury Claims / Motor Vehicle Accidents. When economic losses from a personal injury or vehicular accident are in question, a forensic accountant is brought in.
  • Insurance Claims. Because insurance policies vary greatly in their terms and conditions, such engagements require a thorough policy review to determine the appropriate method of figuring the loss. A forensic accountant can assist from either the insured or the insurer's standpoint.
  • Business/Employee Fraud Investigations. The investigation of employee fraud often requires a determination of the extent of the fraud. It may or may not include the identification of a perpetrator. Many times, such assignments necessitate interviews of staff who had access to the funds.
  • Matrimonial Disputes. Usually, when a dispute of this nature arises, forensic accountants must locate and evaluate the disputed assets, be they businesses, property, or fiduciary.
  • Business Economic Losses. These kinds of engagements include contract disputes, construction claims, expropriations, product liability claims, trademark and patent infringements, and losses stemming from an alleged breach of a non-compete agreement. 
​
Business Valuation
Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition.  Whether you're negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.

Business valuation is not an exact science. It's based on judgment, experience and relevant information. So, you need professionals who are well qualified, with significant experience in evaluating all types of organizations.  The best approach is to intimately know your business in order to understand what constitutes its value and to work closely with you to analyze your operations and historical financial data. In-depth knowledge of your business results in a well-reasoned, fully documented and defensible valuation opinion.

Richard L. Lipton CPA & Associates, LLC excels at all these services and more.   

Rich Lipton CPA/CFF, (973) 520-8123, rich@liptoncpa.com

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973.539.3882
​Morris County Chamber of Commerce
325 Columbia Turnpike - Suite 101
​​Florham Park, NJ 07932               (MAP)
Our Mission: The Morris County Chamber of Commerce collaboratively advances the interests of its members to champion a thriving business and community environment.
Our Vision: Creating member experiences that foster exceptional business success and quality of life.
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  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2020 NFP Excellence Award Honorees
        • Nonprofit Donations
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
    • Co-Working Space Available
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • Signature Events & Programs
    • Virtual Job Fair
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
    • Mentor Morris
    • Entrepreneur Roundtable
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    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
    • Work-Based Learning Internship Program
  • MCTV
    • MCTV Let's Talk
    • Video Library
    • Member Spotlights
  • Member Login