Fidelity & Surety

Matson, Driscoll & Damico’s team of forensic accounting professionals and Certified Fraud Examiners (CFEs) have considerable experience analysing a range of fidelity losses, including the misappropriation of cash, assets or merchandise.

Businesses of all sizes are vulnerable to dishonest employees and managers, often due to a poor system of internal controls or a system not tested on a regular basis.

Many smaller businesses are unable to create a full separation of responsibilities, leading to a breakdown in internal controls and often resulting in employee dishonesty.

Even larger organisations with a solid set of protocols and a reasonable checks-and-balances system to prevent loss can be undermined through employee collusion.

Because an employee or employees may have manipulated accounting records, inventory, transactions or cash flow, MD&D’s forensic accountants begin their investigation by:

• Understanding the internal controls and accounting systems
• Examining and verifying all charges to separate the legitimate from the fraudulent
• Tracing the flow of funds
• Reviewing cash register tapes, credit card receipts, and deposit tickets
• Evaluating other necessary information such as listings of tips and inventory records
• Reviewing the insured’s pricing, cost and expense structures and protocols
• Separate fraudulent transactions that result in insured losses from those sustained by third parties

MD&D can also conduct periodic reviews to ensure the problem has been corrected and no additional breaches are present in a newly established internal control system.

Our well-documented work papers have helped owners and insurance companies receive restitution and assist prosecutors in securing indictments for those responsible for the crime.