Fraud Prevention

The Fraud Triangle describes three factors that exist in virtually every situation of fraud:

  • Pressure
  • Opportunity 
  • Rationalization 

If your employees or co-workers are feeling the pressure (usually triggered by life altering events or addictions), and the opportunity exists to commit fraud (due to the lack of an effective internal control environment), otherwise honest individuals will find a way to rationalize a fraudulent activity.  

What do you do if your company has been the victim of fraud? Could the fraud have been prevented and, if so, how?  

Smith & Gesteland provides fraud and forensic services to businesses, non-profits, and government entities involving business disputes, embezzlement, and allegations of financial malfeasance.

Potentially fraudulent activities must be dealt with as soon as possible. Where there is a potential for fraudulence, controls need to be put in place to reduce the risks. These situations demand experienced, trained professionals in fraud and forensic accounting to deliver insightful observations and recommendations.

Statistics show it is more effective to prevent financial misappropriation from occurring in the first place, rather than detect the misappropriation after it has started. Strong internal controls are the key ingredient to the deterrence of financial misappropriation. Contrary to what many business owners believe, trust is not an effective internal control. Are your internal controls designed to effectively mitigate the risk of financial misappropriation?  

Our professionals have industry experience and fraud and forensic accounting expertise to provide the level of service needed to keep your operations safe and whole.

For additional information, please email Sean Auger.

Our Fraud and Forensic Accounting Services Include:

  • Corporate and financial internal investigations
  • Expert witness and litigation services
  • Fraud risk management
  • Data analysis services
  • Business interruption and other insurance claims
  • Forensic computer technology services
  • Damage calculations
  • Accounting reconstructions
  • Embezzlement
  • Financial reporting fraud
  • Insolvency and bankruptcy fraud
  • Internal control analysis (process review, interviews of company personnel, etc) and related recommendations
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