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Why It Makes Sense to Involve a Forensic Technologist in Electronic Discovery

Over 85 Percent of the World’s Information is Stored Electronically, and Over 50 Percent of that Information is Never Printed Out With over 85 percent of the world’s information stored electronically, and over 50 percent of that information never printed out, it’s more important than ever to make sure that electronic discovery related to pending litigation is performed thoroughly—and tracks information on m ...

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How to Calculate Damages that Can Withstand a Challenge—Fraud Files

How Can You Defend "Reasonable Certainty"?  Here are Some Tips One of the common issues raised when an expert calculates damages is “reasonable certainty.”  It is not uncommon for opposing counsel to suggest that the expert’s calculated damages are speculative, explain the editors at the Fraud Files blog.   The calculation of damages necessarily requires estimates and assumptions.  Something has happened, a ...

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Forensic Accountants Need to Know Private-Investigator Laws—Journal of Accountancy

Many States Require CPAs Practicing Forensic Accounting to Now be Licensed as Private Investigators.  The AICPA Provides an Online Guide. Jeff Drew at the Journal of Accountancy reports that the AICPA has made available to members an online guide detailing which states and cities require CPAs practicing forensic accounting to be licensed as a private investigator.  Here's more detail: ...

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Key Points to Cover in Corporate Financial Status Reviews

The Impact of Fraud and Abuse Can Far Exceed the Value of Stolen Money—Civil Penalties Are Often Exorbitant Clients often look to their attorneys as trusted advisors on the issue of prevention of corporate fraud, waste, and abuse. In this article, Joe Epps identifies the impact occupational fraud and abuse has on a company; present governmental oversight issues associated with fraud and abuse; and several c ...

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Financial Forensics in Arson Cases

Net Cash Flow is Often the Most Significant Single Factor in a Financial Condition Analysis A financial expert in an arson case answers four questions: What changes occurred in financial condition prior to the date of the fire? What was the financial condition at the date of the fire? What was the future financial picture if there had not been a fire? Was there a potential financial benefit from the fire?  ...

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Fraud Triage: First Steps When Fraud Is Discovered

A Solid Checklist to Help Businesses Deal with the Immediate Hours after Discovery of Fraud The discovery of fraud within a company can be extremely unnerving and can introduce a certain amount of panic in business owners and accounting professionals. Here’s a checklist of things you should be sure to do—from contacting law enforcement and insurers to preserving evidence and communicating with employees. ...

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How to Commit a $200 Million Scam: Inside the Year’s Most Shocking Credit Card Fraud —Daily Beast

The FBI Says it Busted an 18-Person Ring that Spanned 8 Countries and 28 States.  Make Up. Pump Up. Run Up. Daniel Gross at The Daily Beast explains:  It’s not the latest exercise fad. Rather, according to the Justice Department and the Federal Bureau of Investigation, it’s the three-step process through which an 18-person ring allegedly committed a stunning $200 million credit-card fraud.   Here're the bas ...

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Protecting Your Electronic Intellectual Property

First, Define a Computer Use Policy for Your Firm How can you best protect against IP theft—or simple misuse—by employees? Karl Epps explains that a solid first step is defining a computer use policy establishing approved policies and protocols for removable media, offsite storage, remote access, and laptops. Here’s an overview of common problem areas and software and policies that can help best address the ...

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Intellectual Property Forensic Analysis Valuation Considerations

Different Standards of Value Apply to Different Sort of Intellectual Property Valuations. Here’s Why it Matters—and How to Figure Which Standards Apply. Robert Reilly explains how different sorts of intellectual property (patents, trademarks, copyrights, and trade secret) valuations have different objectives depending on their varying purposed. It’s critical to understand those objectives in order to define ...

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Investigating Embezzlement: Three Big ‘Don’ts’

Whether you are engaged in a business valuation or a forensic investigation, do you know exactly what to do if you suspect that an employee of the subject company is committing theft? Darrell Dorrell and Gregory Gadawski provide company owners, CFOs, valuators, and forensic accountants with a check list of how to proceed in fraud investigations. The key procedural ingredient is caution. Here’s why. ...

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Book Review: Anatomy of a Fraud Investigation

Learn How the Pros Take Down an Embezzlement Scheme and Gather Tips on How to Best Defend Your Own Practice. Mark S. Warshavsky reviews Stephen Pedneault’s Anatomy of A Fraud Investigation. The book combines a step-by-step recounting of best practices with real-life drama as investigators discover, investigate, and resolve a fraud incident—a fantastic guide to how to defend against and uncover fraud. ...

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ACFE Fraud Museum Displays Bernie Madoff’s Cigar Box, Enron Stock, Nigerian Fraud Letters, More —Accounting Today

Fraud's History is Impressive: From Over-the-Counter Cure-Alls to Florida Real Estate and Musical Talent Fraud The Association of Certified Fraud Examiners has built up a choice collection of fraud souvenirs under founder and chairman Dr. Joseph T. Wells. Visit the Accounting Today site to see  some of the most notable pieces, which include Bernie Madoff’s cigar box, an Enron stock certificate, a Nigerian F ...

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What’s Your Fraud IQ?

How Much Do You Know about Protecting Personal and Corporate Information from Would-be Fraudsters? Find out what you know about how to analyze credit, what causes data breaches, what precautions to take when accessing hotspots in an airport with a laptop, current identity theft laws, and controlling physical access to restricted areas. ...

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Corporate investigation may lack the glamour of Bond and Bourne, but the two worlds aren’t so far removed.

Corporate investigation may lack the glamour of Bond and Bourne, but the two worlds aren't so far removed.  Former Kroll analyst Chris Morgan Jones tells The Independent's Tim Walker why.  Due diligence and forensic accounting don't set the pulse racing like, say, the trailer for the latest 007 movie, so it's quite a feat for Morgan Jones to have conceived a thriller about business intelligence that is genu ...

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SEC Ramps Up—New Enforcement Tools Include Cluster Analysis, Fuzzy Matching. Plus—Open Channels to DOJ, FBI.

"With New Firepower, S.E.C. Tracks Bigger Game,"  Ben Protess and Azam Ahmed  report at the New York Times Dealbook. Embarrassed after missing the warning signs of the financial crisis and the Ponzi scheme of Bernard L. Madoff, the agency’s enforcement division has adopted several new — if somewhat unconventional — strategies to restore its credibility. The S.E.C. is taking its cue from criminal authorities ...

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Black-Scholes: The Math Formula Linked to the Financial Crash. –BBC

This piece really has no new information in it, so if you're looking for that, you can stop reading here. Instead, it's for Anglophiles.  Observers of British culture.   The BBC recently posted rather prominently a piece pondering the tragedy of the human condition wistfully, as it so often does.   Well, that's not quite what the article was about.  Actually, it's rather hard to tell what the article is abo ...

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Psychology Of Fraud: Why Good People Do Bad Things

Psychology Of Fraud: Why Good People Do Bad Things NPR's Chana Joffe-Walt and Alix Spiegel have put together a fascinating podcast that examines the psychology of fraud. It often isn’t as easily explained as bad people doing bad things. Ethicists and psychologists have documented an unusually high number of people who start out, in their minds, doing the right thing. The story follows the case of Toby Grove ...

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