Long-time resident now certified as forensic accountant
In still unsteady economic times, experts estimate there will be more and more fraud in accounting practices – both with thefts at businesses and in divorce cases. Occupational fraud cases in U.S. organizations are estimated at $994 billion annually.
Local resident Philip C. Bennett has recently studied and been certified as a forensic CPA, something akin to the TV “CSI” characters who hunt out their own clues with criminals.
Forensic accountants search for hidden assets or missing funds. They may also testify in court as expert witnesses. A prime example of their work – forensic accountants were called in to trace money in the Bernie Madoff case.
“I’ve been a CPA since 1974, and had a lot of experience in auditing and financial matters,” said Bennett. “I chose to get into forensic accounting because I could see how that experience could help families in these economic times.”
That includes protecting their small businesses.
“Forensic accounting is researching and documenting activity for an ultimate presentation in a courtroom or a legal proceeding,” he continued. “That could be beneficial in a divorce situation or to small businesses who are experiencing an occupational fraud. What most accountants do is look at numbers. What I do is look behind the numbers and see what they really are.”
He spent the last six months getting the additional credentials, and also became a certified fraud examiner.
“I think everyone realizes in these economic times that occupational fraud is a big issue,” he said. “In fact, the Wall Street Journal reported small businesses are more susceptible today.”
He said his work is interesting.
“It can also be rewarding and frustrating,” he said. “It’s difficult to weed out fraudulent activity because it is so well hidden often.”
He will be a sole practitioner in a Fort Myers-based office. He’s been the owner of a multi-office business for over 25 years and wanted to be out on his own.
A North Fort Myers High School graduate, Bennett is a long-time local resident.
“In 1964 I moved to North Fort Myers. I was 14 years old at the time and my parents decided to move here,” he said.
His father was a jeweler, he said, who saw an opportunity in the area then.
“This was in 1964 and the entire population was about 50,000. To give perspective, the Caloosahatche Bridge had not opened, and the Edison Mall had not been built,” he said. “At that time, the Edison Mall was a drive-in just north of it, where the flea market is now, and that area was a strawberry field.”
He’s been married to Susan Bennett of Susan Bennett Marketing & Media, L.C., for many years.
“It’s 39 years now, our 40th will be in August,” he said.
They have no children, but four cats. “They never grow up.”
Bennett may be reached at 565-2140.