Following the paper trial, exposing how the fraud took place and the extent of the damage that took place requires a keen eye for detail within an individual or business’ accounts, as well as analytical skills to make sense of it all. That is why Frenkels Forensics has so often been called upon in many types of fraud investigations, including civil fraud, employee theft, criminal fraud and proceeds of crime.
Food fraud is another area in which forensic accounting can play an important role, according to Lisa Jack, professor of accounting at the University of Portsmouth. In a recent article for FoodManufacture.co.uk she said: “Forensic accounting can track food fraud and must be a weapon in the arsenal of the UK Food Crime Unit.”
Food fraud concerns the food deliberately placed on the market, for financial gain, with the intention of deceiving the consumer. This can be food that is unfit for sale – because it is out of date or contains harmful ingredients – or food that is marketed in a misleading way.
The horse meat scandal back in 2013 was a good example of this. Importantly, Jack says, forensic accounting can analyse the data available and assess where vulnerabilities lie within a supply chain, thus establish how and where the fraudulent activity took place.
Furthermore, the expert forensic accountants can also determine the extent to which an individual or business benefited from the type of fraud, which is extremely useful for both claimants and defendants alike when it comes to putting a case in court.
For expert help with any fraud investigations contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.