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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

BDO USA, LLP and Grant Thornton, LLP are full-service consulting and forensic accounting firms. These firms offer services ranging from determining contract damages to overseeing fraud examination. Their forensic accountants are experts at finding even the cleverest trails of fraudulent financial data and then providing the hard numbers needed to prove a case of fraud. The forensic accountants look beyond the numbers to analyze and reveal all relevant aspects of the situation.

BDO USA, LLP and Grant Thornton, LLP have extensive experience in information technology for consulting audits and assessments. They also deliver complete data analysis of electronic business records and files, including e-mails, financial spreadsheets, hard drives, and tape backups.

Assume that you are a business owner concerned about preventing fraud. Explain how hiring a firm specializing in forensic accounting such as BDO USA, LLP or Grant Thornton, LLP can help you stop fraud from occurring.

To determine

Explain the way in which firms specialized in forensic accounting would help prevent fraud.

Explanation

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The firms specialized in forensic accounting would help prevent fraud in the following ways:

  • It is a known fact that occupational fraud results in huge losses every year...

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