In the News

By Stephen A. Pedneault, Principal, Forensic Accounting Services, LLC

GLASTONBURY, CT, Aug. 11, 2011 — There is a shockingly high probability that your medical practice will become the victim of a theft by one of its own employees.    In fact, studies show that an estimated 40 percent of medical practices have already been, or will become, a victim of theft by one of their employees, and, although it’s surprising, it doesn’t mean it’s inevitable.  In our experience, practices that review their financial policies, implement preventive measures and put in detection procedures are far less likely to become victims of a disturbing and growing trend.

Just as the medical community recommends regular physicals for individuals to ensure a healthy lifestyle and detect potential issues early on, every practice should be evaluating their internal controls, segregation of duties, and checks and balances, to ensure a healthy financial lifestyle as well as detect potential issues.

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By Stephen A. Pedneault, CPA/CFF, CFE, FCPA, Principal, Forensic Accounting Services, LLC

There’s a lot you can learn about fiduciary relationships from a game of Monopoly®.

I found that out recently when I took a look at the rules after being away from the game for many years.  The section I found most interesting pertained to “The Banker.”  The instructions said that the banker should be someone who “will look after the Bank and take charge of auctions.  It is important that the Banker keeps his personal funds and properties separate from the Bank’s.”

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