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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, and on options fraud, as well as on 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
Preface.
Acknowledgements.
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.
Calculating Criminals.
Situation-Dependent Criminals.
Power Brokers.
Fraudsters Do Not Intend to Harm.
Kinds of Rationalization.
Auditors' Need to Understand the Mind of the Fraudster.
Conclusion.
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.
Appendix: Summary of PCAOB Matters Involving Detection of Fraud.
Chapter 5 When and Why to Call in Forensic Accounting Investigators.
Today's Auditors Are Not Forensic Accounting Investigators.
Auditors Are Not Authenticators.
Auditors Have Limited Exposure to Fraud.
Auditors Are Not Guarantors.
Historically, Audits May Have Been Predictable.
Potential Trigger Points of Fraud.
Reliance on Others.
Conclusion.
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.
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.
Introduction.
Data Privacy: Providing Context.
Data Privacy in the United States.
Data Privacy in the European Union.
Navigating the Legal Differences Between the U.S. and the EU.
Elsewhere around the Globe.
Public Disclosure.
Conclusion.
Chapter 10 Building a Case: Gathering and Documenting Evidence.
Critical Steps in Gathering Evidence.
Whose Evidence Is It?
Evidence Created by the Forensic Accounting Investigator.
What Evidence Should Be Gathered?
Important Considerations regarding Documents and Working Papers.
Conclusion.
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.
Confronting Suspects.
Dismissing the Target.
Assumptions.
The Small Stuff Could Be Important.
Materiality: More on a Key Topic.
Addressing Allegations.
The Case of the Central American General Manager.
Exercising Skepticism.
Case Outcomes.
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.
Timing.
Communication.
Early Administrative Matters.
Predication.
What Should You Know before You Start?
A Word about Insurance.
Exceptions and Other Considerations.
Considerations on International Assignments.
Accounting Issues.
Data Analysis.
Document Review.
Conclusion.
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 vs. Enabling Legislation.
Ethical Debates Surrounding Corporate Intelligence.
Summary.
Chapter 16 The Art of the Interview.
Difficulty and Value of Obtaining an Admission.
Planning for the Interview.
Types of Interviews.
Others May Wish to Attend Interviews.
Interview Process.
Documenting the Interview.
Use of Subterfuge.
Summary.
Chapter 17 Data Mining: Analysis of Structured and Unstructured Information.
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