Alena Forensic Advisory

Organizations sometimes sense that something may be wrong financially but are unsure whether a formal investigation is necessary. The following checklist can help identify situations where further financial review or forensic analysis may be warranted.

If several of the indicators below are present, it may be advisable to conduct an independent financial review.

Governance and Control Indicators

✔ Weak or poorly documented internal controls

✔ Lack of segregation of duties in financial processes

✔ Limited oversight over procurement or payments

✔ Financial approvals concentrated with one individual

✔ Infrequent or irregular internal audits

Financial Reporting Indicators

✔ Unexplained changes in revenue, expenses, or profit

✔ Unusual adjustments or journal entries near reporting deadlines

✔ Significant variances between budgets and actual results

✔ Financial records that are incomplete or difficult to reconcile

Transaction and Procurement Indicators

✔ Multiple payments to the same vendor within short periods

✔ Payments just below approval thresholds

✔ New vendors appearing without clear documentation

✔ Vendor bank account details changing unexpectedly

✔ Contracts awarded without competitive processes

Behavioral Indicators

✔ Employees unwilling to take leave or delegate responsibilities

✔ Resistance to internal audits or financial reviews

✔ Employees maintaining exclusive control over financial records

✔ Concerns or complaints raised by staff or whistleblowers

Documentation and Record Indicators

✔ Missing invoices or supporting documentation

✔ Inconsistent or incomplete financial records

✔ Unclear payment approvals or authorization trails

✔ Manual financial records that cannot be independently verified

When to Consider a Forensic Review

Organizations may benefit from a forensic review where:

• financial irregularities are suspected
• disputes involve financial transactions
• fraud allegations arise
• financial records require independent verification

Early investigation can help organizations clarify financial matters, identify irregularities, and strengthen governance frameworks.

About Alena Forensic Advisory

Alena Forensic Advisory provides forensic accounting, financial investigation, and fraud risk advisory services. The firm supports organizations, legal professionals, and insurers by analyzing financial records, reconstructing transactions, and delivering objective, evidence-based insights.

If your organization recognizes several of these indicators, an independent financial review may help clarify the situation and support informed decision-making.