NEW YORK , NY--(Marketwire - October 27, 2010) - Sareena M. Sawhney, MBA, CFE, CFFA, a fraud and forensic accounting director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth & Shron LLP, has published an article in the Marks Paneth & Shron Library on how forensic accounting expertise can significantly strengthen a bankruptcy team's fraud detection capabilities.
According to Ms. Sawhney, the severe economic downturn and slow pace of recovery has led to an upsurge in bankruptcy filings which in turn, has led to a spike in bankruptcy fraud.
Frequently, the "red flags" are hidden in thousands of pages of business records and complex webs of relationships. Detection of a bankruptcy fraud scheme can be complex and require the attention of a forensic accounting specialist.
In the article, Ms. Sawhney discusses:
- Why forensic accountants can recognize patterns quickly and accurately.
- Red flags pointing to concealed assets.
- Tracing preferential payments.
- Red flags that indicate potential bustouts, bleedouts and rent or equity skimming.
The full text of Ms. Sawhney's article, "Forensic Accountants: An Essential Part of the Bankruptcy Team" is found online at the Marks Paneth & Shron Library.
To speak with Ms. Sawhney about how a forensic accountant can assist in efficiently detecting bankruptcy fraud, please contact Itay Engelman of Sommerfield Communications at 212.255.8386 or via email at itay@sommerfield.com.
About Marks Paneth & Shron
Marks Paneth & Shron LLP is an accounting firm with nearly 475 people, of whom 64 are partners and principals. The firm provides businesses with a full range of auditing, accounting, tax, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services and energy clients.
The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in JHI, the leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world.
Marks Paneth & Shron LLP, whose origins date back to 1907, ranks among the 35th largest firms in the nation and is the 13th largest in the New York area. In addition, readers of the New York Law Journal rank MP&S as one of the area's top forensic accounting firms.
Its headquarters are in Manhattan. Additional offices are in Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.
About Sareena Malik Sawhney
Sareena M. Sawhney, MBA, CFE, CFFA, is a Director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth & Shron LLP. She has approximately 10 years of litigation experience. Ms. Sawhney focuses on providing services in the areas of complex fraud investigations and forensic accounting examinations as well as services related to commercial litigation and comprehensive damage analyses.
Contact Information:
Contact:
Itay Engelman
Sommerfield Communications, Inc.
212-255-8386
itay@sommerfield.com