In the language of retail, it's called shrinkage—the percentage of loss experienced by a business due to theft. Co-ops and condos may not use the same term for it, and they don't have displays of handbags or jewelry to safeguard, but they are not immune to the problem.

Craig Greene, explains that more traditional forms of theft have never gone out of style in this recent article published by the Chicagoland Cooperator monthly newsletter.

"My experience includes an on-site management agent establishing a fictitious vendor—a repair and maintenance company—and directing payments to it," he says. "He then created fictitious invoices that he approved and had the accounting department deliver the checks to him, which he then kept."

Read More at The Chicagoland Cooperator site.

Casino Game Protection and Surveillance Specialists

7th World Game Protection Conference
Feb 27-29, 2012
M Resort, Las Vegas NV

Join Craig Greene when he speaks at The World Game Protection Conference, a 3-day international casino conference and exhibition dedicated entirely to casino surveillance and game protection.

• The latest casino scams
• Experts & industry leaders
• Casino surveillance best practices
• State-of-the-art surveillance technology
• Casino surveillance networking "mecca"
  

Peter Wielocha, CPA
McGovern & Greene Tax Accounting Specialist

"I had occasion to hire Peter to offer expert forensic accounting testimony at a Trial in DuPage County recently. He was an excellent witness, very well prepared, very credible, very understandable, especially considering the complex tax issues were so far over my head I couldn't reach them standing on the table. Peter broke the issues down, explained them to a reasonable degree of CPA certainty, was accepted by the Judge as an expert, much to the disappointment of opposing counsel, who did her best to have him barred. I would highly recommend Peter anytime the need arises for a forensic accountant/CPA."

— James Foley, Attorney
Foley Law Group

Recent Litigation cases involving CPA malpractice claims
settled in favor of McGovern & Greene clients

In the first case, partner Craig L. Greene was retained as the Defendant CPA firm expert witness. The case alleged that the CPA firm was negligent in assessing the client's internal control system and that it had failed to discover illegal activity occurring within the client's business. Craig was able to establish in his expert report an aggressive defense to the complaint demonstrating that the firm had in fact performed the engagement in accordance with AICPA Professional Auditing Standards, as well as, successfully refuting the Plaintiff's alleged damage claim. The matter was settled for a nominal amount.

In the second case, Craig was retained as the Plaintiff's consulting expert in a matter alleging malpractice against a CPA for improper tax advice that led to a sizeable tax liability for our client. M&G's tax expert, Peter Wielocha, CPA and Craig working together asserted that the CPA firm had not complied with the AICPA Professional Standards applicable to a Tax Practice; that the CPA firm was in fact negligent in their advice; and ascertained the damage amount sustained by the Client. The matter was settled for the Defendant CPA firm's malpractice policy limits.

Founding Partner, Craig L. Greene,
Appointed as a member of the Advisory Committee of the
Department of Accounting, Finance and Computer Office
Technology at College of Southern Nevada (CSN)

The committee forms a vital bridge between CSN and area business and industry. The major goals of the Committee are to actively promote community awareness of CSN's business programs, enhance curriculum, build programs to meet students' needs and to ensure that CSN students receive the most current knowledge and skills designed to make them successful in their chosen fields. Craig is delighted to join this active and important group, and looks forward to being of service to his community.

Managing Consultant, Marnie Gucciard,
Named to the Illinois CPA Society's "Ethics Committee."

The Committee primarily focuses on encouraging and fostering creditable conduct by CPAs in fact and appearance, and upholding and enforcing the Code of Professional Conduct. Marnie is honored to play a role in such an important aspect of the accounting profession, and looks forward to her service to the Committee.

McGovern & Greene Engaged by Illinois Tollway
to Perform Due Diligence

McGovern & Greene LLP assisted the Illinois State Toll Highway Authority in a comprehensive and expedited review of all aspects of the proposed Assignment of Lease of the 13 gas stations/convenience stores located at the 7 Oases along the Illinois toll system. ExxonMobil held the leases and wanted to assign its rights to 7-Eleven.

The McGovern & Greene firm was hired to study the potential risks and consequences to the Tollway and its patrons. Based in part upon the firm's due diligence findings, the Illinlois Tollway has approved the assignment of the remaining 17 years of ExxonMobil's lease of the Oases to 7-Eleven, as written about by Crain's.

This is the second such engagement that McGovern & Greene LLP has completed for the Illinois Tollway.

Read more at Crain's Chicago Business

McGovern & Greene Investigative Work
Results in Significant Judgements

Judgement in Fraud Case Results in
Award in Excess of $85 Million

Read the details of a judgement based on the expert witness testimony of McGovern & Greene's specialists in a recent Fraud Inducement bench trial case.

Malpractice Settlement Reduces
$2 Million Claim to $50,000

Read the details of a substantially reduced settlement reached as a result of McGovern & Greene's expert review of auditing standards used in the case.
CPA Malpractice Settlement