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

Fresh catastrophic enterprise disasters have prompted a few to reconsider the worth of the audit, with many challenging that auditors take extra accountability for fraud detection. This ebook presents forensic accounting specialists?experts in uncovering fraud?with new assurance at the most up-to-date PCAOB Auditing criteria, the overseas Corrupt Practices Act, ideas fraud, in addition to fraud in China and its implications. Auditors are outfitted with the required useful aids, case examples, and abilities for selecting events that decision for prolonged fraud detection approaches

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And once in place, they’re hard to detect. The chances are good that a predator who wants access to company assets will accomplish that goal regardless of the controls established to prevent intrusion. Fraud deterrence and detection controls are often robust enough to stop other types of white collar criminals, but they may not stop the predator. The best defense against predators—somewhat sadly and disturbingly—is a thorough background check before hiring. This is a key element of an antifraud program.

They help, as well, to ensure that necessary actions are taken to address risks that may prevent the achievement of the organization’s objectives. 55 Information and Communication. Successfully operating and controlling a business usually requires the preparation and communication of relevant and timely information. This function relies in part on information systems that produce reports containing operational, financial, and compliance-related data necessary for informed decision making. Communication should also occur in the broader sense, flowing down, up, and across the organization, so that employees understand their own roles and how they relate to others.

Entities that suspect or experience a fraud should undertake a series of steps to credibly maintain and support the other elements of the fraud deterrence cycle. Investigative findings often form the basis for both internal actions such as suspension or dismissal and external actions52 against the guilty parties or restatement of previously issued financial statements. An investigation should also form the basis for remediating control procedures. Investigations should lead to actions commensurate with the size and seriousness of the impropriety or fraud, no matter whether it is found to be a minor infraction of corporate policy or a major scheme to create fraudulent financial statements or misappropriate significant assets.

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