Riordon Consulting, llc
2373 Central Park Blvd.
Suite 100
Denver, CO 80238
Office: 720-272-1399
Jacque N. Riordon, CFE
Frequently Asked Questions:
What is forensic accounting?
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial
The skill sets of traditional accountants do not always transition well into forensic services where strong analytical thinking, as well as oral and written communication skills are essential. By analyzing, interpreting, summarizing and presenting financial issues in an understandable format, Forensic Accountants assist attorneys in identifying a case's key issues.
Engagements relating to criminal matters typically arise in the aftermath of fraud. They frequently involve the assessment of accounting systems and accounts presentation.Forensic analytics is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are (a) data collection, (b) data preparation, (c) data analysis, and (d) reporting. For example, forensic analytics may be used to review an employee's purchasing card activity to assess whether any of the purchases were diverted or divertible for personal use.
The skilled efforts of a forensic accountant can uncover unethical practices, such as:
- Padding payroll
- Underreporting income
- Overpaying creditors
- Creating fake debt
- Transferring assets to dummy corporations
- Purchasing expensive items with secreted cash
Who needs Riordon Consulting, LLC?
Attorneys
In cases involving financial matters Riordon Consulting can provide the expertise needed to analyze, decipher, and present financial data, giving attorneys the support and information they need to best represent their clients’ interests.
Riordon Consulting can help attorneys in many ways. We investigate financial records and transactions, analyze financial data as evidence, and prepare exhibits and other presentation materials for the court. We often testify in court as expert witnesses and may provide other types of litigation support. Because forensic accountants play such a key role in legal proceedings, we have a high degree of financial and accounting savvy, and are well versed in legal concepts, terms, and procedures.
In addition to investigatory work, we may also perform reviews and evaluations in which we examine financial transactions and other data to determine whether or not they conform to regulatory and legal requirements. We play a vital role in obtaining documents necessary to support or defend against a claim and can assist attorneys with negotiations and settlement discussions.
Typical cases involve:
- Civil and Criminal Litigation
- White Collar Crime
- Fraud
- Embezzlement
- Money Laundering
- Asset Forfeiture
- BSA/AML/OFAC
- Divorce
- Elder Abuse
Business Owners
Riordon Consulting utilizes forensic accounting skills that enable an organization to take the proper first steps in the event of a suspected fraud. Fraud is a possibility in almost any company. It is essential that evidence be properly preserved in the case of fraud. Often the first indication of fraud is just the tip of the iceberg. Theft, fraud and embezzlement can be devastating to a business. Engaging a forensic accounting at the early stages of suspected fraud is essential. Prompt action can save a company thousands of dollars.
In addition to identifying fraud, Riordon Consulting can perform operational reviews and risk assessments to assist business owners with operational efficiency and risk mitigation.
Financial Institutions
Riordon Consulting LLC provides BSA/AML/OFAC to financial institutions.
- Independent Testing of AML Programs
- Firm-Level Risk Profiles
- Account-Level Risk Assessments
- Risk Mitigation Strategies
- BSA/AML/OFAC Training
- Targeted Training for Senior Management, Board of Directors and Employees
- AML Compliance Officer Mentoring
- Policy, Procedure and Controls Evaluation and Design
- Transaction Monitoring
- Reporting
- Due Diligence and Enhanced Due Diligence
- OFAC Program evaluation, design and implementation
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