Requiring all employees to take vacations is one of the best ways to help safeguard business assets.
On October 24, 2017, the Illinois CPA Society is presenting a Virtual Conference on:
- Interviews & Interrogation
- Updates on The Foreign Corrupt Practices Act, False Claims Act and others
- Procurement Fraud Schemes
We will participate as part of our efforts to remain current in the forensic accounting field.
If you would like to join us, register at: www.icpas.org
By Jim Howe, CPA, CFE – Hutton, Kruse & Fink, Ltd., Buffalo Grove, Illinois and Daniel Nolan, Esquire – O’Hagan, Smith & Amundsen LLC, Chicago, Illinois
Based on the results of a study performed by the Association of Certified Fraud Examiners and reported in their 2002 Report to the Nation – Occupational Fraud and Abuse, the organization estimated, at that time, that six percent of revenues are lost as a result of occupational fraud and abuse. Applied to the U.S. Gross Domestic Product, this translates to losses of approximately $600 billion, or about $4,500 per employee at the time the report was issued. (more…)
By David F. Fink, CPA, CFE – Hutton, Kruse & Fink, Ltd., Indianapolis, Indiana
A Ponzi scheme is an illegal pyramid scheme named for Carlo “Charles” Ponzi, who conned thousands of Americans into investing in a postage stamp coupon exchange program in the 1920s.
Carlo Ponzi was born in Parma, Italy in 1882 and immigrated to the United States in November of 1903. For several years, he moved from city to city and sustained himself working a variety of jobs. In 1919, after returning to Boston, he began a venture that would create his dubious distinction. (more…)
By Mark A. Hutton, CPA, CFE – Hutton, Kruse & Fink, Ltd., Buffalo Grove, Illinois
Credit cards are as much a part of the American way of life as the automobile, sports and advertising. All you need to do is look at your mail to see that not only are credit card companies aggressive in their attempts to get you to sign up, but they are just as anxious to get you to ask for more credit.
In today’s society, the prevalent use of credit cards needs to be considered when evaluating the possible financial motive for fraud relative to a claim involving arson or an inflated claim. (more…)
By Fred Kruse, CPA, CFF, CFE – Hutton, Kruse & Fink, Ltd., Buffalo Grove, Illinois
In today’s business environment, management is looking for ways to improve the bottom line by reducing costs.
One of the ways that insurers are attempting to reduce the cost of claim adjustment is by employing the use of a template for business interruption / time element claims. In many cases, these templates can be very use (more…)