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Fraud Loss – Are You Vulnerable In 2022?

Forensic accountants Mark Jenner & Co Limited were established over 12 years ago as providers of specialist forensic accounting services focusing on the field of fraud loss. Investigating both commercial and criminal fraud has meant working with specialist police units, company investigation departments, prosecutors and lawyers. Countless commercial disputes, losses of profits, money laundering and tax schemes, all involving fraudulent activity, have been examined.

Do you consider yourself to be at the risk of a fraud loss? Most people think that it will never happen to them…or their business. It is this complacency that is the friend of the fraudster. By simply asking yourself “…am I at the risk of having a fraud loss?…” you have begun the process of reducing fraud risk substantially.

Complacency Is Υour Worst Enemy

The fact that the fraudster is spending all his time looking for the chink in your armour gives him a massive advantage if you are not spending some time reflecting on the security of your business. There are a lot of free resources readily available on the internet that allow you to prepare a checklist for your business. If reviewed regularly this checklist can help prevent fraud. Even something as simple as an article I wrote about fraud prevention twelve years ago would provide a good starting point for a suitable risk assessment framework.

The fraud loss checklist would ask questions as simple as “Have I reviewed my anti-fraud policy this year?” It seems obvious, but anybody upgrading their fraud loss defences that does not regularly revisit the subject is leaving themselves open to attack.

Fraud Loss Forensic Accounting Update For 2022

There is a fine line between a commercial dispute and a case of fraud, whether it is criminal fraud or civil fraud. One party is trying to get a financial advantage over the other who is facing a loss. The fine line exists between the justifiable claim to recover losses from another and the attempt to take advantage of a weaker opponent. The blurred division means an explosion in civil fraud claims which I sometimes wonder if it is the reason why the police seem reluctant to prosecute fraudulent activity. Fraud is fraud, and in my book it means pulling the wool over somebody’s eyes which is always a crime.

We are happy to act in all cases of fraud and this means working for the regulators or the criminals. Our value comes from unpicking a case that may seem obvious to those investigating, but has to be explained clearly and succinctly to the Court. It is quite usual at the first case conference for instructing lawyers to gasp and say “…so that is what the case is all about…

Our work involves challenging the position of both the instructing party and the other side. Our value comes from a truly independent approach that is both useful and credible to the Court.

An Independent Role Does Not Lessen Our Value

Our experience shows that forensic accounting normally adds value to the party that instruct us. Our written report, and evidence given orally in Court, will assist in the following areas:

  1. To explain the case to instructing parties in the lead up to a hearing so that the appropriate legal preparation steps can be taken.
  2. To provide an independent “logic” test to those bringing the case to ensure they are not barking up the wrong tree.
  3. To assist with early arguments in order that a case can be resolved without reaching court.
  4. To quantify the amount that might result in an early settlement.
  5. To encourage a clearly guilty party to get the benefit of an early plea.
  6. To ensure that the Court understands all relevant business and financial aspects of the case.

Mark Jenner & Co Limited Investigates Fraud Loss

A forensic accountant can visit a business to assess the level of fraud suspected. Records are analysed, staff interviewed and computers scrutinised. We have experince with complex and systematic fraud, insolvency fraud and employee fraud and regularly add value to our investigations by providing fraud prevention advice to ensure similar problems do not arise in the future.

Mark Jenner & Co As Expert Witness

As an expert accounting witness Mark Jenner is often asked to present a case or respond to an opposing expert report for either the prosecution or the defence in criminal fraud, tax evasion and money laundering matters.