Fraud And Forensic Accounting

The risk of fraud in condo corporations is high due to the number of individuals and money involved. Forensic accountants use accounting skills to investigate fraud or embezzlement by analyzing financial information that can be used in legal proceedings. They may evaluate sealed bids, separation of responsibilities, contracts, pricing, cancelled cheques, bank statements, and payroll records to determine if fraud has occurred. The results are reviewed and evaluated to decide if a lawyer or police should be contacted. Condo boards should ensure that all contractors and service providers are providing reliable and honest service at a fair price.