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INSURANCE CLAIMS & FRAUD INVESTIGATIONS
Where Forensic Accountants Bring Value
First Edition
By Aubrey Shea & Jessica Eldridge
INTRODUCTION
FORENSIC ACCOUNTING: FRAUD INVESTIGATIONS
Forensic accountants are independent, highly specialized
accountants with strict confidentiality policies who are
involved in investigating financial information to assist
attorneys, insurance companies, businesses, government, law
enforcement, IT experts and individual clients. They assist in
criminal investigations, various insurance claims (personal
injury, employee dishonesty, cyber, time element and builder's
risk), business valuations, shareholder disputes, divorce
cases and much more. Forensic accountants can also aid in
depositions and mediations, as well as provide expert testimony
in all the above cases.
As it concerns fraud, forensic accounting services fall within three
major categories:
The purpose of this article is to discuss some of the major work
forensic accountants focus on and how they bring unique value
to the process.
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SIU TODAY | WINTER 2020
* Prevention
* Detection
* Response
PREVENTION
Considering the average loss for a business (annually) due to employee
theft is $1.13 million (Hiscox, 2017), the value of preventative
measures is high. Forensic accountants work with clients to develop
controls and systems to protect businesses from such losses before
those losses occur.
As an example, forensic accountants can help businesses address
and improve where internal controls may be lacking. When there is
little to no segregation of duties, fraud is more likely to occur. Small
businesses usually depend on one employee or a bookkeeper to
perform all accounting functions including authorization, execution,
SIU Today Winter 2020
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