Forensic Accounting and Fraud Investigation for Non-Experts

by Silverstone, Howard; Sheetz, Michael; Pedneault, Stephen; Rudewicz, Frank

Edition: 3rd

ISBN13: 9780470879597

ISBN10: 0470879599

Format: Hardcover

Pub. Date: 2012-04-03

Publisher(s): Wiley

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Summary

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.

Preface	p. xiii
Acknowledgments	p. xv
Forensic Accounting and Fraud Overview	p. 1
Forensic Accounting	p. 3
What Is Forensic Accounting?	p. 3
Why Has Forensic Accounting Become the Buzz?	p. 4
Introduction to a Profession	p. 5
Applications for Forensic Accounting	p. 6
A Third Dimension: Contexts within Each Area of Specialization	p. 11
Conclusion	p. 14
Suggested Readings	p. 15
Notes	p. 15
Fraud in Society	p. 17
What Is Fraud?	p. 17
Types of Fraud	p. 21
Other Types of Financial Fraud	p. 25
Sarbanes-Oxley	p. 27
What the Numbers Tell Us about Fraud	p. 28
Categories of Occupational Fraud	p. 29
Drawing Conclusions	p. 31
Society's Perception of Fraud	p. 32
Who Commits Fraud?-Profile of the Typical Fraudster	p. 33
The Social Consequences of Economic Crime	p. 39
Conclusion	p. 39
Suggested Readings	p. 40
Notes	p. 40
Understanding the Basics of Financial Accounting	p. 43
Where It All Begins	p. 43
The Five Accounting Cycles	p. 46
Journals: Subsidiary and General	p. 54
Conclusion	p. 56
Suggested Readings	p. 56
Note	p. 57
Forms of Entities	p. 59
Basics of Business Structures	p. 59
Sole Proprietorships	p. 60
Partnerships	p. 60
Corporations	p. 63
Business Enterprises in the Global Environment	p. 66
Conclusion	p. 70
Suggested Readings	p. 70
Notes	p. 72
Fundamental Principles of Financial Analysis	p. 73
Good Analysis = Due Diligence?	p. 73
Why Perform Financial Analysis?	p. 76
What and Whom Can You Trust?	p. 76
Other Factors to Consider	p. 77
Financial Analysis for the Non-Expert	p. 78
To the Future	p. 85
Conclusion	p. 86
Suggested Readings	p. 87
Notes	p. 87
The Role of the Accounting Professional	p. 89
The Importance of Accounting Professionals in the Investigation	p. 89
The Audit Process	p. 93
Internal Controls	p. 98
Conclusion	p. 101
Notes	p. 101
Financial Crime Investigation	p. 103
Business as a Victim	p. 105
Introduction	p. 105
Employee Thefts	p. 106
Fraudulent Billing Schemes	p. 112
Fraud Committed by Outsiders	p. 113
Management Thefts	p. 114
Corporate Thefts	p. 117
Identity Theft	p. 118
Conclusion	p. 120
Suggested Readings	p. 120
Notes	p. 120
Business Villains	p. 123
Introduction	p. 123
Organized Crime and Business	p. 123
Money Laundering	p. 130
Conclusion	p. 137
Suggested Readings	p. 138
Notes	p. 139
The Investigative Process	p. 143
Introduction	p. 143
Case Initiation	p. 144
Case Evaluation	p. 145
Solvability Factors	p. 147
Goal Setting and Planning	p. 148
Investigation	p. 156
Background	p. 158
Conclusion	p. 166
Suggested Readings	p. 167
Notes	p. 167
Interviewing Financially Sophisticated Witnesses	p. 169
Introduction	p. 169
The Interview	p. 170
Interviewing Financially Sophisticated Witnesses	p. 185
Conclusion	p. 188
Suggested Readings	p. 189
Notes	p. 190
Proving Cases through Documentary Evidence	p. 193
Introduction	p. 193
Document Collection	p. 194
Document Organization	p. 207
The Process of Proof	p. 211
The Logic of Argument	p. 213
Proof through Inference	p. 217
Conclusion	p. 221
Suggested Readings	p. 222
Notes	p. 224
Analysis Tools for Investigators	p. 227
Introduction	p. 227
Why Use Analysis Tools at All?	p. 227
Associational Analysis	p. 229
Temporal Analysis	p. 246
Conclusion	p. 252
Suggested Readings	p. 252
Notes	p. 253
Inferential Analysis	p. 255
Introduction	p. 255
How Inferential Analysis Helps	p. 255
What Is an Inference Network?	p. 256
Investigative Inference Analysis	p. 259
The Key List	p. 263
Constructing an Investigative Inference Chart	p. 264
Plotting the Chart	p. 268
Some Tips for Charting Success	p. 272
Applying the Chart to the Investigative Process	p. 273
Conclusion	p. 275
Suggested Readings	p. 275
Notes	p. 277
Documenting and Presenting the Case	p. 279
Introduction	p. 279
Creating a System	p. 279
The Casebook System	p. 280
Report Writing	p. 287
Testifying as a Financial Expert	p. 290
Conclusion	p. 305
Suggested Readings	p. 305
Notes	p. 306
About the Authors	p. 309
Index	p. 311
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