Missouri Small Business and Technology Development Centers Blog

It may take years for us to truly understand what is included in the recently passed economic stimulus legislation, but for now, these points are worth noting.

The bill provides $730 million to the U.S. Small Business Administration and makes changes to the agency’s lending and investment programs so that they can reach more small businesses that need help. The funding includes:

• $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
• $255 million for a new loan program to help small businesses meet existing debt payments
• $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
• $20 million for technology systems to streamline SBA’s lending and oversight processes
• $15 million for expanding SBA’s Surety Bond Guarantee program
• $25 million for staffing up to meet demands for new programs
• $10 million for the Office of Inspector General (more…)

It’s sad but true. One of the highest growth industries in the country is corporate fraud.

As a result of the high-profile white collar scandals in the past few years, federal, state and local governmental agencies, as well as businesses, have developed numerous ways to catch the bad guys and identify areas in which fraud might exist.

All of that bad news is good news for forensic accountants, specialists who are assigned to detect fraud, prove allegations of embezzlement or insider dealings, investigate books and potentially testify in legal proceedings. Forensic accountants are typically engaged regarding specific allegations of fraud as opposed to their auditor colleagues who are often consulted to offer an opinion on an organization’s financial statements.

As a result of the rising need for forensic accounting specialists, and the passage of the Sarbanes-Oxley Act in 2002, most colleges and universities are enhancing the number and depth of courses in forensic accounting, teaching students to conduct financial investigations when questions of fraud or financial loss arise. Often these programs are a combination of accounting, criminal justice and information technology courses. (more…)