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Recent catastrophic business failures have caused some to rethink
the value of the audit, with many demanding that auditors take more
responsibility for fraud detection. This book provides forensic
accounting specialists?experts in uncovering fraud?with new
coverage on the latest PCAOB Auditing Standards, the Foreign
Corrupt Practices Act, options fraud, as well as fraud in China and
its implications. Auditors are equipped with the necessary
practical aids, case examples, and skills for identifying
situations that call for extended fraud detection procedures.
Auteur
Thomas W. Golden, CPA, CFE (Chicago, IL). Partner, PricewaterhouseCooper LLP specializes in providing consulting and expert witness testimony in both civil and criminal matters with special expertise in forensic accounting, fraud investigation, and financial statement accounting. He is a former Chairman of the Board of Regents for the Association of Certified Fraud Examiners and the current President of the Better Government Association, a citizen watchdog group in Chicago, IL. Mr. Golden is an adjunct professor at DePaul University.
Steven L. Skalak, CPA, (Chicago, IL) is the National Practice Leader for PwC Investigations & Forensic Services of PricewaterhouseCoopers LLP. He has participated in a variety of corporate investigations relating to allegations that the Securities and Exchange Acts were violated, and of accounting or auditing improprieties. Steve has represented Audit Committees, Directors, Officers, Auditors, and Companies in class action litigation with shareholders and SEC investigations.
Mona M. Clayton, CPA, CFE, (Chicago, IL) Partner for Pwc specializes in international fraud investigations with particular emphasis in Latin America where she has conducted investigations. She has designed investigative practice aids providing for consistent methodologies to be incorporated across common scheme investigations. Ms Clayton is an adjunct professor at DePaul University.
Résumé
Recent catastrophic business failures have caused some to rethink the value of the audit, with many demanding that auditors take more responsibility for fraud detection. This book provides forensic accounting specialists?experts in uncovering fraud?with new coverage on the latest PCAOB Auditing Standards, the Foreign Corrupt Practices Act, options fraud, as well as fraud in China and its implications. Auditors are equipped with the necessary practical aids, case examples, and skills for identifying situations that call for extended fraud detection procedures.
Contenu
Preface xxi
Acknowledgments xxiii
Chapter 1 Fraud: An Introduction 1
Fraud: What is It? 2
Fraud: Prevalence, Impact, and Form 3
Fraud in Historical Perspective 4
Types of Fraud 5
Root Causes of Fraud 6
A Historical Account of the Auditor's Role 7
Auditors Are Not Alone 14
Deterrence, Auditing, and Investigation 16
Conceptual Overview of the Fraud Deterrence Cycle 17
First Look Inside the Fraud Deterrence Cycle 19
Auditing and Investigation 22
Chapter 2 Psychology of the Fraudster 25
Calculating Criminals 26
Situation-Dependent Criminals 27
Power Brokers 28
Fraudsters Do Not Intend to Harm 28
Kinds of Rationalization 33
Auditors' Need to Understand the Mind of the Fraudster 33
Conclusion 34
Chapter 3 The Roles of the Auditor and the Forensic Accounting Investigator 37
The Patrolman and the Detective 38
Complexity and Change 41
Auditor Roles in Perspective 42
Not All Good People 44
Each Company is Unique 45
Role of Company Culture 45
Estimates 46
Choices 49
What Auditors Do 50
Bedrock of an Effective Audit 55
SPADE 57
Auditing Standards Take a Risk-Based Approach to Fraud 58
Management Override 60
Regulatory Reaction to Fraud 60
Financial Benefits of Effective Fraud Management 61
Conclusion 61
Chapter 4 Auditor Responsibilities and the Law 63
Appendix: Summary of PCAOB Matters Involving Detection of Fraud 77
Chapter 5 When and Why to Call in Forensic Accounting Investigators 79
Today's Auditors Are Not Forensic Accounting Investigators 80
Auditors Are Not Authenticators 80
Auditors Have Limited Exposure to Fraud 81
Auditors Are Not Guarantors 82
Historically, Audits May Have Been Predictable 83
Potential Trigger Points of Fraud 84
Reliance on Others 91
Conclusion 92
Chapter 6 Internal Audit: The Second Line of Defense 95
What Do Internal Auditors Do? 96
Internal Audit Scope of Services 98
The Handoff to Forensic Accounting Investigators and Legal Counsel 99
Perception Problem 101
Complex Corporate Fraud and the Internal Audit 102
WorldCom and the Thornburgh Report 102
Case Studies: The Internal Auditor Addresses Fraud 103
A Tragic Circumstance 105
Reporting Relationships: A Key to Empowering Fraud Detection 111
Tomorrow's Internal Auditor, Tomorrow's Management and Board 113
Chapter 7 Teaming with Forensic Accounting Investigators 115
Forensic Accounting Investigators' Cooperation with Internal Auditors 117
Forensic Accounting Investigators' Cooperation with External Auditors 120
Objectives of All Interested Parties 122
Forensic Accounting Investigators' Objectives 122
Who Should Direct the Investigation and Why? 126
Ready When Needed 127
Where to Find Skilled Forensic Accounting Investigators 127
Chapter 8 Anonymous Communications 133
Typical Characteristics of Anonymous Tips 134
Federal Statutes Related to Anonymous Reporting and Whistle-Blower Protections 135
Receipt of an Anonymous Communication 139
Initial Understanding of Allegations 140
Determine Whether Any Allegation Requires Immediate Remedial Action 141
Development and Implementation of the Investigative Strategy 142
The Investigation Team 142
Disclosure Decisions 143
Prioritize the Allegations 144
Interviewing Employees 145
Follow-Up Tip 149
Conclusion 150
Chapter 9 Personal Privacy and Public Disclosure 151 Introduction ...