Guide to Forensic Accounting Investigation

ISBN-10: 0470599073
ISBN-13: 9780470599075
Edition: 2nd 2011
List price: $130.00 Buy it from $51.72 Rent it from $27.60
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Description: The auditing profession has evolved significantly from its earliest roots of protecting the pharaoh's riches. The catastrophic business failures have caused some to rethink the value of the audit. Due to lack of alternatives, the marketplace has  More...

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Book details

List price: $130.00
Edition: 2nd
Copyright year: 2011
Publisher: John Wiley & Sons, Limited
Publication date: 5/20/2011
Binding: Hardcover
Pages: 648
Size: 7.50" wide x 10.25" long x 2.00" tall
Weight: 2.794
Language: English

The auditing profession has evolved significantly from its earliest roots of protecting the pharaoh's riches. The catastrophic business failures have caused some to rethink the value of the audit. Due to lack of alternatives, the marketplace has demanded that auditors take responsibility for fraud detection and this demand has been buoyed by the Sarbanes-Oxley Act, the new PCAOB Risk Based Auditing and new Internal Controls standards, all requiring increased performance on the part of the auditor to find material financial statement fraud. The book explores exactly what assurance auditors should be expected to provide and suggests alternatives to providing the capital markets more of what they are requiring- greater assurances that the financial statements they rely upon for investment decisions are free of material error, including fraud. The book shows how audit firms need to retool to provide access to a new breed of auditor- the forensic specialist.

