A Guide to Forensic Accounting Investigation by Steven L. Skalak, Thomas W. Golden, Mona M. Clayton, Jessica

By Steven L. Skalak, Thomas W. Golden, Mona M. Clayton, Jessica S. Pill

Contemporary catastrophic enterprise mess ups have prompted a few to reconsider the worth of the audit, with many not easy that auditors take extra accountability for fraud detection. This booklet presents forensic accounting specialists?experts in uncovering fraud?with new insurance at the most up-to-date PCAOB Auditing criteria, the international Corrupt Practices Act, concepts fraud, in addition to fraud in China and its implications. Auditors are outfitted with the mandatory useful aids, case examples, and abilities for deciding upon events that decision for prolonged fraud detection approaches.

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FIRST LOOK INSIDE THE FRAUD DETERRENCE CYCLE We have seen that the fraud deterrence cycle involves four elements: corporate governance, transaction-level controls, retrospective examination, and investigation and remediation. Here we want to take a first look inside each of the elements to identify some of their main features. Corporate Governance In our experience, the key elements of corporate governance are: An independent board composed of a majority of directors who have no material relationship with the company An independent chairperson of the board or an independent lead director An audit committee that actively maintains relationships with internal and external auditors An audit committee that includes at least one member who has financial expertise, with all members being financially literate 52 See Chapter 19 for considerations surrounding a referral of matters for prosecution.

19 As a broad classification, corruption straddles both misappropriation of assets and financial statement fraud. ”20 We would expand that definition to include corporate gain as well as private gain. Corruption takes many forms and ranges from executive compensation issues to payments made to domestic or foreign government officials and their family members. Corrupt activities are prohibited in the United States by federal and state laws. S. borders, contributions to foreign officials are prohibited by the Foreign Corrupt Practices Act.

It should be monitored and evaluated for improvements and changes made necessary by changing conditions. The scope and frequency of evaluations of the internal control structure depend on risk assessments and the overall perceived effectiveness of internal controls. 57 To serve the needs of a thorough fraud deterrence cycle, several aspects of control processes are of particular importance. , 33. , 49. , 59. , 69. 55 P1: a/b P2: c/d JWBT442-c01 QC: e/f T1: g JWBT442-Golden March 16, 2011 22 11:57 Printer: Hamilton Printing A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION Processes for signing contracts and other agreements Segregation of duties Information systems access and security controls Proper employment screening procedures, including background checks Timely reconciliation of accounts to subsidiary ledgers or underlying records Cash management controls Safeguarding of intellectual assets such as formulas, product specifications, customer lists, pricing, and so forth Top-level reviews of actual performance versus budgets, forecasts, prior periods, and competitors AUDITING AND INVESTIGATION The remaining two elements of the fraud deterrence cycle are retrospective examination, that is, auditing and investigation, and remediation of any discovered problems.

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