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INCORPORATING CUTTING EDGE FORENSIC …

9/30/2015. INCORPORATING " CUTTING EDGE". FORENSIC ACCOUNTING TECHNIQUES /. METHODOLOGIES INTO COLLEGE /. UNIVERSITY AUDITING. Presenter : Collin A. A. greenland Executive Chairman KAIZEN MANAGEMENT CONSULTANTS. Wednesday, 9/30/2015, 1:10:00 PM 2:50:00. 2015 ANNUAL CONFERENCE. Indianapolis To Sensitize / Review the essential aspects of FORENSIC Accounting, Definition, Nature, etc. To Expose / Review the Need / Demand for FORENSIC Accounting Generally, and Specifically for University Internal Auditors. To Expose and Explain to Attendees the types of FORENSIC Assignments / Applications, the Main Elements of a FORENSIC Audit, and How it is Conducted. To Introduce CUTTING Edge FORENSIC Accounting Methodologies, Techniques and Technology into University Internal Auditing. 2015 ANNUAL CONFERENCE. Indianapolis 1. 9/30/2015. WHAT IS FORENSIC ACCOUNTING ? DEFINITION 1. : The application of financial skills and an investigative mentality to unresolved issues, conducted within the context of the rules of evidence.

9/30/2015 1 2015 ANNUAL CONFERENCE Indianapolis Presenter : Collin A. A. Greenland Executive Chairman KAIZEN MANAGEMENT …

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Transcription of INCORPORATING CUTTING EDGE FORENSIC …

1 9/30/2015. INCORPORATING " CUTTING EDGE". FORENSIC ACCOUNTING TECHNIQUES /. METHODOLOGIES INTO COLLEGE /. UNIVERSITY AUDITING. Presenter : Collin A. A. greenland Executive Chairman KAIZEN MANAGEMENT CONSULTANTS. Wednesday, 9/30/2015, 1:10:00 PM 2:50:00. 2015 ANNUAL CONFERENCE. Indianapolis To Sensitize / Review the essential aspects of FORENSIC Accounting, Definition, Nature, etc. To Expose / Review the Need / Demand for FORENSIC Accounting Generally, and Specifically for University Internal Auditors. To Expose and Explain to Attendees the types of FORENSIC Assignments / Applications, the Main Elements of a FORENSIC Audit, and How it is Conducted. To Introduce CUTTING Edge FORENSIC Accounting Methodologies, Techniques and Technology into University Internal Auditing. 2015 ANNUAL CONFERENCE. Indianapolis 1. 9/30/2015. WHAT IS FORENSIC ACCOUNTING ? DEFINITION 1. : The application of financial skills and an investigative mentality to unresolved issues, conducted within the context of the rules of evidence.

2 As a discipline, it encompasses financial expertise, fraud knowledge, and a strong knowledge and understanding of business reality and the working of the legal system. (SOURCE : Fraud Auditing and FORENSIC Accounting : New Tools and Techniques, by Jack Bologna and Robert J. Lindquist, John Wiley & Sons, New York, 1987. 2015 ANNUAL CONFERENCE. Indianapolis WHAT IS FORENSIC ACCOUNTING (CONTD.)? DEFINITION 2. : FORENSIC accounting (or auditing) is the integration of accounting, auditing and investigative skills in order to provide an accounting analysis suitable for the resolution of disputes (usually but not exclusively) in the courts. ( Demystifying FORENSIC Accounting, by Collin greenland , The Weekend Observer, Pg. 5, December 7, 2001). 2015 ANNUAL CONFERENCE. Indianapolis 2. 9/30/2015. WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. FORENSIC accountants are required to be familiar with legal concepts and procedures and must be able to identify substance over form when dealing with an issue.)

3 FORENSIC engagements usually require the analysis, interpretation, summarization and presentation of complex financial and business-related issues in a manner which is both understandable and properly supported. 2015 ANNUAL CONFERENCE. Indianapolis WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. FORENSIC accountants are required to be familiar with legal concepts and procedures and must be able to identify substance over form when dealing with an issue. FORENSIC engagements usually require the analysis, interpretation, summarization and presentation of complex financial and business-related issues in a manner which is both understandable and properly supported. 2015 ANNUAL CONFERENCE. Indianapolis 3. 9/30/2015. WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. According to the American College of FORENSIC Examiners Institute, (ACFEI) a group of their educators have broken FORENSIC accounting into 75 topics as Follows (in alphabetical order) : 1.

4 Accounting systems and the detection of fraud 2. Analytical procedures 3. Analyzing financial statements 4. Antitrust 5. Bankruptcy 6. Billing schemes 7. Bribery and corruption investigation 8. Business interruption 2015 ANNUAL CONFERENCE. Indianapolis WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. 9. Business valuations and cost estimates 21. Cyber fraud and computer topics 10. Check tampering 22. Detecting management and employee fraud 11. Civil and criminal fraud statutes and regulations 23. Document collection and analysis 12. Common fraud schemes 24. Elements of fraud, pressure, opportunity, 13. Compliance with applicable laws and and rationalization regulations 25. Environmental and personal red flags 14. Computers and computer fraud 26. Expert witness and expert testimony 15. Concealing fraud in accounting techniques 16. Concealment investigative methods 27 Financial statement fraud 17. Conflicts of interest investigative techniques 28. Financial reporting process 18.

