Fraud Investigation

According to the Association of Certified Fraud Examiners’ 2012 Report to the Nations, the median loss in occupational fraud cases was $140,000 with losses in one-fifth of these cases exceeding $1,000,000. Stanfield + O’Dell can help you protect your organization from these losses due to fraud through its fraud investigation and detection and fraud prevention services.

Fraud prevention

According to the Association of Certified Fraud Examiners’ 2012 Report to the Nations:

  • In 81% of cases, the fraudster displayed one or more behavioral red flags that are often associated with fraudulent conduct.
  • Nearly half of victim organizations do not recover any losses that they suffer due to fraud.
  • Occupational fraud is more likely to be detected by a tip than by any other method with approximately 51% of tips originating from employees. Stanfield + O’Dell’s forensic accounting professionals will help to prevent fraud at your organization through the following:
  • Employee trust is not an effective internal control. Stanfield + O’Dell will review your existing internal controls and recommend improvements for any deficiencies.
  • Our team of professionals can provide training to you and your employees on identifying potential fraudulent behavior.
  • Our team will also help you and your organization to establish a reliable method for reporting suspicious behavior or activity.

Fraud Investigation and Detection

You have identified fraud or suspect that fraud is occurring within your organization. How do you proceed? Our forensic accounting professionals provide the following fraud investigation and detection services:

  • Calculation of damages
  • Advanced fraud detection and financial analytics
  • Review of internal control, including identification of deficiencies and recommendations for improvement
  • Interviewing
  • Expert witness testimony and litigation support

Employee Benefit Planning

The strength of your employee benefits plan impacts your effectiveness in recruiting and retaining employees, as well as your bottom line.  That’s why over the years, our clients have turned to us for the design and administration of attractive, smooth-running benefit systems.  Whether you’re starting out small or covering hundreds of employees, our experts take the time to understand your needs.  We’ll guide you through todays many cost-effective options and trends.  Then, each time we prepare your annual IRS filings, we’ll evaluate and review your plan’s operations.  We’ll also recommend any necessary updates to comply with ERISA and DOL regulations.

Succession Planning

At some point every business owner will need to transition their business to new owners. Transition may be in the form of a business partner or management buy-out, transferring to family members or sale of the business. Every business or business owner should have a succession plan in place for when that day arrives. Planning should begin at least five years before your targeted transition date. Answering the following questions will assist you in preparing for the transition of your business:

  • Do you have a succession plan?
  • When do you want to retire?
  • What is your plan for your business at that time?
  • Would you be comfortable with your management team’s ability to run your business if you were not there?
  • Do you need help raising funds for an acquisition of another company as a growth opportunity?

Our experts can assist you in answering these questions and help you with your succession planning needs.