Managing business risk involves understanding the risks your company may have and creating appropriate processes and controls to limit those risks. Risk can come in many forms and being proactive through detection and risk mitigation will help protect your company's future.
Forensic accountants are trained to audit and investigate financials to uncover fraud and embezzlement situations. It is more than just reviewing numbers, but also looking into the situations occurring in a business. Forensic accounting is often used in fraud and embezzlement cases to provide the background of the case in court. Tracing funds, due diligence reviews, and asset identification are part of the process and used to establish damages for accurate reporting and for submitting an insurance claim.
Forensic accountants are involved before or during the litigation process to provide the review and analysis of the business’s financial reporting. They investigate, collect evidence, audit, and calculate potential damages which are the basis for the litigation process. Beyond the discovery process, they are often used as expert witnesses when a case cannot be settled out of court.
Your risk management plan will help you minimize and control risks by establishing procedures and processes designed to help avoid threats. Once you understand potential risks, you can be better prepared by implementing plans to protect your company. A risk management plan is created by looking at what could go wrong, what the impact would be, what can be done to prevent or recover the loss, and where would funds come from to pay for the risk, if it occurs.
Understanding and mitigating risk are imperative to the future of your organization. Look for a professional with proven experience and let them guide you through assessing your business risk. It is easy to be complacent and assume you have adequate internal controls. However, being so close to the company on a daily basis may make it harder to look at the big picture. An outside perspective is needed.
SVA's team includes professionals with experience in managing risk, detecting fraud, reviewing internal controls, and auditing compliance requirements. Give us a call to discuss your business and we will customize the package of services you need. Review. Understand. Resolve. Prepare. Mitigate. That is how SVA will help your business thrive.
We can help you with:
Browse our resource options: