Forensic Accounting

Jim Ferolito, a member of the American College of Forensic Examiners, has been performing forensic examinations for over twenty years. He specializes principally in the area of business interruption loses and loss prevention.

Each case is individually unique, and Jim is ready to accept all challenges that may arise from fraudulent situations. These would include inventory, cash, time and billing shortages. No loss should be considered too insignificant, because experience has shown that greed can quickly expand the least invasive loss into a major loss occurrence.

  • Quantifying Business Interruption Losses

    • When there is a business interruption due to a fire, water damage, frozen pipes, hurricanes, deep freezes, etc. it is important that the insurance company obtains an accurate estimate of how much the business is losing as a result of the disaster.

    Forensic accounting ensures that the business receives a fair settlement from the insurance company. The process involves reviewing all available information and interpreting the trends. Tax returns, which provide a history, are a vital tool in determining future projected costs and earnings.

    Jim Ferolito has an excellent reputation for expertise in this field and is the forensic accountant of choice for several companies. While usually employed by the insurer, he is occasionally called upon by the insured to verify that a settlement is fair.

    Getting A Fair Insurance Settlement Puts Client Back In Business

  • Fraud detection

    • Dishonest people continue to develop new ways to beat the system; so forensic accountants must use both experience and creativity to catch signs of fraud. Jim Ferolito is skilled at interpreting the patterns of deception and detecting anomalies that indicate what is wrong with the books.

    Sometimes a client only has a feeling that something is awry and is not sure fraud is occurring. Our recommendation is to conduct a review of procedure, which often reveals inconsistencies that lead to discovery of theft. How are things supposed to be done? What is actually happening, directly or indirectly? Do receipts match? Do invoices match inventory? Unfortunately, losses often are the result of improper activity by an employee or even a partner.

    When needed, the evidence procured during the forensic accounting process can be used by expert witnesses during court cases.

    Detecting An Owner Who Stole from Himself
    Catching An Employee Who Redirected Profits to His Own Account