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A Guide to Forensic Accounting Investigation, 2nd Edition by Jessica S. Pill, Mona M. Clayton, Thomas W. Golden, Steven L. Skalak

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Chapter 30

Corporate Remediation

Matthew J. Shelhorse, Christopher D. Barbee, Peter A. Viksnins, and Faizal B. Karim

WHAT IS REMEDIATION?

Remediation is the act of correcting a fault or curing a deficiency. Consider the traditional concept of a remedy—or rehabilitation—as an action taken to recover from sickness, to return to a state of health, and to pursue steps to prevent future illnesses. In the corporate world, such faults or deficiencies may lead to an inadequate control environment and increase the likelihood and magnitude of wrongdoing on the part of employees or third parties. In the modern business environment, remediation is often perceived as a dose of medicine—perhaps a distasteful one—but one that is required if a business intends to rehabilitate itself and return to a healthy state of corporate behavior.

Forensic accountants are, as described in this book, often called upon to assist various organizations in identifying, diagnosing, and addressing their issues—from delving into the company's books and records, to analyzing complex information technology systems, to interviewing management, and interacting with third parties. It is, therefore, not surprising that forensic accountants are more and more frequently asked to assist in corporate remediation efforts, considering their firsthand knowledge of the symptoms, underlying causes for the perceived weaknesses, and measures that can be taken to strengthen a company's internal controls, processes, and approach to ...

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