Financial Forensics
- Forensic accounting
- Vendor Vetting & Credentialing
- Fraud investigations and audits
- Internal control reviews
- Data mining and analysis
- Contract & Procurement Fraud
- Fraud deterrence
Financial Accounting
- Evaluation and enhancement of accounting & finance infrastructure, process flow, & staffing levels
- Financial statement preparation, review and general ledger maintenance
- Budget preparation and monitoring
- Cash flow forecasting & modeling tools
- Enhance financial reporting and data mining
Outsourcing
- Virtual CFO and Controllership
Consulting
- Internal controls review & evaluation
- Value creation via process improvement
- Forensic accounting & litigation support
- Construction contract administration
- Business disaster recovery planning
- Organizational structures development
- Human capital assessment & development
Financial System Integration
- Financial Accounting systems efficiency review & evaluation
- New system design & implementation
Strategic Planning
- Plans for growth through mergers, acquisitions & joint ventures
- Debt restructure & workout situations
- Business acquisition due diligence
Importance of Fraud: Excerpts from the 2010 Report to the Nations on Occupation Fraud published by the Association of Certified Fraud Examiners
- “Typical organizations estimate that they lose 5% of annual revenues to fraud..globally this may result in estimated fraud of $2.9 Trillion”
- “The median loss caused by occupational fraud cases was $160,000. Nearly one-quarter of the frauds involved losses of at least $1 Million.”
- “ Frauds lasted a median of 18 months before being detected”
- “Anti-fraud controls appear to help reduce the cost and duration of occupational fraud schemes. Victim organizations that had these controls in place had significantly lower losses and time-to-detection than organizations without these controls”
- “More than 80% of the frauds in our study were committed by individuals in one of six departments: accounting, operations, sales, executive/upper management, customer service, or purchasing”
- “Fraud reporting mechanisms are a critical component of an effective fraud prevention and detection system”
- “Given the high costs of occupational fraud, effective fraud prevention measures are critical”
“Financial Forensics Demand Soars” Journal of Accountancy April 2010
“Fraud Risk Expected to Rise” Journal of Accountancy January 2010
“Senior executives expect fraud to pose a significant challenge over the next 12 months, according to KPMG Forensics’ recently release Fraud Survey 2009. Nearly one-third of the senior executives surveyed said that they expect some form of fraud or misconduct to increase in their organizations. Also 66% of the executives reported inadequate internal controls or compliance programs enable fraud and misconduct to go unchecked.” KPMG
Is your organization unduly susceptible to fraud or more vulnerable than it should be? At Palmar Consulting, our anti-fraud professionals can help you identify red-flags and map out fraud risk before it is too late.
"Preventing and deterring fraud is much more effective-and valuable to our clients than trying to recover losses after the fact."
Joseph M. Palmar CPA, CFE, CFF
President, Palmar Consulting Group Inc
