Articles

TONE FROM THE TOP

The primary defense against fraud is a robust series of internal controls. Internal controls can be defined as a series of activities whereby employees in the normal course of their duties identify errors or irregularities that may occur. As a practical matter internal control procedures add a level of bureaucracy to the activities of an Read More…

6 SIMPLE TIPS TO PREVENT FRAUD

Maintaining strong internal controls over an organization’s cash and bank accounts is critical. A key control in this area is to segregate the duties of the accounting staff. Unfortunately, in today’s economic environment nonprofit organizations often find themselves understaffed in many key areas. One particular area that is often lacking in manpower is the accounting Read More…

INSIGHT INTO BUY-SELL AGREEMENTS

Operating a business without a valid buy-sell agreement is like driving a car without insurance. Buy-sell agreements provide much-needed protection when an owner involuntarily leaves – or voluntarily wants out of the business. A comprehensive agreement not only defines the term “value,” but it also incorporates buyout terms and includes provisions for various buy/sell scenarios Read More…

FRAUD MOTIVATIONS

  One officer of a Company said, “If I had known he needed money, I would have loaned it to him”. Another asked, “How could this happen”? And yet another exclaimed, “We are ruined! We can’t make payroll!” All of these are reactions to the discovery of fraud in their Company. Hindsight will eventually bring Read More…

CALCULATION VS. CONCLUSION OF VALUE: A CRITICAL DIFFERENCE

Attorneys and their clients sometimes ask professional valuators to provide preliminary estimates, called “calculations”, rather than full-fledged business appraisals, formerly known as a conclusion of value. While such requests might save money up front, a recent Iowa case, In re Marriage of Hagar, illustrates why calculations are not a substitute for valuations. Dry cleaners divorce Read More…

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