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The Forensic Accounting Academy™ (Academy), offered by the Consultants’ Training Institute, is the most all-inclusive training in forensic accounting available to date.  The intensive and hands-on, four-day Academy provides a one-stop source of 300+ tools, techniques, methods, and methodologies applicable to virtually any large or small financial matter, whether civil, criminal, or dispute, and defines the financial forensics/forensic accounting profession: “The Art & Science of Investigating People & Money©.”

The Value of Using the Services of a Forensic Accountant in Legal Matters

Engage and Assist Legal Counsel It is critical that the right person with the right expertise, training, and background be selected. This article will describe the various areas of specialization in which a forensic accountant performs, how counsel should select the right professional for the job, and the benefits of using a forensic accountant. ...

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Selecting the Right Forensic Accountant

Can Effect the Outcome of a Case One of the most critical decisions practicing attorneys have to face is the selection of a forensic accountant. The specialized training and expertise of forensic accountants and the role they play, either as consultants or as expert witnesses, can make the difference in the final outcome of a case. However, it is critical that the right person with the right expertise, trai ...

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Forensic Techniques

As a Fraud Deterrence Tool Trained forensic professionals investigate accounting and financial transactions that are, or will become, subject to legal proceedings. It is an early step in a potential war, and many times it is the first shot. Attorneys and c-level executives are often not familiar with forensic techniques and see it as a means to quantify a loss. Financial forensics also provides a means to d ...

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Confronting Corruption

Corporations globally are faced with the complex problem of corruption, states Ravi Venkatesan in “Confronting Corruption” in McKinsey Quarterly.  It takes many forms, and perpetrators are skilled in developing new ways to be corrupt and cover their tracks. In corporations, there are multiple types of corruption, including bribes, extortion, speed money, and employee fraud.  The first steps into anti-corrup ...

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Fraud Prevention 101

Simple Steps to Save Hundreds of Thousands of Dollars By implementing just a few simple steps and procedures, business owners can catch or prevent financial fraud that can have devastating financial and personal consequences. In this article, Chris Hamilton outlines six simple steps business owners can put into practice today. ...

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Cyber Security Breaches Up 48 Percent in 2014

According to the Global State of Information Security Survey 2015 sponsored by PwC, the total number of reported cyber security breaches reported this year jumped 48 percent totaling 42.8 million new occurrences. That’s equivalent to 117,339 successful security attacks happenings per day. In addition, the compounded annual growth rate of detected security breaches has increased by 66 percent every year sinc ...

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PCAOB (AS) No. 18, Related Parties Explained

  The PCAOB recently issued Auditing Standard (AS) No. 18, Related Parties to strengthen auditor performance in the high-risk areas of significant unusual transactions and financial relationships, and transactions with executive officers. The change comes as the result of an internal review where the PCAOB felt the existing protocol did not contain sufficient procedures and was not properly risk-based. ...

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PCAOB Targets Crony Disclosures

  The Public Company Accounting Oversight Board (PCAOB) has beefed up its requirement for auditors to clarify the nature of relationships and transactions between related parties. The new standards were instituted by the PCAOB to counteract a number of factors that it felt were contributing to financial fraud. Ultimately, the intention is to help companies avoid financial failure and reduce harm to inv ...

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Was it Greed or Ignorance?

Forensic professionals endure trench warfare Discovery provides a window of opportunity to gather evidence and develop expert reports. A trained forensics professional can ascertain whether cash deposits were all accounted for or secreted. It is advisable and well worth the time, trouble, and money to retain a forensic professional to conduct an analysis. ...

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Every Picture Tells a Story1

Use of photography in forensic and valuation engagements The purpose of this article is to provide the CPA/expert a brief introduction to the use of photography in a valuation or forensic engagement. It is not intended to be an all-inclusive training manual in forensic photography. Criminal forensic photographic procedures may, due to the differences between civil and criminal law, be materially different. ...

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Grant Thornton Survey: Regulation Overwhelming Auditors

In a recent Grant Thornton survey, more than two thirds (69 percent) of internal audit professionals say they’d love to focus on strategic risks, but regulatory compliance duties and the rising costs they incur are getting in the way. An additional 36 percent said these obstacles prevent resources from being allocated to higher-value priorities. Since almost the beginning of the recent financial global cris ...

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Forensic Accounting Board Resigns

All members of the American Board of Forensic Accounting, the advisory board behind the American College of Forensic Examiners Institute’s (ACFEI) Certified Forensic Accountant credential have recently resigned. The unanimous resignation comes amid questions about the legitimacy of the credential and the organization, as a whole. According to accountingtoday.com, the board resigned en masse after learning f ...

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Bank Failures and Forensic Accounting

In an interesting interview with the Risk & Compliance Journal, David Hoffman, forensic accountant and managing director at Acuitas, Inc. discusses the status of the lawsuits that resulted from the bank failures that occurred in the years following the economic crisis of 2008. At the close of 2013, there were 81 lawsuits involving 127 different banks. Hoffman discusses his role as a forensic investigator in ...

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Incentives for Auditors to Tell the Truth

In an opinion piece for The New York Times, M.I.T economics professor, Michael Greenstone, examines the parallels between Enron, the corporate accounting scandals of the early 2000’s and the sub-prime mortgage crisis/Great Recession of present day.  Greenstone points out that the biggest similarity and ethical hurdle in both scenarios is the fact that auditors were hired and paid for by the very firms they ...

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Marital Property: What’s Mine is Mine and What’s Yours is Mine—or Is It?

Forensic accountants are key in the division of marital property in divorce. Forensic analysts in marital litigation support must understand the nuances of jurisdiction. Going beyond the normal practice of tracing, this overview explores three additional approaches that are essential to reclassify property formerly thought of as separate to marital property. ...

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Experts Estimate Dodd-Frank to Be Complete in December

According to Bloomberg News, financial regulators have reported that new measures on the Dodd-Frank Act should be mostly complete by the end of 2013.  The law, created in 2010, was designed to prevent a repeat of the 2008 worldwide credit crisis.  Among the new rules are tougher leverage requirements for eight of the nation’s largest banks, a risk-based capital surcharge for systemically important banks and ...

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Where’s The Money?

Unreported Income Can Be Detected By Direct and Indirect Methods; Indirect Methods Examine Cash Inflows and Outflows. Here’s How. Joe Epps, CPA/CFF/ABV, CFE, CVA, explains how a forensic accountant goes about searching for unreported income—a commonly required practice in divorce and bankruptcy cases, contract disputes, and fraud investigations.  The direct method is simply reviewing financial statements fo ...

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