5 Conversion investigative methods 29. Finding assets and people 19. Corporate governance 30. FORENSIC accounting practices 20. Criminology and white-collar and economic 31. FORENSIC and general accounting crimes and general accounting 32. Fraud auditing methodology 2015 ANNUAL CONFERENCE. Indianapolis 4. 9/30/2015. WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. 33. Fraud perpetrators and their motivations 47. Knowledge of the legal system 34. Fraud prevention and fraud policies 48. Legal elements of fraud 35. Fraud schemes / 36. Fraud statistics 49. Litigation consulting techniques 37. Fraud symptoms and computer-aided fraud 50. Loss prevention investigation auditing techniques 51. Loss prevention programs 38. Fraud symptoms / 39. Fundamentals of fraud 52. Money laundering 40. Hidden assets 53 Occupational fraud 41. Internal control evaluation 54. Off-book accounting and financial 42. Interrogation statement fraud 43. Interview principles and methods to evaluate 56.

6 Overview of ethics deception 57. Overview of fraud auditing and fraud 44. Inventory and asset theft investigation 45. Investigation of financial crimes and legal 58. Overview of the legal elements of fraud elements 59. Payroll and expense reimbursement 46. Kiting 60. Phases of FORENSIC accounting 2015 ANNUAL CONFERENCE. Indianapolis WHAT IS FORENSIC ACCOUNTING (CONTD.)? THE NATURE OF FORENSIC ACOUNTING. 61. Principles of ethics and corporate code 68. Techniques in locating hidden assets of conduct 69. The civil justice system 62. Professional liability 70. The criminal justice system 63. Resolution of allegation of misconduct 71. Theft and skimming 64. Rules of evidence 72. Theft act investigative methods 73. Theory of fraud examination and 65. Skills required of the FORENSIC accountant prevention 66. Statistical sampling 74. Trial and cross-examination 67. Tax consequences 75. Who commits fraud 2015 ANNUAL CONFERENCE. Indianapolis 5. 9/30/2015. THE NEED / DEMAND FOR. FORENSIC ACCOUNTING.

7 In 1999, Kessler International, who was named in 2011 as the FORENSIC Accounting Firm of the Year by ACQ magazine, were quoting (US)$300 / hour for FORENSIC consultations.. In 2002 (February 18, 2002) a News and World Report cover story ranked FORENSIC accounting as the number one most secure career track. The article was entitled Sherlock Holmes, Meet Enron and claimed nearly 40% of the top accounting firms were expanding their fraud and FORENSIC services. 2015 ANNUAL CONFERENCE. Indianapolis THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). In fact the journal, Accounting Today in their 2007 survey of the top 100 accounting firms revealed between 77% and 78% citing FORENSIC accounting growth on their radar. 2015 ANNUAL CONFERENCE. Indianapolis 6. 9/30/2015. THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). The demand for FORENSIC Accounting services was further confirmed when one examines the World Statistics of fees earned in 2010 (published by the IAB in January 2011): 2015 ANNUAL CONFERENCE.

8 Indianapolis THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). In their 2011 FORENSIC and Valuation Services (FVS) Trend Survey, the American Institute of CPAs (AICPA) predicted an increase in demand for their services in the next two to five years. These predictions were mirrored by the IBISW orld report, reported that Profits in the profession total $ million and wages total $ billion - Seventy-nine percent of FORENSIC and Valuation Services professionals participating in that survey predicted an increase in demand for their services in the next two to five years. In 2012, both the Journal of Accountancy and CGMA Magazine senior predicted a strong demand strong for FORENSIC accountants in wake of financial crisis, and stated that FORENSIC accounting revenue in the United States was expected to grow annually over the next five years. 2015 ANNUAL CONFERENCE. Indianapolis 7. 9/30/2015. THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). In 2012, IBISW orld reported revenue in FORENSIC accounting in the United States was expected to grow annually from $ billion in 2012 to $ billion in 2017, with a increase in FORENSIC accounting revenue expected for 2013 alone.

9 In 2014, IBISW orld confirmed that over the previous five years, demand for FORENSIC accounting services surged as financial regulation increased and the number of bankruptcies and corporate restructures rose sharply. Businesses turned to the industry for aid in assessing and correcting the damage inflicted during the recession as well as for assistance with litigation. Though internal competition and competition from other industries' in-house FORENSIC accounting services were forecast to rise over the next five years, growth continue as opportunities arise in niche and emerging 2015 ANNUAL CONFERENCE. Indianapolis THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). Today, FORENSIC accounting is now regarded worldwide as one of the 20 hot job tracks of the future and job opportunities abound in law firms, financial organizations, insurance companies, and Government agencies like the FBI, the Internal Revenue Service, and the Bureau of Alcohol, Tobacco and Firearms who constantly investigate everything from money laundering and identity-theft- related fraud to arson and tax evasion.

10 2015 ANNUAL CONFERENCE. Indianapolis 8. 9/30/2015. THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). The consensus amongst both researchers and practitioners today, is that whilst board members, management and other stakeholders continue to expect assurances that an organization is adhering to industry best practices regarding governance and internal controls and that the organization is on sound financial footing, increasingly in light of recent financial scandals, increasingly new and more stringent legal requirements, and the increasing complexity of financial reporting places higher demands on internal audit, and all stakeholders' awareness for risk management is growing. 2015 ANNUAL CONFERENCE. Indianapolis THE NEED / DEMAND FOR. FORENSIC ACCOUNTING (CONTD.). THE NEED / BENEFITS TO INTERNAL AUDITORS. Deloitte Touche for example, in their 2012 survey reported that since their last Internal Audit Fraud Survey in 2010, the mandate and role of Internal Audit functions have continued to evolve, in respect of both fraud risk management and investigation responsibility.


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