Benford's Law Applications for Forensic Accounting, Auditing, and Fraud Detection

ISBN-10: 1118152859
ISBN-13: 9781118152850
Edition: 2012
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Description: This book will provide an overview of the applications of Benford's Law to summarize its current uses. It will also set out a series of Benford's Law tests that can be run on any data set and show how to run these tests on any one of ten software  More...

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Book details

Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 4/27/2012
Binding: Hardcover
Pages: 330
Size: 7.25" wide x 10.25" long x 1.25" tall
Weight: 1.694
Language: English

This book will provide an overview of the applications of Benford's Law to summarize its current uses. It will also set out a series of Benford's Law tests that can be run on any data set and show how to run these tests on any one of ten software programs.  It will show Benford's Law can be used as a tool for auditors and data managers to insure integrity of large sets of data. There will be a companion site for the book with sample data sets readers can practice tests on and other interesting items.

Foreword
Preface
About the Author
Introduction and Mathematical Foundations
Benford's Expected Digit Frequencies
Defining the First and First-Two Digits
Digit Patterns of U.S. Census Data
Logging on to Benford's Law
General Significant Digit Law
Log and Behold, the Census Data
Love at First Sight
Mantissa Test and Census Data
Number of Records and Benford's Law Tests
When Should Data Conform to Benford's Law?
Conclusions
Theorems, Truisms, and a Little Trivia
Digits of Corporate Payments Data
Digits of Lake Data
Scale Invariance Theorem
Mean Absolute Deviation
Scale Invariance and Census Data
Scale Invariance and Corporate Payments
Scale Invariance and Lake Data
A Level Playing Field Becomes Benford
Multiplication by 1/X
All Distributions Lead to Benford
Getting a Gripf on Benford and Zipf
Conclusions
More Formulas and Facts, and a Little Fibonacci
Fibonacci Numbers
Lucas Numbers
Back to Square One
3n+1 Problem
Ultimate Uniform Distribution
Benford Embraces Other Bases
Nigrini's Second Last Theorem
Conclusions
Primary Benford's Law Tests
Corporate Payments Data
Data Profile
First Come, First Served
Playing Second Fiddle
First-Two Digits Test
Running the Digit Tests in Excel
Running the Digit Tests in Access
Conclusions
Advanced Benford's Law Tests
Summation Test
Running the Summation Test in Excel
Running the Summation Test in Access
Second-Order Test
An Analysis of Payments Data
An Analysis of Journal Entry Data
An Analysis of Census Data
Running the Second-Order Test in Excel
Excel, Thanks a Million(s)
Scale Invariance and the Second-Order Test
Conclusions
Associated Benford's Law Tests
Number Duplication Test
An Analysis of Payments Data
An Analysis of Census Data
Running the Number Duplication Test in Excel
Running the Number Duplication Test in Access
Last-Two Digits Test
An Analysis of Payments Data
An Analysis of Census Data
An Analysis of Election Results
Running the Last-Two Digits Test in Excel
Running the Last-Two Digits Test in Access
Distortion Factor Model
Distortion and the Census Data
Conclusions
Assessing Conformity to Benford's Law
Z-Statistic
Chi-Square Test
Kolmogorov-Smirnoff Test
Mean Absolute Deviation Test
The Logarithmic Basis of Benford's Law
Creating a Perfect Synthetic Benford Set
Mantissa Arc Test
Conclusions
Examples of Fraudulent Data
The Inside Story
The Vendor Who Never Was
Not Paying Attention
Funny Money
The Heart of the Matter
Going the Extra Mile
Laugh All the Way to the Bank
Culture Shock
Having a Bad Hair Day
An Unclean Bill of Health
Turning the Table on Tax Evasion
Conclusions
Fraudulent Financial Statements, Part I
Number Crunching
Wrong Numbers
A Look at Enron's and AIG's Numbers
Figuring Out the Controllers
Conclusions
Fraudulent Financial Statements, Part II
Digital Yoga by Absaroka
Can't See the Forest for the Trees
Digit a Little Deeper into Papua New Guinea
The Good, the Bad, and the Ugly
Dig a Little Deeper
There Are More Questions than Answers
Conclusions
Madoff and Other Ponzi Schemes
The Madoff Claims
Don't Bank on Kaupthing
The Whole Ball of Waxenberg
General Motors Demoted to Private
Chrysler Unable to Dodge Bankruptcy
Discussion of the Claims Results
A Review of the Madoff Returns
Apple, Dell, Berkshire, and Benford
Discussion of the Returns Results
Earth Science and Income Tax Applications
Still Waters Run Deep
The Lay of the Lake
For a Few Dollars Less
A Clean Bill of Clinton
Conclusions
Future Directions and Conclusions
My Law
Insights into Number Invention
Lehman's Charitable Gifts
The Bottom Line
Glossary of Selected Terms
References
Index

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