Ch02.ppt
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Forensic and Investigative Accounting
Chapter 2 Forensic Accounting Education, Institutions, and Specialties © 2007 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
Professors’ Top Ten Topics in Forensic Accounting Curricula 1. 2. 3. 4.
5.
Fundamentals of fraud. Financial statement fraud. Types of fraud. Cooking the books and problems in accounting. Elements of fraud: pressure, opportunity, and rationalization. (continued on next slide) Chapter 2
Forensic and Investigative Accounting
2
Professors’ Top Ten Topics in Forensic Accounting Curricula Antifraud controls. 7. Internal control evaluation. 8. Theory and methodology of fraud examination. 9. Principles of ethics and corporate code of conduct. 10. Fraud detection and deterrence programs. Practitioners tend to emphasize litigation service more than professors. 6.
Chapter 2
Forensic and Investigative Accounting
3
Knowledge, Skills and Abilities Needed by Forensic Accountant Law, legal system, courts, and courtroom procedure. Financial statement fraud. Corporate governance, shareholder rights and litigation, securities laws, and protections. Report writing and communication. Criminal law and procedure.
(continued on next slide) Chapter 2
Forensic and Investigative Accounting
4
Knowledge, Skills and Abilities Needed by Forensic Accountant Computer fraud and cybercrime. Human factors involved in intelligence gathering, interview techniques and understanding the motivations for fraud and other criminal activities. Ethical issues in business. Business valuation.
Chapter 2
Forensic and Investigative Accounting
5
Careers in Forensic Accounting Parade magazine on April 15, 2007, indicated that the hottest jobs for college graduates were forensic accountants.
Chapter 2
Forensic and Investigative Accounting
6
Income Expectations for Forensic Accountants Salaries start around $35,000. Senior-level government employees can earn between $80,000 to $90,000. In the private sector, one can earn between $125,000 to $150,000.
Chapter 2
Forensic and Investigative Accounting
7
Consulting Fees Forensic accountants work with attorneys, private investigators, law enforcement officers, corporate security specialists, the IRS, and the FBI. In 1999, Kessler International stated that the firm charges about $300 per hour for forensic consultations.
Chapter 2
Forensic and Investigative Accounting
8
Background in Forensic Accounting A forensic accounting background is helpful in these professional specialties: Accountants SEC accountants Consultants Bankruptcy specialists Internal auditors Professors IRS auditors Bank examiners Government Chief financial officers auditors Valuators of closely FBI agents held businesses Chapter 2
Forensic and Investigative Accounting
9
Specialties Within Forensic and Investigative Accounting Employee Crime Specialist Asset Tracing Specialist Litigation Services Specialist and Expert Witness
Chapter 2
Forensic and Investigative Accounting
10
Forensic Groups and Credentials Group
Credential
American College of Forensic Examiners International (ACFEi) Association of Certified Fraud Examiners (ACFE) Association of Certified Fraud Specialists (ACFS)
Certified Forensic Accountant (Cr.FA)
Chapter 2
Certified Fraud Examiner (CFE) Certified Fraud Specialist (CFS)
Forensic and Investigative Accounting
11
Forensic Groups and Credentials Group Forensic Accounting Society of North America (FASNA)
Credential None
National Association of Certified Valuation Analysts (NACVA)
Certified
Chapter 2
Valuation Analyst
(CVA) Certified Forensic Financial Analyst (CFFA) Certified Fraud Deterrence (CFD) (merged with CFFA in 2007)
Forensic and Investigative Accounting
12
Professional Groups and Credentials Group
Credential
National Litigation Support None Services Association (NLSSA)
Network of Independent Forensic Accountants (NIFA)
None
Institute of Business Appraisers
Certified Business Appraiser (CBA)
Chapter 2
Forensic and Investigative Accounting
13
Chapter 2 Forensic Accounting Education, Institutions, and Specialties © 2007 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
Professors’ Top Ten Topics in Forensic Accounting Curricula 1. 2. 3. 4.
5.
Fundamentals of fraud. Financial statement fraud. Types of fraud. Cooking the books and problems in accounting. Elements of fraud: pressure, opportunity, and rationalization. (continued on next slide) Chapter 2
Forensic and Investigative Accounting
2
Professors’ Top Ten Topics in Forensic Accounting Curricula Antifraud controls. 7. Internal control evaluation. 8. Theory and methodology of fraud examination. 9. Principles of ethics and corporate code of conduct. 10. Fraud detection and deterrence programs. Practitioners tend to emphasize litigation service more than professors. 6.
Chapter 2
Forensic and Investigative Accounting
3
Knowledge, Skills and Abilities Needed by Forensic Accountant Law, legal system, courts, and courtroom procedure. Financial statement fraud. Corporate governance, shareholder rights and litigation, securities laws, and protections. Report writing and communication. Criminal law and procedure.
(continued on next slide) Chapter 2
Forensic and Investigative Accounting
4
Knowledge, Skills and Abilities Needed by Forensic Accountant Computer fraud and cybercrime. Human factors involved in intelligence gathering, interview techniques and understanding the motivations for fraud and other criminal activities. Ethical issues in business. Business valuation.
Chapter 2
Forensic and Investigative Accounting
5
Careers in Forensic Accounting Parade magazine on April 15, 2007, indicated that the hottest jobs for college graduates were forensic accountants.
Chapter 2
Forensic and Investigative Accounting
6
Income Expectations for Forensic Accountants Salaries start around $35,000. Senior-level government employees can earn between $80,000 to $90,000. In the private sector, one can earn between $125,000 to $150,000.
Chapter 2
Forensic and Investigative Accounting
7
Consulting Fees Forensic accountants work with attorneys, private investigators, law enforcement officers, corporate security specialists, the IRS, and the FBI. In 1999, Kessler International stated that the firm charges about $300 per hour for forensic consultations.
Chapter 2
Forensic and Investigative Accounting
8
Background in Forensic Accounting A forensic accounting background is helpful in these professional specialties: Accountants SEC accountants Consultants Bankruptcy specialists Internal auditors Professors IRS auditors Bank examiners Government Chief financial officers auditors Valuators of closely FBI agents held businesses Chapter 2
Forensic and Investigative Accounting
9
Specialties Within Forensic and Investigative Accounting Employee Crime Specialist Asset Tracing Specialist Litigation Services Specialist and Expert Witness
Chapter 2
Forensic and Investigative Accounting
10
Forensic Groups and Credentials Group
Credential
American College of Forensic Examiners International (ACFEi) Association of Certified Fraud Examiners (ACFE) Association of Certified Fraud Specialists (ACFS)
Certified Forensic Accountant (Cr.FA)
Chapter 2
Certified Fraud Examiner (CFE) Certified Fraud Specialist (CFS)
Forensic and Investigative Accounting
11
Forensic Groups and Credentials Group Forensic Accounting Society of North America (FASNA)
Credential None
National Association of Certified Valuation Analysts (NACVA)
Certified
Chapter 2
Valuation Analyst
(CVA) Certified Forensic Financial Analyst (CFFA) Certified Fraud Deterrence (CFD) (merged with CFFA in 2007)
Forensic and Investigative Accounting
12
Professional Groups and Credentials Group
Credential
National Litigation Support None Services Association (NLSSA)
Network of Independent Forensic Accountants (NIFA)
None
Institute of Business Appraisers
Certified Business Appraiser (CBA)
Chapter 2
Forensic and Investigative Accounting
13
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