2004 Press Releases
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Press Release, 04/27/04:
Speaker Schedule
The head and founder of the fraud investigation team at Vicenti, Lloyd &
Stutzman (VLS), a mid-size Certified Public Accounting and business consulting
firm headquartered in Glendora, is scheduled to speak to three professional
organizations next month on detecting fraud in financial statements.
 Linda Saddlemire, a Partner with VLS, will speak on SAS 99, a new statement on standards for the auditor's consideration of fraud in a financial statement. The
new standards were adopted by the American Institute of Certified Public Accountants (AICPA) effective last year, so most audits currently being conducted of 2003 financial statements fall under the new requirements.
It was the first time the AICPA established standards related to the detection
of fraud in a financial statement, Saddlemire said.
"The CPA profession today has identified a need to review more closely than ever
before the potential for fraud, particularly as it applies to the auditing of
financial statements,"" she said. "These issues have become particularly
important in the areas of dealing with today's corporate culture, today's
broader business environment, and the underlying need to maintain the public
trust."
Saddlemire said
federal sources estimate that fraud accounts for more than $600 billion in
losses annually for U.S. businesses and governmental agencies, or a rate of
about six percent a year.
She will appear before the California Society of Certified Public Accountants'
School District Conference on May 3 at the Sacramento Hilton in Sacramento and again
on May 4 at the Marriott Ontario Airport in Ontario.
She will speak again on the same topic before the Inland Affiliate of the American's Women's Society of
Certified Public Accountants on May 13 at The Whole Enchilada in Rancho Cucamonga.
Saddlemire, who joined the firm in 1982 and was named Partner in 1989, is a Certified Fraud Examiner and heads up the firm's
10-member fraud prevention and detection team that she created 10 years ago. The team is one of several specialized litigation
support services sections at VLS.
As a part of this program, VLS maintains a fraud hotline in which employees of a firm client can call VLS directly if they identify
potential fraud or abuse -- potentially saving the client thousands of dollars.
Saddlemire's practice areas include audits, fraud investigation and business and consulting services such as
internal control review and cash flow analysis. In addition, she heads up the firm's school district department.
She also spoke on SAS 99 last month at the California Association of School Business Officials annual conference in Sacramento.
Four other VLS firm members spoke on related topics ranging from fraud detection and education funding issues to internal controls at the same four-day event.
Vicenti, Lloyd & Stutzman was founded by Richard H. Vicenti in 1953. The firm has seven Partners, and Royce Stutzman serves as Chairman.
VLS has about 55 employees and serves clients throughout California.
Clients include businesses, individuals, not-for-profit organizations, universities, colleges, school districts and water
districts who seek assistance through a variety of management and accounting services in managing change, making better decisions and
in some instances, identifying opportunities for growth, profit or efficiency.
VLS is located at 2210 E. Route 66 (at Amelia Avenue in the Glendora Courtyard office complex) in Glendora. For more information,
contact the firm's office at (626) 857-7300 or visit the firm's web site at
www.VLSLLP.com.
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