Organizations are increasingly aware of the risks and financial losses associated with fraud and expense abuse. Through our forensic data analytics, HCVT will help assess, detect, and make recommendations concerning internal control weaknesses and vulnerabilities, asset misappropriation, embezzlement, fraudulent financial reporting, and other instances of fraud. By analyzing accounting, human resource, customer, and vendor data, HCVT will identify suspicious transactions, suspected misconduct, and gaps in the segregation of duties in your control environment. Finally, we will recommend methods to reduce the risk of fraud in the future.
Our areas of experience include:
Expense Management (including cash reimbursements, credit cards, and P-cards)
Inventory and Cash Receipts
Financial Statements
Accounts Payable and Billing
Payroll and Timesheets
Solutions for Uncertain Economic Conditions
Organizations have been forced to adjust their strategies, policies, and procedures in response to drastic changes and economic uncertainties resulting from the novel COVID-19 pandemic. Companies must continue monitoring and assessing internal controls and risk exposure to prevent potential fraud during these times of such significant change.
Decreased revenues and cash flow forecasts have caused large-scale reductions in the workforce. This has created gaps in processes that may be bridged by giving employees emergency access to systems and disregarding policies and procedures, making the appropriate segregation of duties no longer a viable option. This opens companies up to the theft of cash and other company assets, and this occurrence of fraud can truly devastate an already precarious company.
Through our forensic data analytics, HCVT will help assess, detect, and make recommendations concerning internal control weaknesses and vulnerabilities, asset misappropriation, embezzlement, fraudulent financial reporting, and other instances of fraud.
Work From Home Procedures
The impact of social distancing on our work arrangements and employee policies have introduced new fraud opportunities to nearly every industry. Procedures ranging from physical sign-offs evidencing review and approval to the retention of records have changed to accommodate the ‘new normal.’ Priorities have judiciously shifted to supporting employee health and transitioning to remote working arrangements. However, businesses must still focus on fraud risk despite the current challenging environment to avoid any negative consequence.
Economic Environment
The significant financial downturn and current economic uncertainties present the threat of creating desperation among employees. Household income has decreased as industries are on hold, wages have been reduced, parents are working less to care for and teach their children, and annual salary increases are delayed. These circumstances create anxiety and hardships on employees that can lead to taking desperate actions to withstand the impact of burdened financial positions.
We Are Here To Help You Protect Your Business
By analyzing accounting, human resource, customer, and vendor data, HCVT can help identify suspicious transactions, suspected misconduct, and weaknesses in your control environment. We provide practical insights and effective solutions to mitigate risk. Possible scenarios include the following:
BEST OF THE BEST
Our passion for excellence, continuous learning, and improvement have garnered HCVT numerous industry accolades. These honors demonstrate the firm’s focus on client service and commitment to maintaining a supportive, employee-centric culture.