WOODBURY, NY, July 28, 2014 /PRNewswire-iReach/ -- Gettry Marcus CPA, P.C., a leading consulting, tax and forensic accounting firm, shares a Chief Financial Officer (CFO) fraud case study conducted by the firm.
A client requested an initial audit to satisfy bank requirements of a wholesale/distributor of office products. The experienced team at Gettry Marcus performed the required audit procedures, but as it does with all clients, Gettry Marcus looked beyond the required steps.
It was then that the team found some inconsistencies and unusual increases in certain balance sheet accounts. The first step for Gettry Marcus was to develop strong relationships with the owner and to obtain the trust of other key personnel. Then, with the firm's strong analytical procedures and review of certain invoices, Gettry Marcus uncovered an embezzlement of funds committed by the CFO.
The CFO admitted to stealing $100,000, but Gettry Marcus discovered the funds actually stolen to be five times that amount. After terminating the employee, the owner was able to recoup a significant amount of the funds lost. Finally, the firm assisted in interviewing and hiring the new CFO as well as implementing stronger internal controls to help prevent this or other improprieties from occurring in the future.
To view additional case studies, visit the Gettry Marcus website.
Gettry Marcus CPA, P.C. is a top New York City and Long Island CPA firm with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include real estate and health care. We have one of the premier and most credentialed business valuation, litigation and forensic accounting groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients' businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is "Always Looking Deeper" to build value for our clients.
Media Contact: Fayellen Dietchweiler, Gettry Marcus CPA, P.C., 516-364-3390 x 225, firstname.lastname@example.org
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SOURCE Gettry Marcus CPA