Preface
Acknowledgements
Fraud: An Introduction
Fraud: What Is It? Fraud: Prevalence, Impact, and Form
Fraud in Historical Perspective
Types of Fraud
Root Causes of Fraud
A Historical Account of the Auditor's Role
Auditors Are Not Alone
Deterrence, Auditing, and Investigation
Conceptual Overview of the Fraud Deterrence Cycle
First Look Inside the Fraud Deterrence Cycle
Auditing and Investigation
Psychology of the Fraudster
Calculating Criminals
Situation-Dependent Criminals
Power Brokers
Fraudsters Do Not Intend to Harm
Kinds of Rationalization
Auditors' Need to Understand the Mind of the Fraudster
Conclusion
The Roles of the Auditor and the Forensic Accounting Investigator
The Patrolman and the Detective
Complexity and Change
Auditor Roles in Perspective
Not All Good People
Each Company Is Unique
Role of Company Culture
Estimates
Choices
What Auditors Do
Bedrock of an Effective Audit
SPADE
Auditing Standards Take a Risk-Based Approach to Fraud
Management Override
Regulatory Reaction to Fraud
Financial Benefits of Effective Fraud Management
Conclusion
Auditor Responsibilities and the Law
Appendix: Summary of PCAOB Matters Involving Detection of Fraud
When and Why to Call in Forensic Accounting Investigators
Today's Auditors Are Not Forensic Accounting Investigators
Auditors Are Not Authenticators
Auditors Have Limited Exposure to Fraud
Auditors Are Not Guarantors
Historically, Audits May Have Been Predictable
Potential Trigger Points of Fraud
Reliance on Others
Conclusion
Internal Audit: The Second Line of Defense
What Do Internal Auditors Do? Internal Audit Scope of Services
The Handoff to Forensic Accounting Investigators and Legal Counsel
Perception Problem
Complex Corporate Fraud and the Internal Audit
WorldCom and the Thornburgh Report
Case Studies: The Internal Auditor Addresses Fraud
Reporting Relationships: A Key to Empowering Fraud Detection
Tomorrow's Internal Auditor, Tomorrow's Management and Board
Teaming with Forensic Accounting Investigators
Forensic Accounting Investigators' Cooperation with Internal Auditors
Forensic Accounting Investigators' Cooperation with External Auditors
Objectives of All Interested Parties
How Should the Investigation Objectives Be Defined? Who Should Direct the Investigation and Why? Ready When Needed
Where to Find Skilled Forensic Accounting Investigators
Anonymous Communications
Typical Characteristics of Anonymous Tips
Federal Statutes Related to Anonymous Reporting and Whistle-Blower Protections
Receipt of an Anonymous Communication
Initial Understanding of Allegations
Determine Whether Any Allegation Requires Immediate Remedial Action
Development and Implementation of the Investigative Strategy
Disclosure Decisions
Prioritize the Allegations
Interviewing Employees
Follow-Up Tip
Conclusion
Personal Privacy and Public Disclosure
Introduction
Data Privacy: Providing Context
Data Privacy in the United States
Data Privacy in the European Union
Navigating the Legal Differences Between the U.S and the EU
Elsewhere around the Globe
Public Disclosure
Conclusion
Building a Case: Gathering and Documenting Evidence
Critical Steps in Gathering Evidence
Whose Evidence Is It? Evidence Created by the Forensic Accounting Investigator
What Evidence Should Be Gathered? Important Considerations regarding Documents and Working Papers
Conclusion
Independence, Objectivity, Skepticism
Accountant's Independence
SEC Final Rules for Strengthening Auditor Independence
SEC Regulation of Forensic Accounting Services Consulting versus Attest Services
Integrity and Objectivity
Professional Skepticism
Trust but Verify: A Case Study
Loose-Thread Theory of Auditing
Further Thoughts on the Loose-Thread Theory
Potential Missteps: Considerations When Fraud Is Suspected
Confronting Suspects
Dismissing the Target
Assumptions
The Small Stuff Could Be Important
Materiality: More on a Key Topic
Addressing Allegations
The Case of the Central American General Manager
Exercising Skepticism
Case Outcomes
Potential Red Flags and Fraud Detection Techniques
Types of Fraud Revisited
Fraud Detection: Overview
Laying a Foundation for Detection
Interpreting Potential Red Flags
Importance of Professional Skepticism
Revisiting the Fraud Triangle
Identifying and Evaluating Risk Factors
Information Gathering
Analytic Procedures
Analytic Techniques
Assessing the Potential Impact of Fraud Risk Factors
Evaluating Controls
Unpredictable Audit Tests
Observation and Inspection
Financial Statement Fraud: Detection Techniques
Revenue Recognition
Corruption
Summary
Investigative Techniques
Timing
Communication
Early Administrative Matters
Predication
What Should You Know before You Start? A Word about Insurance
Exceptions and Other Considerations
Considerations on International Assignments
Accounting Issues
Data Analysis
Document Review
Conclusion
Corporate Intelligence
Definition of Corporate Intelligence
Evolution of Corporate Intelligence
Today's Business Need
Legal and Regulatory Drivers of Corporate Intelligence
Cost Drivers of Corporate Intelligence
Negotiation Drivers of Corporate Intelligence
Basic Deployment and Consumption of Corporate Intelligence
Customary Data Fields Necessary to Fulfill Corporate Intelligence Remits
Analysis and Reporting of Findings
Coordination and Selection of Management and External Advisors for Intelligence-Gathering
Timing of Deployment
Limitations of and Inherent Barriers to Corporate Intelligence
Legal Parameters and Operating Constraints vs
Enabling Legislation
Ethical Debates Surrounding Corporate Intelligence
Summary
The Art of the Interview
Difficulty and Value of Obtaining an Admission
Planning for the Interview
Types of Interviews
Others May Wish to Attend Interviews
Interview Process
Documenting the Interview
Use of Subterfuge
Summary
Data Mining: Analysis of Structured and Unstructured Information
Definition and Benefits of Data Mining
Structured vs
Unstructured Data
Planning
Methods of Data Acquisition
Structured Data Analysis
Unstructured Data
Advanced Data Analysis Tools
Conclusion
Report of Investigation
Types of Reports
Importance of Adequate Preparation
Standards of Reporting
Written Report of Expert Witness Opining for the Plaintiff on a Civil Fraud Claim
Affidavits
Informal Reports
Giving a Deposition
Mistakes to Avoid in Reporting
Working Papers
Relationship Review
Substantive Working Papers
Each Working Paper Should Stand on Its Own
Testimony Binder
Interview Memorandums
Supporting a Criminal Prosecution
Key Considerations
Referral Considerations
Plea Agreements
Filing a Civil Lawsuit
Working with Attorneys
In the Company of Lawyers
Confidentiality Requirements
Forming the Investigative Team
Documentation
Civil Litigation
Interviewing
External Audit Firm
Working for or Interacting with Law Enforcement or Government Agencies
Disagreements with Counsel
Conclusion
Financial Reporting Fraud and the Capital Markets
Targets of Capital Market Fraud
Securities Investment Model
Some Observations on Financial Fraud
Summary
Financial Statement Fraud: Revenue and Receivables
Improper Revenue Recognition
Revenue Recognition Detection Techniques
Analytical Procedures to Identify or Explore Potential Revenue Red Flags
Improper Allocation of Value in Multiple-Element Revenue Arrangements
Improper Accounting for Construction Contracts
Related-Party Transactions
Revenue and Receivable Misappropriation
Inflating the Value of Receivables
Extended Procedures
Round-Tripping
Improperly Holding Open the Books
Consignments and Demonstration Goods
Summary
Financial Statement Fraud: Other Schemes and Misappropriations
Asset Misstatements
Understatement of Liabilities and Expenses
Backdating Share Options
Off-Balance-Sheet Transactions
Two Basic Accounting Models
Cookie Jar Reserves
Improper and Inadequate Disclosures
Materiality
Disbursement Schemes
Invoice Schemes
Check Tampering
Expense Reimbursement Schemes
Payroll Schemes
Fraud in an Economic Downturn
Unauthorized Trading
Mortgage Fraud
Ponzi Schemes
Ponzi Scheme Origin and Development
Recent Spotlights
Insights into Ponzi Schemes - Passing Trend or Lasting Reality? Accountant's Challenges
Regulatory Bodies and Task Forces
Bankruptcy Implications
Summary
Money Laundering
Relationship between Fraud and Money Laundering
Counter-Terrorist Financing
Varying Impact of Money Laundering on Companies
The Five-Point Program for AML-Regulated Businesses
AML and Forensic Accounting Investigation
Legal Arrangements Lending Themselves to Anonymity
Auditing and Money Laundering
Relationship between Fraud Investigation and AML
Foreign Corrupt Practices Act
Background
Recent Enforcement Trends
U.K. Bribery Act 2010
The Role of the Forensic Accountant
Red Flags
Reporting
Conclusion
Construction Projects
The Nature of the Construction Industry
Contract Pricing Strategy
Standard Form Contracts
Issues in Analysis
Change Orders
Financial Damages
Under-Bid
Inflation
Analysis of Claims
Summary
Contract Compliance
Effective Integrated Internal and External Contract Compliance Program
The Role of the Forensic Accountant
Government Contracting
Risk and Compliance
Recovery
Crisis Management/Litigation Support
Other Dimensions of Forensic Accounting
Environmental Issues
Intellectual Property
Insurance and Business Interruption
Marital Dissolution
Shareholder Litigation
Business Valuation
Business Combinations
Cybercrime
Corporate Remediation
What is Remediation?
What is Driving Corporate Remediation?
Why is Remediation Necessary?
How to Remediate
Role of the Forensic Accountant
Recent Cases
Remediation Going Forward
Index.

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