Book description
Recent catastrophic business failures have caused some to rethink the value of the audit, with many demanding that auditors take more responsibility for fraud detection. This book provides forensic accounting specialists experts in uncovering fraud with new coverage on the latest PCAOB Auditing Standards, the Foreign Corrupt Practices Act, options fraud, as well as fraud in China and its implications. Auditors are equipped with the necessary practical aids, case examples, and skills for identifying situations that call for extended fraud detection procedures.
Table of contents
- Cover
- Series
- Title Page
- Copyright
- Preface
- Acknowledgments
-
Chapter 1: 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
- Chapter 2: Psychology of the Fraudster
-
Chapter 3: 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
- Chapter 4: Auditor Responsibilities and the Law
- Chapter 5: When and Why to Call in Forensic Accounting Investigators
-
Chapter 6: 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
- A TRAGIC CIRCUMSTANCE
- REPORTING RELATIONSHIPS: A KEY TO EMPOWERING FRAUD DETECTION
- TOMORROW'S INTERNAL AUDITOR, TOMORROW'S MANAGEMENT AND BOARD
-
Chapter 7: 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
-
Chapter 8: 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
- Chapter 9: Personal Privacy and Public Disclosure
- Chapter 10: Building a Case: Gathering and Documenting Evidence
-
Chapter 11: 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
- Chapter 12: Potential Missteps: Considerations When Fraud Is Suspected
-
Chapter 13: 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
- Chapter 14: Investigative Techniques
-
Chapter 15: 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 VERSUS ENABLING LEGISLATION
- ETHICAL DEBATES SURROUNDING CORPORATE INTELLIGENCE
- SUMMARY
- Chapter 16: The Art of the Interview
- Chapter 17: Data Mining
-
Chapter 18: 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
- Chapter 19: Supporting a Criminal Prosecution
- Chapter 20: Working with Attorneys
- Chapter 21: Financial Reporting Fraud and the Capital Markets
-
Chapter 22: 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
-
Chapter 23: 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
- Chapter 24: Ponzi Schemes
-
Chapter 25: 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
- IMPACT OF MONEY LAUNDERING ON FINANCIAL STATEMENTS
- AML AND FORENSIC ACCOUNTING INVESTIGATION
- LEGAL ARRANGEMENTS LENDING THEMSELVES TO ANONYMITY
- AUDITING AND MONEY LAUNDERING
- RELATIONSHIP BETWEEN FRAUD INVESTIGATION AND AML
- Chapter 26: Foreign Corrupt Practices Act
- Chapter 27: Construction Projects
- Chapter 28: Contract Compliance
- Chapter 29: Other Dimensions of Forensic Accounting
- Chapter 30: Corporate Remediation
- Index
Product information
- Title: A Guide to Forensic Accounting Investigation, 2nd Edition
- Author(s):
- Release date: May 2011
- Publisher(s): Wiley
- ISBN: 9780470599075
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