What started out as a liquidity issue for a mortgage security fund managed by Darren Berg turned into a $150 million Ponzi Scheme, ultimately the Pacific Northwestern United States larget ever.
Valid8’s co-founder Tod McDonald worked on the forensic accounting team appointed by the court to take control of Berg’s assets and attempt to unravel his web of deception. It was this complex criminal case, with hidden accounts, tens of thousands of transactions and an active effort by to continue the deception, that convinced Tod that new tools were needed to tackle these crimes.
Today Valid8 offers investigators of financial crimes and forensic accountants a powerful platform to rapidly turn financial records into intelligence, shining light on where the money went, but also providing investigators with lightning fast guidance on what additional records must be obtained in order to connect every dot and reconcile the financial statements down to the last penny.
From Big 4 to local and regional CPA firms, Valid8 is transforming audit procedures by removing the low level, manual work associated with verifying transactions. With patent-pending matching and tracing algorithms, auditors can improve audit quality with 20 times greater coverage while reducing engagement costs/time by up to 40%.
Post bank statements or connect directly to financial institutions to create a database of banking transactions.
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Vouch every single client accounting transaction out to banking activity.
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Vouch all subsequent payments out to banking activity for any outstanding invoice.
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Trace revenue transactions to the cash journal and verify banking activity for each one.
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Valid8 application and data is hosted at Amazon Web Services and is SOC2 certified.
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