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Forensic Accounting

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by

Jason Lo

on 10 June 2010

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Transcript of Forensic Accounting

THANK YOU FOR YOUR ATTENTION! A Rather Elementary Observation... CSI: AccountING The World of Forensic Accounting by Jason Lo What is Forensic Accounting? 'Forensic' means the "application of knowledge to legal problems"
'Accounting' is the system of recording business transactions
1+1 = 2 'Forensic Accounting is the combination of these two.
Forensic accountants combine their knowledge of accounting and the law to investigate legal problems within the accounting system
CLU3M1 BAF3M1 Why InvestIGATE A BUSINESS? employee theft
securities fraud
insurance fraud
fraud, theft... IN THE COURTROOM be able to communicate information clearly
must break down in detail the investigation for the laypeople The Role of the Forensic Accountant interpret and analyze financial and business legal problems
summarize their findings in a clear and understandable way
can be be hired by a firm or work in the accounting department of a business
Legal + Finance investigate and analyze financial evidence (i.e. source documents)
must be familiar with legal concepts and procedures
use specialized forensic accounting computer programs to help them with their analysis and presentation of the financial evidence
evidence is often presented through documents, exhibits, reports Conducting an Investigation 1. Meet with government representative, attorney, or client to get the background information and details of the crime.
2. Begin the research - plan, investigate. 4. Interview the accused + any other parties involved 5. Analysis begins 6. Presentation and Report 3. Search the records and documents. LITIGATION SUPPORT forensic accountants can be hired for litigation support by attorneys
are hired to provide their expert knowledge of business law Becoming a Forensic Accountant complete knowledge of all GAAPs
be very familiar with legal practices ("forensic") and business practices ("accountant")
Becoming a Forensic Accountant Bachelor's degree in Accounting
Accounting Designation (CA, CMA, CGA)
A plethora of courses related to accounting, business, and law must be taken additionally
Complete a program of professional studies Get practical work experience Write and pass an examination Salary starting salary: $40 000 - $75 000
several years of experience: $75 000 - $200 000
average salary: $164 000 Forensic Accounting in Action as recently as May 4 2010, a large case of fraud was uncovered and actively investigated in Alberta
BANK OF MONTREAL ALLEGES HUGE MORTGAGE FRAUD In May 2010, BMO filed a lawsuit against hundreds of people from Alberta - lawyers, mortgage brokers, BMO employees
the alleged fraud was unprecedented. IT WAS THAT BIG (long period of time, large numbers of scams, large numbers of people) HOW IT WORKED Buy the worst house on the block in a good neighbourhood Fool the bank Hire a straw buyer Create fake documents; fool the bank again. Pocket the leftover money. 1)forensic accountants:
a) Are HIRED TO DEFEND CRIMINALS IN COURT
B) ARE HIRED TO DEFEND BANKS IN COURT
C) ARE HIRED TO SHARE THEIR EXPERT KNOWLEDGE IN BUSINESS AND LAW
d) aRE HIRED TO SHARE THEIR EXPERT KNOWLEDGE IN FORENSICS
e) None of the below. C) ARE HIRED TO SHARE THEIR EXPERT KNOWLEDGE IN BUSINESS AND LAW 2) Name a reason for investigation within a business. Reasons for investigation within a business include employee theft, securities fraud, insurance fraud, and other types of fraud and theft 3) The first and last steps when conducting an investigation are:
a) Begin the research / Appear in court to testify.
b) Meet with the government rep, attorney, or client to get background info and details / Appear in court to testify
c) Begin the research / Tell the lawyer your findings.
d) Meet with the government rep, attorney, or client to get background info and details / Prepare a summarizing report
e) It's b). It's d). 4) LITIGATION SUPPORT IS:
a) #1
b) A)
c) all of the above
d) none of the above 5) A forensic accountant can earn up to:
a) $9.50/hr
b) $250 000/year
c) $25 000/month
d) $200 000/year
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