About Fraud & Forensic Accounting
With the world economy still in recession, fraudsters have become even more creative with their methods of scamming the public. Keep abreast of various kinds of fraudulent activities to avoid becoming a victim. There will be no dearth of job opportunities for a Forensic Accountant/Fraud Examiner
Accountants' Professional Shape
Bankruptcy proceedings today more than ever require forensic accountants active involvement. Being aware of the Bankruptcy basics is one step closer to being in a good professional shape.
Audit Programs and Tests
Many fraudulent instances could be prevented if auditors acted proactively when applying tests of transactions or tests of balances. They could be confronted with lawsuits when they miss wrongdoing performed by management and others.
Bankruptcy Fraud and Forensic Accountants
Being aware of fraud schemes related to bankruptcy and how they are perpetrated is crucial for the success of an investigation where a forensic accountant is involved.
Behind Fraudulent Financial Reporting
What transpires behind financial reporting? SEC investigations, investors deceived, accountants fined and sanctioned by the SEC, fraud victims seeking recovery of their losses.
Behind WallStreet Meltdown
Fraud and greed are two powerful words that played a major role in the financial meltdown. Greedy mortgage brokers account for 87.6% of the fraud for housing statistics revealed by the government. Naive citizens who entered into questionable mortgages ended up into a foreclosure process.
Connecting the Dots
The connection between economic cases is money. Follow the money is a must when investigating fraud. Forensic Accountants connect the dots.
Enabling Fraud Environments
Michelle got away with her fraud schemes for a while until she was convicted of embezzlement and tax evasion. Enabling fraud situations is a trend in organizations that have a disregard for or lack of internal controls.
Financial Accounting and Its Standards
Financial accounting is a process that culminates in the preparation of financial reports of an entity. Standard-setting bodies have issued principles to ensure fair, accurate, and reliable financial information. Forensic accountants play an important role when investingation fraudulent accounting.
Financial Ratios Analysis
Being proficient in financial analysis is a core skill expected of every accountant. Forensic accountants develop tables to prove findings and conclusions reached. An image is worth thousand words. A look at a list of financial ratios during a given period helps determine if results are as expected.
Forensic Accounting - A Weakening Call
Forensic accounting has appeared as a valuable aid for business owners and a great opportunity for accountants that want to enhance their careers. Bringing fraud awareness and investigating fraud are just a sample of what it accomplishes. Philip´s case is a reflection of the need and its service.
Forensic Accounting is Challenging
Forensic accounting is a field plenty of opportunities. The business world has been taking over by fraud schemes and forensic accountants are making a difference by bringing to the surface what has been hidden to investors, bankers, and government agencies.
Forensic Accounting Quizzes
It will help you to gain a better understanding of forensic accounting and forensic accountants.
Interpretation of Main Financial Ratios
A simple way of providing added value to a customer is to give them a summary of financial ratios. It gives them perspective on the status of their business. Forensic Accounting is a growing field that requires special skills, interpretation of financial ratios is one of them.
Ponzi Schemes and Forensic Accountants
Not only the financial world has been shaken with Bernard Madoff's Ponzi scheme. The Accounting profession image has been again questioned when external auditors issued a clean report on audited financial statements of Madoff's firm.Forensic accountants are helping the SEC to uncover this scheme.
Revenue Recognition for Long-Term Contracts
Revenue recognition is accelerated inappropriately with the purpose of reflect a deceitful sustainable financial position.Long-Term contracts are subject to specific rules of revenue recognition depending on the method used.
Risk Assessment and unusual transactions
Identifying unusual transactions is an important responsibility auditors face. The PCAOB issued Staff Audit Practice Alert No. 5,AUDITOR CONSIDERATIONS REGARDING SIGNIFICANT UNUSUAL TRANSACTIONS. Knowing the categories of unusual transactions and what goes with each is the first step.
SEC Actions, why reactive rather than preventive?
The Securities and Exchange Commission described its actions as a result of the economic and financial crisis. Could it have been prevented? How will the Accounting profession make a difference in re-gaining public trust?
Sign Up for the Forensic Accounting Newsletter!
Forensic Accounting is plenty of opportunities for accountants. Take advantage of these opportunities by learning how crooks commit fraud. My newsletter will bring you information up to date.
Owners'Equity is a major source of assets of an entity. It represents the evidence of the shareholders' ownership claims of the shares of stock of an entity.
When Accountants Foster Fraud
Accountants should play a decisive role preventing and detecting fraud. When investors seek assistance from accountants, their responsibility is to be totally unbiased and objective. Securities fraud is pervasive. This is an area where accountants really could make a difference with their advice.
Worst and Best Case Scenarios
Forensic accountants are familiar with scenario analysis because it is crucial for them to present information in such a way that a layperson may see the difference between one situation and another and its economic impact just by looking at a simple table with both the worst and the best cases.
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