Case in point: Forensic Technology Services

Building apartment purple iconClient situation: An unsuspecting international privately held company, with operations in the U.S. and the UK, received an email with an invoice requesting payment for services ostensibly from the company president. The company discovered multiple fraudulent requests and payments, and made attempts to recover the funds. Although unable to recoup its financial losses, the company sought to identify how this had happened and enhance its controls to reduce the potential for future fraudulent incidents.

mobius purple iconResponse: Grant Thornton was engaged to perform a forensic investigation, review the policies and controls related to fund transfers, provide assistance with the analysis of available insurance coverage, and help prepare a claim regarding losses incurred by the outgoing payment. In doing so, we were asked to provide forensic accounting, forensic technology and related advisory services. We offered our findings, conclusions and recommendations.

Clipboard with check mark in purpleOutcome: As a result of testing of transactions, we achieved the desired support for the insurance claim and we discovered an unrelated fraud in the company’s accounts payable function. This unrelated fraud had been ongoing for several years, and it would have continued but for our testing. We recommended the implementation of a formal fraud risk assessment program, employee fraud awareness training and additional recommendations designed to strengthen internal controls. As a result of our assistance and the execution of our recommendations, our client developed stronger internal fraud controls and mitigated losses from both an ongoing fraud and similar fraudulent incidents.

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