The Forensic Accounting Deskbook

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  • Edition: CD
  • Format: Paperback
  • Copyright: 2012-12-16
  • Publisher: Amer Bar Assn
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Making complex accounting terminology easy to understand, this book provides an introduction to the core financial concepts in divorce, such as asset identification, classification and valuation, income determination, and expenses. In clear, accessible language, this book offers step-by-step guidance while also exploring strategic concerns appropriate for high-asset and high-conflict cases. It connects the dots among the interrelated topics of subpoena practice, accounting, depositions, methodology, financial statements, tax returns, testimony, expert reports, and how to effectively use financial data obtained in discovery.

Author Biography

Miles Mason is an attorney and CPA in Memphis, Tennessee.

Table of Contents

Forewordp. xi
Prefacep. xiii
About the Authorp. xv
Acknowledgmentsp. xvii
Forensic Accounting Overviewp. 1
The Goal Is to Dominatep. 1
How a Forensic Accounting Divorce Engagement Case Can Go Very Wellp. 3
Forensic Accounting Definedp. 6
Meeting and Engaging CPAsp. 17
How CPAs Become Forensic Accountantsp. 17
Shopping Forensic Accountants Before One Is Neededp. 18
Selling Your Client on a Forensic Accountantp. 22
Engaging a Forensic Accountant When You Have a Specific Client and Casep. 24
Consulting or Testifying Expert?p. 28
Reading, Understanding, and Explaining the Engagement Agreementp. 30
Advice to Lawyers When Hiring a Forensic Accountantp. 31
The Game Is On-Getting, the Documents as Soon as Possiblep. 32
Accounting for Lawyersp. 35
Accounting Basicsp. 36
Public Filing of Financial Statementsp. 40
Accrual and Cash Basisp. 41
They Call It "Accounting" Because of the Accountsp. 43
Audits, Reviews, and Compilationsp. 52
The Hunt for Hidden Assets-Red Flags, Schemes, Scams, Lies, and Damn Liesp. 57
The Continuum of Liesp. 58
Red Flagsp. 60
Severity of Liesp. 64
Financial Lies Come in Many Flavorsp. 65
"What Is Best in Life?"p. 68
More on Bad Debt Manipulationp. 69
More Details on Other Schemesp. 71
Adjustmentsp. 73
Managing Forensic Accounting Investigation Costsp. 75
Discovery-Documents, Details, and Transactionsp. 77
The Impact of One Missing Statementp. 78
Time Frame for Valuation and Analysisp. 78
Formal vs. Informal Requestsp. 79
Interrogatories and Requests for Production of Documentsp. 81
Written Discovery or Depositions?p. 84
The Search for the Holy Grail and the Discovery Catch-22p. 85
Subpoenasp. 88
Depositionsp. 97
Supplementationp. 98
Discovery and Research about Opposing Expertsp. 98
Obtaining Tax Documents Directly from the IRSp. 99
Researching Public Records and Assetsp. 100
Production Memos, Deficiency Memos, Gap Charts, and Bates Stampingp. 101
Methodologies, Investigation, and Techniquesp. 107
Methodologies and Scopingp. 110
Investigationp. 116
Techniquesp. 116
Conclusionp. 133
Asset Identification, Classification, and Valuation-From Simple to Complexp. 135
Organizing Assets and Debtsp. 137
Identificationp. 140
Classificationp. 141
Valuationp. 141
The Information Needed Depends on the Assets and Debtsp. 142
Calculating Estimates of the Value of Deferred Pension Benefitsp. 144
Complex Compensation, Bonus Packages, and Perksp. 154
Stock Optionsp. 157
Documents You Need for Stock Optionsp. 158
Stock Option Valuationp. 159
Reload Provisionsp. 160
Time Rule Formulasp. 161
Tax Issuesp. 161
Deferred Distribution Approachp. 162
Negotiatingp. 162
Advice Regarding Deferred Distribution Divisionp. 163
Buffet of Employment Benefits and Retirementp. 163
Qualified vs. Non-qualified Plansp. 166
Defined Benefitp. 166
Defined Contributionp. 167
Investments Unrelated to Employmentp. 170
Other Investments Not Related to Retirement or Employmentp. 171
Determining Incomep. 187
Documented Incomep. 189
Claimed Income versus Documented Incomep. 190
Imputed Incomep. 194
Net-Worth Methodp. 195
Problems with Cash and "Cash Businesses"p. 201
Money In and Money Out of a Businessp. 203
Reading W-2s-The Family Lawyer's Not-So-Concealed Weaponp. 205
FICA, Medicare, Self-employment Taxes, FUTA, and SUTAp. 206
Wage Base Limitp. 206
Numbers, Numbers, and More Numbers-Yippee! Goody! Goody!p. 206
Lifestyle Analysisp. 211
The Five Quadrantsp. 212
Quadrants One and Twop. 213
Quadrants Three and Fourp. 213
The Fifth "Quadrant"-Credibilityp. 215
Expense Time Periodsp. 215
The Lifestyle Analysisp. 217
A Sample Reportp. 223
Page 1-Marital Balance Sheetp. 224
Page 2-Wife's Need for Supportp. 235
Pages 3 and 7-Wife's Retirement Savings and Husband's Retirement Savingsp. 238
Pages 4 and 8-Wife's Investment Savings and Husband's Investment Savingsp. 238
Pages 5 and 9-Wife's Personal Living Expenses and Husband's Personal Living Expensesp. 239
Page 6-Husband's Ability to Pay Supportp. 239
Page 10-Net Worth Accumulation of Marital Assetsp. 239
Double-dippingp. 240
Ethics and Standardsp. 243
AICPA's Code of Professional Conductp. 244
AICPA's Independence Requirementp. 246
AICPA's Rule 102p. 249
AICPA's Rule 201p. 251
CPAs and Client Confidentialityp. 258
Contingency Fees, Unpaid Fees, and Future Streams of Incomep. 259
AICPA's Statement on Standards for Consulting Servicesp. 262
AICPA's Statement on Standards for Valuation Servicesp. 264
Special Report 08-1p. 265
Reports and Testimonyp. 267
Report Requirementsp. 268
The Scheduling Orderp. 274
Preparing for an Opposing Expert Depositionp. 276
What Deposition Style Should You Use?p. 279
The Deposition Questionsp. 280
Scoping Out the Opposing Expertp. 281
Defending Your Client's Expert Depositionp. 282
Strategic Decision: Old School vs. New Schoolp. 283
Trial Preparationp. 284
Direct Examination of the Client's Forensic Accountantp. 286
Exhibitsp. 286
Planning the Direct Examinationp. 288
The Opinion and Attack Phasesp. 303
Cross-Examinationp. 304
Conclusionp. 307
Bibliographyp. 309
Burrage & Johnson Agreementp. 313
Sample Company Financial Statementsp. 321
Riker Reportp. 325
Deposition Question Checklist: Opposing Forensic Accountantp. 351
Indexp. 373
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