May 2024
I am looking to hire a forensic accountant. Can you provide me with a list for condominium financial issues?
M. E.
Response from Toronto Condo News
Forensic accountants use accounting skills to investigate fraud or embezzlement. Their goal is to obtain answers to specific questions by analyzing financial information that can later be used in legal proceedings. With condo boards providing oversight over millions of dollars in owner funds, identifying improper use of these funds is the responsibility of owners when actions of the condo board are questionable.
Taking the step of hiring a forensic accountant is only considered after other measures have failed. You have likely approached the condo board about financial concerns and have been provided with questionable, suspicious or insufficient information, or have been ignored.
Any “list for condominium financial issues” would be overly long and of limited value. Your instructions to the forensic accountant should be based on your specific concerns and not a general fishing expedition if results are to be practical and useful. A better approach would be for you to peruse the Financial Management section of the Condo Archives for articles pertaining to your concerns.
Condo Archives articles that offer a broad overview of how forensic accounting can be helpful at documenting or confirming suspicions include:
- Fraud and Forensic Accounting
- Preventing, Recognizing and Dealing with Condo Fraud
- Guidelines Regarding Condo Fraud and Kickbacks – Letter to the Editor
- Condo Fraud Red Flags
Best of luck.
