Forensic accountants require unique skills and training in order to blend accounting, auditing, and investigative skills to uncover and analyze financial data. In addition, to uncovering fraud, forensic accountants provide litigation support in a courtroom setting. If you are a government contractor, considering hiring a forensic accountant or firm, here are five things your forensic advisory team should know:
- Government Contractors and their Unique Accounting Needs
Extensive experience in assisting government contractors is critical. Firms like Cheryl Jefferson & Associates are familiar with the specific needs of government agencies, their frequently changing regulations, and how to navigate a government contract audit. An experienced forensic accounting team can provide more accurate service, more quickly, and know what to look for as it relates to government contract requirements.
- Small Businesses and Their Internal Control Limitations
Small business accounting may appear to be simpler than that of a larger business. This isn’t always the case as many subtle nuances must be considered when working with smaller companies. A forensic advisory team that specializes in these types of clients and are aware of all the intricacies that come with them, will be more fluent their particular internal controls. This will significantly reduce the time spent on researching accounting and taxation matters.
- Cost and Revenue Sharing Joint Ventures Disputes
Forensic accounting specialists that have a great deal of experience in analyzing cost and revenue sharing arrangements, and can greatly expedite resolving joint ventures disputes. Because joint venture disputes require special knowledge, your forensic advisory team should have experience with accounting for joint ventures in order to adequately resolve all issues. Cost analysis can dramatically change the outcome of such contracts so there is a lot at stake. It is important to hire the right team that can support a fair resolution.
- False Claims Act & Unallowable Payments
An experienced forensic advisory team can offer advice on accounting practices and transactions that may violate the False Claims Act and other matters of unallowable payments. Such information can help your company avoid committing fraud against the government, as well as defend against false claims act charges. Government contractors often need consulting on how to navigate these issues to avoid further claims so a high-quality forensic advisory service is essential.
- Fraud in Financial Reporting and Employee Theft
No company wants to deal with fraud, but the unfortunate truth is fraud, bribery and corruption cases continue to rise. A forensic advisory team can conduct extensive review on financial reports to identify possible fraud. Employee theft can be uncovered by specialists through the examination of company financials records and assets. An experienced team will know what to look for in order to identify fraud or employee theft within your business.
Cheryl Jefferson & Associates provides accounting, auditing, and advisory services to small businesses and government contractors, as well as comprehensive forensic accounting services for your business. Our principal is certified in financial forensics (CFF) and is dedicated to make sure you receive a high-quality experience. We are confident that we will be able to take care of your company’s needs. Register for your free 30-minute consultation today!
