The GRF Blog


GRF's partners, auditors and accountants share their professional insights into financial management issues of interest to nonprofits, international non-governmental organizations, government contractors, businesses and individuals. Subscribe to our posts in the right column.



How to Manage Internal Fraud Investigations

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An article we ran in a recent newsletter, More Than Money, dealt with fraud in nonprofit organizations. It’s unfortunate that individuals commit fraud against organizations that do good work for our community. As discussed in this article, typically nonprofit organizations are afraid of the brand damage that fraud could potentially cause. However, when dealt with in an appropriate manner, the organization’s reputation doesn’t have to be tainted or suffer. Fraud and Forensic accountants recommend that instead of taking immediate action, you hire a professional to conduct an internal investigation. By avoiding an abrupt reaction you can put your organization on a winning track to recovering your lost funds and instituting strong internal controls to avoid future fraud. Below are tips that can help you and your organization possibly avoid losing a winning case and/or recover lost funds:

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Fraud Awareness, The Auditor’s Perspective
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How Expense Account Fraud Is Done

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All organizations, no matter the size, can fall victim to expense report fraud. Instituting internal controls is a great first step to warding off fraud. Educating accounting staff on tell-tale signs is also a great way to catch perpetrators. For example, by noting examples from the two primary fraud schemes, accounting staff can be on the lookout and potentially catch fraud before it occurs. The two primary schemes perpetrated are employees claiming reimbursement for fictitious expenses or inflating actual business expenses.

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Fraud Awareness
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Profile of a Fraudster

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What do you imagine the typical fraudster profile looks like?

The 2014 Association of Certified Fraud Examiners (ACFE) annual report highlights a typical fraudster’s profile. Most fraudsters don’t share their intent and willingness to commit fraud and the perpetrator acts alone. For the most part 55% of fraudsters attended or graduated from college. From this 55%, 14% obtained a post-graduate degree. When dealing with a fraudster who didn’t attend college organizations can expect to lose about $100,000 but when dealing with individuals who obtained a post-graduate degree, organizations can expect to lose about $300,000.

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Fraud Awareness
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The Benefits of Hiring Forensic Accountants

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Unlike business accountants and auditors, Forensic Accountants bring an investigative component to any case that involves money. For the attorney representing a plaintiff or a defendant, the forensic accountant’s skillset can provide a significant advantage by taking complex financial data and putting it in a format that the attorney, and more importantly the judge and jury, can understand. Here are some of the things you can expect a full service forensic accountant to bring to your case:

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Fraud Awareness
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Income Deflation, Why, How and When?

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In the most common circumstance of applying for a loan or mortgage, people are motivated to inflate their income and their assets as high as possible to convince credit providers that they are credit-worthy. However, there are at least three circumstances where people are motivated to “deflate” their income and net worth: income and personal property taxes; filing for bankruptcy; and finding oneself in a messy divorce. In all three cases, “income and net worth deflation” is something that is often considered and applied.

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Fraud Awareness
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Omni-Circular: How the New Federal Regulations Affect Your Nonprofit Organization’s Audit

Nonprofit Audits and the CFR 200 –Uniform Administrative Requirements, Cost Principles and Audit

 

The CFR 200 “Uniform Administrative Requirements, Cost Principles and Audit” went into effect December 26, 2014. There are many regulation changes. This blog only focuses on audit threshold and requirements for procurement.

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Beyond the Audit: Nonprofit Accounting, The Auditor’s Perspective
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Happy Birthday, March Babies!

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Happy Birthday to You!

We are very proud of our hard-working employees here at GRF. Especially during this busy-season. So today we celebrate our wonderful employees with March birthdays!

Happy Birthday to Tom Netznik, Mary Powell, Hugene Fields, Isabel Vordzorgbe, Kate Fisken, Alison Albrecht and Bob Todes!

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Working at GRF
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Fraud in Nonprofit Organizations

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According to the ACFE’s Report to the Nations on Occupational Fraud and Abuse, median loss at nonprofits is higher than government agencies, but lower than private and public companies.

Fraud takes a toll on nonprofits as the organization suffers financial losses and reputational damages.

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Beyond the Audit: Nonprofit Accounting, Fraud Awareness
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What Does an Auditor Do?

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An audit may seem like an intimidating thing to go through, but what does it actually mean for your company? What does an auditor do?

The auditor aims to maximize your company’s performance and efficiency by offering objective advice for improving financial reporting and internal controls. The goal of an audit is to issue an opinion on whether your company’s financial statements are presented fairly in accordance with financial reporting framework.

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The Auditor’s Perspective
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Busy Season Kick-Off Party

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Gelman, Rosenberg & Freedman CPAs kicks off busy season the right way.

Before things start to get hectic with upcoming deadlines, the staff hopped on the metro to Dupont Circle to enjoy a pre-busy season party at Buffalo Billiards. As if the food and beer weren’t enough, we had a blast playing pool, darts, foosball and so much more.

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Working at GRF
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Jackie’s leadership allowed me to stay focused when faced with an audit a month after returning from extended leave. She stays in contact with me throughout the year and responds immediately to any questions ... I am always impressed by the quick turnaround time. Our audit always goes smoothly.

Feng Zhang |  Finance Manager
The Arc of the United States