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Article: Forensic accounting to the forefront: it was a growing specialty before Enron, WorldCom, and Sarbanes-Oxley. Now, it's really hot.(Trends)(Cover Story)
- Article from:
- The Practical Accountant
- Article date:
- February 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"Years ago, I told somebody we were forensic accountants and they thought we looked at dead bodies. We don't get that type of comments any longer," observes Cal Klausner, managing partner of Klausner Dubinsky + Associates, in Bethesda, Md., which specializes in forensic accounting.
The fallout from Enron and WorldCom pushed fraudulent financial statements to the front pages. But even without those huge debacles, fraud is quite pervasive. The Association of Certified Fraud Examiners, in its second Report to the Nation on Occupational Fraud and Abuse, released in 2002, estimates that six percent of revenues is lost as a result of fraud. This translates to losses of ...