Breach of contract

We can assist in determining contractual payments, license fees and royalties. We can evaluate business interruption claims. We can validate expenditures related to partnership agreements in construction, manufacturing, distribution or professional practices.

Lost profitsr

Lost profits can be due to lost revenues, additional incurred costs, diminution of business value, securities fraud, intellectual property infringement or anti-trust violation. We create the proper models that can be used to graphically demonstrate the lost profits calculations.

Lost wages

We are experienced in calculating wage loss due to personal injury for both plaintiff and defense cases.

Intellectual property infringement

We are familiar with the traditional form of intellectual property such as patents, trademarks and copyrights. We can calculate the compensatory infringement damages via market value or lost opportunity measures.

Business interruption

Using lost profit and diminution of business value methodologies, can assess business interruption costs for insurance and civil matters.

Real estate and construction disputes

Our experience with real estate and construction matters make us highly qualified to assist you in preparing your case.

Fraud and Forensic Accounting

As forensic accountants, there are two major types of fraud we are concerned with, financial reporting fraud and employee fraud.

Fraudulent financial reporting

Enron is the most popular example of fraudulent financial reporting. There are many ways that the financial statements can be “gimmicked” to show superior results when the company is teetering on insolvency. We are experts in detecting earning management. We work on behalf of boards of directors, financial institutions and interested parties in litigation and in merger and acquisition scenarios.

Detecting Fraud in Financials

Employee fraud/Occupational fraud

The ACFE (Association of Certified Fraud Examiners) estimate that U.S. organizations lose 7% of their annual revenues to fraud. Extrapolating 2008 GDP, this figure translates to approximately $994 billion in fraud losses.

The ACFE has determined that small businesses are especially vulnerable to occupational fraud. The median loss suffered by organizations with fewer than 100 employees was $200,000. This is a higher median loss than suffered by any other size category. Therefore, small business is far more likely to suffer occupational frauds.

We have programs to detect:

  • Embezzlement
    • Cash and check schemes
    • Cash larceny
    • Skimming
    • Swapping checks for cash
    • Check tampering
    • Kiting
    • Credit card refund and cancellation schemes
  • Accounts receivable fraud
    • Lapping
    • Fictitious receivables
    • Borrowing against accounts receivable
  • Inventory fraud
    • Stealing inventory
    • Short shipments with full prices
    • Accounts payable fraud
  • Fictitious disbursements
    • Doctored sales figures
    • Sham payments
    • Price manipulations

If you require a CPA that goes above and beyond in the areas of tax and accounting, please contact Onisko & Scholz today.