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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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    Please 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.
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©2023 Morris County Chamber of Commerce  |  A 501(c)(6) nonprofit membership organization
  • JOIN
    • Become a Member
    • Premier Membership
    • Membership Inquiry
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • New Member Survey
  • About
    • Chamber Team
    • Our Mission
    • Our President
    • Board of Directors
    • Morris Business Cabinet
    • President's Circle
    • Ambassadors Council
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Business Development Forum
      • Business Strategy Exchange
      • Health & Wellness Forum
      • Human Resources Committee
      • Not For Profit Roundtable >
        • Nonprofit Donations
      • Real Estate Forum
      • Sustainability Forum
      • Tech Trends
      • Women in Business Program
      • Young Professionals Forum
      • Monthly Agenda Submission Form
    • Code of Conduct & COVID Policy
  • Membership
    • Member Benefits
    • Member to Member Deals
    • Member Exchange Online Community
    • Member Marketing Opportunities
    • Grand Opening Support
    • Conference Room Usage
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • Signature Events & Programs
    • NFP Nominations 2023
    • Not For Profit Conference Scholarship App
    • Golf Committee Volunteers
    • Golf Donations 2023
    • Submit an Event Idea
  • Directory
    • Searchable Business Directory
    • Member Spotlights
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Legal Resources >
      • Employment Law
      • Commercial Services
      • Business Representation
      • General Legal
    • Enhance Your Directory Listing
  • News & Info
    • Certificate of Origin
    • Business Resources
    • Chamber Magazines
    • News Around the Chamber >
      • Around the Chamber Archive
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • MCTV Let's Talk
    • Actionable Advice Video Library
  • Programs
    • Economic Development Corp
    • EDC Business Counseling
    • Public Policy Series
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
      • Renew LMAA Membership
    • Women In Business >
      • Women in Business Mastermind
      • Women in Business Executive Round Table
      • Women in Golf Program
    • Entrepreneur Round Table
    • Intern Morris >
      • Available Internships
      • Hiring An Intern?
      • Hire an MCVSD Intern
    • Thrive Morris
  • Member Portal