Forensic Accounting and Fraud Investigation for Non-Experts

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  • Edition: 3rd
  • Format: Hardcover
  • Copyright: 2012-04-03
  • Publisher: Wiley

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Forensic Accounting encompasses the process of auditing to recognize and investigate financial fraud occurring in an organization. There is a growing need among law enforcement professionals, small business owners, and department managers to better understand basic forensic accounting principles, how different types of fraud occur, and how to investigate a fraud that is detected in a way that maximizes the chances of successful prosecution of the perpetrator. This book provides a comprehensive primer to all phases of forensic accounting, from detection to conviction.

Author Biography

Howard Silverstone, CPA, FCA, CFE, is Director at Forensic Resolutions, Inc.

Michael Sheetz, JD, is an adjunct professor of business law, ethics, and international law for several universities, and a former appellate law clerk for the Fourth District Court of Appeals.?

Stephen Pedneault, CPA/CFF, CFE, is a Principal of Forensic Accounting Services, LLC, where he specializes in forensic accounting, employee fraud, and litigation support matters. He is an adjunct professor at the University of Connecticut; is the author of Fraud 101: Techniques and Strategies for Understanding Fraud, Third Edition; contributed to Fraud Casebook: Lessons from the Bad Side of Business; and has written articles for state and national publications.

Frank E. Rudewicz has more than thirty years' experience conducting domestic and international investigations for fraud, ethics, and other employment-related conduct. Mr. Rudewicz has been involved in numerous high-profile and sensitive engagements regarding fraud, organized crime, compliance, and security assessments. He has appeared on Dateline NBC, Forensic Files, and various other media outlets for his investigative work. A recognized expert on security and investigations, Mr. Rudewicz lectures and teaches frequently on these topics. He often provides expert testimony and conducts independent inquiries for a variety of employee misconduct issues.

Table of Contents

Prefacep. xiii
Acknowledgmentsp. xv
Forensic Accounting and Fraud Overviewp. 1
Forensic Accountingp. 3
What Is Forensic Accounting?p. 3
Why Has Forensic Accounting Become the Buzz?p. 4
Introduction to a Professionp. 5
Applications for Forensic Accountingp. 6
A Third Dimension: Contexts within Each Area of Specializationp. 11
Conclusionp. 14
Suggested Readingsp. 15
Notesp. 15
Fraud in Societyp. 17
What Is Fraud?p. 17
Types of Fraudp. 21
Other Types of Financial Fraudp. 25
Sarbanes-Oxleyp. 27
What the Numbers Tell Us about Fraudp. 28
Categories of Occupational Fraudp. 29
Drawing Conclusionsp. 31
Society's Perception of Fraudp. 32
Who Commits Fraud?-Profile of the Typical Fraudsterp. 33
The Social Consequences of Economic Crimep. 39
Conclusionp. 39
Suggested Readingsp. 40
Notesp. 40
Understanding the Basics of Financial Accountingp. 43
Where It All Beginsp. 43
The Five Accounting Cyclesp. 46
Journals: Subsidiary and Generalp. 54
Conclusionp. 56
Suggested Readingsp. 56
Notep. 57
Forms of Entitiesp. 59
Basics of Business Structuresp. 59
Sole Proprietorshipsp. 60
Partnershipsp. 60
Corporationsp. 63
Business Enterprises in the Global Environmentp. 66
Conclusionp. 70
Suggested Readingsp. 70
Notesp. 72
Fundamental Principles of Financial Analysisp. 73
Good Analysis = Due Diligence?p. 73
Why Perform Financial Analysis?p. 76
What and Whom Can You Trust?p. 76
Other Factors to Considerp. 77
Financial Analysis for the Non-Expertp. 78
To the Futurep. 85
Conclusionp. 86
Suggested Readingsp. 87
Notesp. 87
The Role of the Accounting Professionalp. 89
The Importance of Accounting Professionals in the Investigationp. 89
The Audit Processp. 93
Internal Controlsp. 98
Conclusionp. 101
Notesp. 101
Financial Crime Investigationp. 103
Business as a Victimp. 105
Introductionp. 105
Employee Theftsp. 106
Fraudulent Billing Schemesp. 112
Fraud Committed by Outsidersp. 113
Management Theftsp. 114
Corporate Theftsp. 117
Identity Theftp. 118
Conclusionp. 120
Suggested Readingsp. 120
Notesp. 120
Business Villainsp. 123
Introductionp. 123
Organized Crime and Businessp. 123
Money Launderingp. 130
Conclusionp. 137
Suggested Readingsp. 138
Notesp. 139
The Investigative Processp. 143
Introductionp. 143
Case Initiationp. 144
Case Evaluationp. 145
Solvability Factorsp. 147
Goal Setting and Planningp. 148
Investigationp. 156
Backgroundp. 158
Conclusionp. 166
Suggested Readingsp. 167
Notesp. 167
Interviewing Financially Sophisticated Witnessesp. 169
Introductionp. 169
The Interviewp. 170
Interviewing Financially Sophisticated Witnessesp. 185
Conclusionp. 188
Suggested Readingsp. 189
Notesp. 190
Proving Cases through Documentary Evidencep. 193
Introductionp. 193
Document Collectionp. 194
Document Organizationp. 207
The Process of Proofp. 211
The Logic of Argumentp. 213
Proof through Inferencep. 217
Conclusionp. 221
Suggested Readingsp. 222
Notesp. 224
Analysis Tools for Investigatorsp. 227
Introductionp. 227
Why Use Analysis Tools at All?p. 227
Associational Analysisp. 229
Temporal Analysisp. 246
Conclusionp. 252
Suggested Readingsp. 252
Notesp. 253
Inferential Analysisp. 255
Introductionp. 255
How Inferential Analysis Helpsp. 255
What Is an Inference Network?p. 256
Investigative Inference Analysisp. 259
The Key Listp. 263
Constructing an Investigative Inference Chartp. 264
Plotting the Chartp. 268
Some Tips for Charting Successp. 272
Applying the Chart to the Investigative Processp. 273
Conclusionp. 275
Suggested Readingsp. 275
Notesp. 277
Documenting and Presenting the Casep. 279
Introductionp. 279
Creating a Systemp. 279
The Casebook Systemp. 280
Report Writingp. 287
Testifying as a Financial Expertp. 290
Conclusionp. 305
Suggested Readingsp. 305
Notesp. 306
About the Authorsp. 309
Indexp. 311
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