1088: Decode Financial Mysteries and Prevent Business Fraud with CEO of Workman Forensics Leah Wietholter

Ever thought about what happens when a company finds money missing? No one wants this, but it happens a lot. Solving these money mysteries needs skill, a good eye for patterns, and knowledge of data analysis. Looking at financial records can be tough, especially when there's a risk of fraud. The story of money going where it shouldn't affect everyone, from the smallest new businesses to the biggest corporations.

Leah Wietholter is the CEO and founder of Workman Forensics, a forensic accounting firm based in Tulsa, Oklahoma. Formerly with the FBI, Leah has developed a process called the "data sleuth" approach, which focuses on a data-driven, scalable method for conducting forensic accounting engagements and fraud investigations. Today, Leah discusses her passion for helping clients recover missing funds, determine if cases can be prosecuted criminally or civilly, and the importance of understanding intent when investigating potential fraud.

Quotes

“The difference between a mistake and fraud is intent. Someone might benefit from their actions, and it could have been a mistake.” – Leah Wietholter

“Because of our process, we're focused on the facts, not the stories people tell us. We're looking at the data.” – Leah Wietholter

“It's common to feel intimidated about accessing your financial information. However, you are entitled to it, and you can review it without informing anyone. Knowing what's going on in your company is important, and it never hurts.” – Leah Wietholter

Takeaways

06:45 Forensic accounting investigations require a balanced approach that considers both the logical and emotional aspects of a case, in order to uncover the truth and communicate findings effectively.

10:12 Developing a structured, data-driven process for conducting investigations can help forensic accountants break down complex problems, perform objective analysis, and present their findings in a clear and compelling way.

21:54 Proactive monitoring of financial information and being willing to investigate potential issues, even if they seem minor, can help business owners detect and address fraud or mismanagement before it escalates.

Resources

Podcast: Play in new window | Download (Duration: 23:04 — 31.9MB) | Embed

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