Puerto Rico Struggles to Combat Financial Crime: Forensic Accounting Plays Crucial Role in Investigations
As Puerto Rico continues to grapple with economic and financial challenges, the island is also facing a growing problem of financial crime. The recent surge in fraud cases has left authorities scrambling to keep up with the sheer volume of investigations, highlighting the need for specialized expertise in forensic accounting.
The Importance of Forensic Accounting in Investigations
FTI Consulting, a global consulting firm, has established a dedicated team of forensic accountants and experts to provide critical support to law enforcement agencies, regulatory bodies, and corporate clients. This multidisciplinary team combines extensive experience in conducting complex financial investigations with cutting-edge forensic accounting techniques.
A Team of Experts
FTI Consulting’s forensic accounting experts possess deep industry knowledge and have conducted investigations into a wide range of financial crimes, including:
- Accounting malfeasance
- Bribery
- Embezzlement
- Ponzi schemes
- Other corporate improprieties
The team includes former Big 4 audit firm partners, forensic specialists, prosecutors, law enforcement officials, and regulators from key regulatory and investigative agencies around the world.
Investigations: A Collaborative Effort
Whether triggered by a whistleblower complaint, internal audit, or regulatory action, investigations are often undertaken by the company or its board of directors. Frequently, these investigations are performed at the direction of outside counsel or the organization’s in-house counsel. When independent support with industry-specific expertise on investigations, compliance programs, internal controls or technical accounting issues is needed, FTI Consulting can help.
Expertise Beyond Financial Analysis
FTI Consulting’s expertise extends beyond financial analysis and investigation. The firm also provides assistance with:
- Conducting witness and fact-finding interviews
- Computer forensics and electronic data preservation, retrieval, and analysis
- Enterprise-wide complex data modeling and analysis
- Damage quantifications
- Expert witness testimony at trial
- Root cause analysis
- Internal control and compliance program remediation
- Design and implementation of robust internal controls
- Court- or regulatory-agency-appointed monitoring
Forensic Accounting: A Critical Tool in the Fight Against Financial Crime
As Puerto Rico continues to face the challenges of financial crime, it is clear that forensic accounting will play a crucial role in investigations. With its team of experienced experts and cutting-edge techniques, FTI Consulting is well-positioned to help authorities and corporate clients navigate this complex landscape and uncover the truth behind these financial schemes.