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Unlike most financial litigation training that tends to be general in scope, the Foundations of Financial Forensics Workshop, offered by the Consultants’ Training Instituteprovides attendees with an understanding of the professional responsibilities and legal underpinnings necessary to providing credible financial forensics services along with an overview of the highest growth areas of financial forensics practice.  The nationally recognized and seasoned financial forensic experts who teach the program also dive into the methodologies and approaches for calculating damages, financial investigative and forensic accounting techniques, skills development for communicating with judges, attorneys, and juries, and practice building strategies that are being employed by successful and emerging financial forensic analysts.

Tips for Thwarting Currency Fraud

  Daily trading of foreign currencies is estimated to be about $5 trillion—a staggering figure, no doubt, but the sheer volume of the foreign currency market coupled with other factors such as weakened international regulation, the misapplication of translation standards, and the introduction of virtual currencies (bitcoin) has given rise to an environment where hedging, speculation, and fraud are prev ...

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An Embezzler—in His Own Words

  Nathan J. Mueller embezzled $8.5 million in barely four years from financial giant, ING through a series of corporate incompetence, “happy” accidents and missteps inside the company. His case is unique in the amount of money he stole and the length of time it went undetected. The breach of controls at ING was astonishing, but not nearly as incredible as hearing Mueller describe how easy it was in his ...

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Test Your Fraud IQ

  Eventually, everyone who works with or around money professionally comes across a particular transaction that just doesn’t look right. Lots of these eyebrow raisers turn out to be false alarms, and some even have odd, albeit legitimate and legal explanations. Still, there are those that defy explanation of any kind. If you’re not in the business of looking for fraud on a daily basis, will you be able ...

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The Big “R”

Three key elements of fraud risk assessment Organizations that have not performed a fraud risk assessment may be two-thirds more likely to suffer a fraud-related event, states KPMG-endowed fraud and forensic accounting professor Larry Crumbley. Learn the three key elements that a company’s fraud risk assessment should address. ...

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Auditing the Auditors

The International Forum of Independent Audit Regulators (IFIAR) recently released its second annual Survey of Inspection Findings for the year 2013. The report includes findings from IFIAR members’ (international audit regulators independent of the audit profession) inspections of audit firms, primarily those associated with the largest international audit firm networks. Findings from audit firm activities ...

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Degree in Deception

Misuse of university endowments and school funding tax dollars Money laundering is usually associated with criminal activity, but that is a narrow view. Money laundering takes many forms. In this article, Professor Larry Crumbley contends that money laundering occurs in multiple instances—from the local school board to the university setting. Learn the keys to identify the misappropriation and misuse of fun ...

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Normalization Adjustments

Are there hidden risks to the valuator? The best defense against liability is a good offense. As Joseph Petrucelli explains in this article, a good starting point to ensure the appropriate level of professional skepticism and due professional care is maintained in engagements is asking the question: “What would a reasonable person think about my judgment?” ...

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Forensic Case Study Summary: Calculating Fair Market Value

Reconstructing gross profits Mr. Kremer provides an overview of the techniques utilized in a shareholder oppression action where he was engaged to calculate the fair market value of the company. The challenge in this forensic and valuation engagement was that the company collected a substantial portion of the revenues in cash, and the reporting did not appear to be accurate. ...

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The Z-Score Revisited

Uses of the Z-score in litigation and insolvency matters Dr. Edward Altman’s Z-score turned 45 years old this month. For the operations-focused valuation analyst, the Z-score is just as relevant today as it was when Dr. Altman introduced it in September 1968. The key to its enduring success is that it is based on fundamental financial ratios that represent value drivers, even in today’s changing market. ...

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Financial Forensics, Certified Fraud Examiners, and Master Analyst in Financial Forensics

It is far broader than forensic accounting While financial forensics may share some common ground with forensic accounting, these professions are far from identical twins. D. Larry Crumbley, CPA, MAFF lays out the differences between these often misunderstood professions and explores the academic factors that may be contributing to the confusion. ...

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Crossing the Line: Creative Accounting or Fraud

Financially-sound companies can more easily obtain lines of credit at low interest rates, as well as more easily issue debt financing or issue bonds on better terms. Companies often take advantage of loopholes to present themselves as more profitable than they are. Most do it in a way that they’re not technically breaking the law, but ethics certainly come into question. When should you be concerned and whe ...

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Of Forensic Interest

Nothing simple about interest The takeaway from current research and practice within the forensic financial analyst profession is to stay current on methodology and to conduct your analysis in such a manner that can be explained and defended. ...

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Navigating Fraud

Testing the high risk waters in today’s business environment The absence of a fraud risk management (FRM) program exposes a company to financial losses and legal liability if a fraud investigation is not properly handled and the employee is wrongfully discharged, or his or her privacy rights are violated. A FRM program addresses the above concerns and establishes controls every company should have to identi ...

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Fraud Risk Management: Is Your Company Proactive?

The fictional character Fleet Walker provides real world advice Assessing, improving and monitoring anti-fraud programs are key elements of an effective internal control structure. Many companies have a long way to go to address the challenges of fraud and corruption. In this brief article, Professor Crumbley suggests that as a starting point, we consider the steps taken by Fleet Walker (a fictional charact ...

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Financial Institutions See Increasing Threat with Disposable E-mail

In response to having their E-mail addresses constantly traded and sold only to end up being bombarded by spam, consumers have struck back at retailers and corporations. They’ve pulled the plug on the unwanted online marketing mayhem with what’s known as disposable E-mail addresses (DEA).  Accounts don’t require any personal registration information like a name, birthday or location.  They’re also not activ ...

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