In the News

Parents Beware: Purell (TM) Waterless Hand Sanitizer… it’s 120 proof!

A rash of articles appearing in the mass media during the past few weeks spotlights the latest epidemic of creative substance abuse… Children and teens have once again discovered an unintended use for a common household product, following the likes of White-OutTM, ReadiWhipTM, Preparation HTM and Mucinex-DTM, leading to global warnings to educate parents of the risks associated with – if …

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Smart phones, new apps (every day!), and their related potential for financial crime

iPhones, iPads, Blackberries, Androids, tablets, and all their related devices released almost weekly have driven most users’ computing habits to the world of wireless.  It’s a double-edged sword.

Computing evolved from mainframes to desktops, laptops to tablets, becoming more “personal” with each leap of evolution.  Most users of these devices today simply access the Internet, social platforms, email, and commonly used programs via inexpensive “apps” which they can select and install on their handheld devices almost instantaneously.

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Why Sound Financial Internal Controls Are Vital To Your Practice’s Health

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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Embezzlement Lessons from Monopoly

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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