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Following the paper trail
How financial statements
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Standards of value:
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Tax issues may make
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Read the results of the latest ACFE survey of occupational fraud investigations.

The data presented in the 2012 Report is based on 1,388 cases of occupational fraud that were reported by the Certified Fraud Examiners (CFEs) who investigated them.

These offenses occurred in nearly 100 countries on six continents, offering readers a view into the global nature of occupational fraud. As in previous years, what is perhaps most striking about the data that was gathered is how consistent the patterns of fraud are around the globe and over time.

The ACFE believes this consistency reaffirms the value of their research efforts and the reliability of their findings as truly representative of the characteristics of occupational fraudsters and their schemes.






















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ACFE Fraud ReportThe Association of Certified Fraud Examiners (ACFE) release their 2014 Report to the Nations on Occupational Fraud and Abuse

The Cost of Occupational Fraud

There is considerable attention paid to determining the overall cost of fraud. Executives want to know how significant the risk of fraud is to their companies, anti-fraud professionals need to justify budgets and satisfy performance metrics and the media and general public are curious about just how much money white-collar criminals are taking us for.

This ACFE report is based on 1,483 cases of occupational fraud, as reported by the Certified Fraud Examiners (CFEs) who investigated them. The analysis of these cases provides valuable lessons about how fraud is committed, how it is detected and how organizations can reduce their vulnerability to this risk. Read the 2014 Report.


McGovern & Greene Peer Review Report 2013

Peer ReviewThe partners and staff of
McGovern & Greene LLP are pleased to announce the successful completion of an independent peer review of our accounting and auditing practice. This review was undertaken as a condition of membership in the American Institute of Certified Public Accountants (AICPA), The National Organization of CPAs in public practice, industry, government and education.

Bankers, bonding agents, investors, suppliers, legal advisors and others use the financial statements our firm audits, reviews or compiles. We think those people, our clients, and our own staff deserve independent quality assurance that our firm provides quality services. We are proud of our peer review results and would be happy to answer any questions you might have. Contact us.


Craig L. Greene

Original founder and first president of the ACFE Chicago Chapter (1992 - 1996),
Craig L. Greene receives a Lifetime Achievement Award.

Presented by President David Marshall

Federal Government

Learn how to maximize recovery under complete or partial termination of contract

In the current political climate, companies that contract with the Federal Government need to be aware of the risks associated with Termination for Convenience (T for C) clauses. McGovern & Greene partner, Jim McGovern, has published a series of articles that specifically address these issues. Whether your company is currently engaged in a government contract, or you're considering bidding on one, you'll want to be fully informed on the specifics of government contracts discussed in Jim McGovern's articles:

Equitably Adjusting Partially Terminated Contracts

Significant Cost Recovery Issues in Termination for Convenience Cases

Termination for Convenience or by Default

Jim McGovern is the partner in charge of the Litigation Support, Economic Damages, and Contract Accounting practices at McGovern & Greene LLP. Possessing over 20 years of experience, he is a specialist in areas of litigation support, economic damage analysis, contract claims, and cost accounting. His services, related to construction contracting, government contracting, intellectual property infringement, lost personal earnings, and lost business profits have proven invaluable to the attorneys and clients who benefit from his expertise. In addition to his accounting specialties, Jim McGovern is frequently called to testify as an expert witness in state and federal court, as well as before government contract boards of appeal.

Contact us for more information on our Government Contract Services.

Small business, big risk
Fraud controls lacking at organizations with fewer
than 100 employees.

Small businesses are significantly more likely than their larger counterparts to neglect instituting basic antifraud controls that could save them from costly losses, a recent worldwide survey shows.

Organizations with fewer than 100 employees were significantly outpaced by larger organizations in every fraud control measured in the Association of Certified Fraud Examiners (ACFE) 2012 Report to the Nations on Occupational Fraud and Abuse, which was released in May.
Read more

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.

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.

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.

Crain's Chicago Logo

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


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