Certain high-profile fraudulent cases have heightened the public's awareness of fraud. Everyone involved in a company - from top management, to audit committees and the Board of Directors, to the internal and external audit teams - has been put on notice that the public demands increased accountability and vigilance in corporate governance.
In audits conducted according to generally accepted auditing standards (GAAS), or the standards of the Public Company Accounting Oversight Board (PCAOB), audit teams are charged with the duty of giving reasonable assurance that their client's financial statements are free of material misstatement (whether caused by error or fraud). The forensic accountant, with the proper education, training, and experience, can provide additional support to financial statement audit teams in this endeavor.
In this program, Forensic Accounting, we will focus on the basic elements of forensic accounting. The program will define forensic accounting and how it differs from traditional accounting. Through real cases, it will illustrate how fraud can occur undetected for a period of time, as well as identify key elements in prevention, detection and deterrence of fraud.
This program is divided into eight (8) chapters and three (3) appendices.
Chapter 1 gives an introduction to forensic accounting.
Chapter 2 discusses how fraud and forensic accounting affect the financial statements.
Chapter 3 explores the causes and detection of misappropriation of assets.
Chapter 4 focuses on the importance of prevention, detection and deterrence of fraud.
Chapter 5 illustrates the different methods of reconstructing income.
Chapter 6 addresses money laundering.
Chapter 7 reveals how the forensic accountant can support litigation services.
Chapter 8 highlights the Internet as an important research tool for the forensic accountant.
Appendix A lists forensic accounting courses and education programs available.
Appendix B lists the professional credentials available for the profession.
Appendix C provides professional associations for forensic accounting and related fields.
Helpful Guidance
Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this publication includes the following designations:
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.
A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.
Upon successful completion of this program, the user should be able to:
* Define forensic accounting
* Discuss the historical basis of forensic accounting
* List the types of educational forensic accounting programs available
* List the professional credentials for the field
* Cite the professional associations that support the field
* List the three points of the fraud triangle
* Explain the two types of fraud relevant to the external auditor
* List the procedures to be performed in searching for fraud
* Explain the external auditor's responsibility for fraud
* Discuss the typical characteristics of a fraudster's behavior
* List various types of misappropriations
* Discuss how payment fraud is perpetrated
* Explain how embezzlement occurs
* List ways for an entity to prevent fraud for a variety of situations
* Discuss methods used to detect a number of different types of fraud
* Explain ways to deter various fraud activities
* Explain why the forensic accountant might be called upon to reconstruct income
* Discuss methods of reconstructing income
* Define money laundering
* Discuss the responsibilities of financial institutions for money laundering
* Explain what an expert witness is
* Discuss how to become qualified as an expert witness
* Explain the rules of evidence
* Discuss how to assess the quality of evidence
* Discuss security and confidentiality issues related to evidence
* Discuss methods used in valuing a business
* Explain where to begin a forensics search on the Internet
* Describe the governmental data accessible to the forensic accountant on the Internet
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