Novak Francella
Novak Francella

Dissecting the role of the forensic accountant in litigation

January 1, 2019
Forensic accountants investigate financial fraud in commercial litigation. They're experts in detecting irregularities, misrepresentations, and missing funds. Investigations involve document review, GAAP compliance checks, and asset tracking. They can uncover high-level fraud and policy lapses.
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Are your employees flying the red flags of fraud?

January 1, 2019
Forensic accountants are best qualified to unearth the “hows and whys” of occupational fraud. But it’s up to employers to know when it’s time to call for professional help in the first place. The signs of fraud can be easy to miss, but they’re usually there. Something doesn’t belong Dishonest employees may use anything from […]
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Prevent fraud with the help of your audit committee

January 1, 2019
Best practices for audit committees: Conduct risk assessments, stay informed, communicate with auditors, verify compliance, set ethical tone, reach out to all levels. Committees should protect stakeholders from fraud. Regular review and expert consultation recommended.
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A reimbursement roadmap for retirement plan sponsors

January 1, 2019
Plan sponsors can be reimbursed for administrative services to retirement plans. Must satisfy ERISA regulations, avoid self-dealing, meet prudence standards. Expenses must be direct, reasonable, and well-documented. Courts decide reasonableness case-by-case. Thorough documentation is crucial.
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Protect your nonprofit from occupational fraud threats

January 1, 2019
Nonprofits lose less to fraud than for-profits but still face risks. Common issues: weak internal controls, trust in staff, and board inexperience. Prevention: segregate duties, conduct background checks, provide oversight, and address fraud incidents seriously. Transparency is key.
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Bogus vendors may be costing your company a bundle

January 1, 2019
Fictitious vendor fraud involves employees creating fake vendors to embezzle funds. Red flags: missing vendor info, unusual names, high-value invoices, service-based, no credit memos, prompt payments. Investigate suspicious activity. Small companies vulnerable due to weak controls.
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Is your nonprofit monitoring the measures that matter?

January 1, 2019
Do you want to control costs and improve delivery of your not-for-profit’s programs and services? It may not be as difficult as you think. First, you need to know how much of your nonprofit’s expenditures go toward programs, as opposed to administrative and fundraising costs. Then you must determine how much you need to fund […]
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What to do if your nonprofit receives an IRS audit letter

January 1, 2019
IRS audits of nonprofits continue despite staffing shortages. Audits can cover various areas, triggered by Form 990 data or complaints. Types include field audits and correspondence audits. Compliance checks may lead to audits. Professional assistance recommended for handling audits.
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Holding on to your nonprofit’s exempt status

January 1, 2019
Tax-exempt nonprofits must monitor activities to maintain status. Key issues: lobbying limits, campaign activity restrictions, profit use, and unrelated business income. Regular review of IRS rules essential. Violations can risk exempt status, though loss is rare.
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Protect your nonprofit by cross-training staff

January 1, 2019
Cross-training employees protects nonprofits from sudden staff absences. Benefits include continuity, flexibility during busy periods, fresh perspectives, and fraud prevention. Employees gain skills and feel more valued. Implementation requires careful planning and reassurance to staff.
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Does your nonprofit adequately protect whistleblowers?

January 1, 2019
Whistleblower policies protect reporters of unethical practices. Key elements: define covered individuals and misdeeds, specify reporting methods, outline investigation process, and stress confidentiality. Policies show commitment to ethics and governance. Legal review recommended.
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Divide and conquer: How joint cost allocating works

January 1, 2019
Nonprofits face pressure to show low fundraising ratios. Joint cost allocation allows assigning costs between fundraising and programs if criteria are met: purpose, audience, content. Use consistent methods and disclose on financial statements and Form 990.
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