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    Meaden & Moore

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    How Journal Entries May Signal Fraud

    Posted by Meaden & Moore on Jul 22, 2019 9:51:00 AM

    With a median loss of $800,000, financial statement frauds are the costliest type of white-collar crime, according to the 2018 Report to the Nations by the Association of Certified Fraud Examiners (ACFE). Fortunately, auditors and forensic accountants may be able to detect financial misstatement by testing journal entries for errors and irregularities. Here’s what they look for and how these tests work.

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    Applying the Daubert Standard in Federal Cases

    Posted by Meaden & Moore on Jul 19, 2019 9:25:17 AM

    Topics: Investigative and Forensic Accounting

    Under Rule 702 of the Federal Rules of Evidence, an expert witness may testify if scientific, technical, or other specialized knowledge will help a judge or jury make sense of evidence or understand facts. A 1993 U.S. Supreme Court case – Daubert v. Merrell Dow Pharmaceuticals Inc. – put this rule to the test, affirming judges’ roles to act as gatekeepers against “junk science.”

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    Valuation Matters When a Company Is Liquidating

    Posted by Meaden & Moore on Apr 22, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Even in a bull market, some businesses struggle to make ends meet. Eventually, owners may decide to close the doors and liquidate a distressed company’s assets. Outside financial experts can help owners make informed decisions about the distressed company’s future and maximize liquidation proceeds. Experts can also help potential buyers of financially distressed businesses determine the appropriate asking price and conduct acquisition due diligence. Here are the details on these types of engagements.

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    Which Is Appropriate: Lost Profits or Lost Business Value?

    Posted by Meaden & Moore on Apr 19, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    The U.S. District Court for the Middle District of Pennsylvania recently awarded damages for various business torts committed against a print shop by two former employees and the competing business they started. A key question was whether lost profits or lost business value was the appropriate measure of damages.

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    5 Steps to Calculate Lost Future Earnings

    Posted by Meaden & Moore on Apr 17, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    From personal injury to wrongful termination, there are many reasons an individual might seek to recover lost earnings. However, this is no simple matter – the level of analysis can be just as complicated as estimating lost profits for a business.

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    How to Protect Expert Testimony From Daubert Challenges

    Posted by Meaden & Moore on Mar 28, 2019 8:34:00 AM

    Topics: Investigative and Forensic Accounting

    It’s been 25 years since the U.S. Supreme Court decided Daubert. The case officially made federal district court judges the “gatekeepers” of expert evidence. This article summarizes Daubert and other relevant case law on the admissibility of expert witness testimony and explains the steps attorneys can take to help ensure that their experts will withstand Daubert challenges. A sidebar discusses a Daubert challenge that focused on an expert’s qualifications.

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    Business Income Coinsurance: To Penalize Or Not To Penalize

    Posted by Meaden & Moore on Mar 21, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    We wrote previously about coinsurance penalties in the property policy arena. Coinsurance is conceptually identical in the property damage and business income arenas. Did the insured buy a limit and accompanying coinsurance percentage that understates the risk at hand? In the business income arena, describing the process to assess whether a penalty applies is more involved because the description of the Business Income value is more detailed.

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    Cash Is King – Even in Common Fraud Schemes

    Posted by Meaden & Moore on Mar 14, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    It’s probably no surprise that cash is the most popular fraud target. This article explains how forensic accounting experts identify potential cash traps, such as overbilling and phantom employee scams, and how they trace common fraud schemes through a company’s accounting systems to catch a thief.

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    Benefits of Reducing Machine Setup Time

    Posted by Meaden & Moore on Mar 12, 2019 8:00:00 AM

    Topics: ERP

    Machine setup time refers to the period of time that is required to prepare a machine for its next run after it has completed producing the last part of the previous run. So why should you focus on reducing machine setup of your manufacturing process instead of focusing on reducing the overall run time? Although decreasing run times reduces overall lead times, shortened machine setup times will reduce your organization’s manufacturing costs as well as increase your flexibility to meet customer demands.

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    Follow the Money: How Lifestyle Analysis Reveals the Truth

    Posted by Meaden & Moore on Mar 7, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    One of the most effective weapons in a forensic accountant’s arsenal is lifestyle analysis. This article talks about how experts seeking hidden assets and income sources conduct such analysis. It discusses several techniques, including the bank deposits, expenditures and asset methods. 

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