Bookkeeping Diagnostic & Fraud Review Services
Get a clearer picture of your business finances. CanAm Bookkeeping helps small business owners review financial records, identify unusual transactions and discrepancies, and understand areas that may require further investigation.
Concerned About Discrepancies in Your Financial Records?
Unexpected balances, unexplained transactions, missing documentation, or inconsistencies in your books can make it difficult to trust your financial records.
A bookkeeping diagnostic review can help identify areas that need attention and provide greater clarity about the condition of your records. When potential warning signs arise, further investigation may be necessary.
What Our Diagnostic Reviews May Include
Reviewing bookkeeping records for inconsistencies.
Identifying unusual or unexplained transactions.
Examining account balances and reconciliation discrepancies.
Reviewing available supporting documentation.
Highlighting potential red flags that warrant further review.
Providing findings and recommended next steps within the agreed scope.
Who Can Benefit from a Diagnostic or Fraud Review?
This service may be appropriate for small business owners who notice unexplained financial discrepancies, have concerns about missing funds or incomplete records, are reviewing internal financial processes, or want a clearer understanding of their bookkeeping.
Understand Your Records. Identify Concerns. Plan Your Next Steps.
Gain better visibility into the condition of your books.
Identify discrepancies that require attention.
Understand potential weaknesses in financial recordkeeping.
Obtain practical recommendations within the scope of the review.
Make more informed decisions about further investigation or corrective action.
Frequently Asked Questions
1. What is a bookkeeping diagnostic review?
A bookkeeping diagnostic review examines financial records to identify inconsistencies, unexplained balances, unusual transactions, or other issues that may need attention. It helps business owners better understand the condition of their books and determine what steps may be needed next.
2. What is the difference between a diagnostic review and a fraud review?
A diagnostic review generally focuses on the accuracy, completeness, and consistency of bookkeeping records. A fraud-focused review looks more closely at transactions or patterns that may indicate suspicious activity. Neither type of review automatically establishes that fraud has occurred.
3. What are some warning signs that my business records need review?
Warning signs may include unexplained transactions, discrepancies between bank statements and accounting records, missing receipts or invoices, unexpected account balances, or transactions that lack adequate supporting documentation.
4. What information will I need to provide?
Depending on the scope of the review, you may need to provide bank and credit card statements, accounting records, invoices, receipts, transaction histories, and relevant supporting documentation. The specific requirements will be discussed before the review begins.
5. Can a bookkeeping review confirm whether fraud has occurred?
A bookkeeping review may identify discrepancies or suspicious patterns that warrant further investigation, but these findings alone may not establish fraud. Where necessary, a qualified forensic accountant, auditor, attorney, or appropriate authority may need to conduct further investigation.
6. How much does a diagnostic or fraud review cost?
The cost depends on the complexity of the records, the period being reviewed, the volume of transactions, and the scope of work required. Contact CanAm Bookkeeping to discuss your concerns and request a quote.
7. What happens after the review?
The next steps depend on the findings and the agreed scope of work. These may include addressing bookkeeping discrepancies, improving recordkeeping procedures, or seeking further professional investigation where appropriate.
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