Forensic and Investigative Accounting Chapter 2 Forensic Accounting Education, Institutions, and Specialties © 2007 CCH. All Rights Reserved. 4025 W. Peterson.

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Forensic and Investigative Accounting Chapter 2 Forensic Accounting Education, Institutions, and Specialties © 2007 CCH. All Rights Reserved W. Peterson Ave. Chicago, IL

Chapter 2Forensic and Investigative Accounting2 Professors’ Top Ten Topics in Forensic Accounting Curricula 1. Fundamentals of fraud. 2. Financial statement fraud. 3. Types of fraud. 4. Cooking the books and problems in accounting. 5. Elements of fraud: pressure, opportunity, and rationalization. (continued on next slide)

Chapter 2Forensic and Investigative Accounting3 Professors’ Top Ten Topics in Forensic Accounting Curricula 6. 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.

Chapter 2Forensic and Investigative Accounting4 Knowledge, Skills and Abilities Needed by Forensic Accountant Law, legal system, courts, and courtroom procedure. Law, legal system, courts, and courtroom procedure. Financial statement fraud. Financial statement fraud. Corporate governance, shareholder rights and litigation, securities laws, and protections. Corporate governance, shareholder rights and litigation, securities laws, and protections. Report writing and communication. Report writing and communication. Criminal law and procedure. Criminal law and procedure. (continued on next slide)

Chapter 2Forensic and Investigative Accounting5 Knowledge, Skills and Abilities Needed by Forensic Accountant Computer fraud and cybercrime. Computer fraud and cybercrime. Human factors involved in intelligence gathering, interview techniques and understanding the motivations for fraud and other criminal activities. Human factors involved in intelligence gathering, interview techniques and understanding the motivations for fraud and other criminal activities. Ethical issues in business. Ethical issues in business. Business valuation. Business valuation.

Chapter 2Forensic and Investigative Accounting6 Careers in Forensic Accounting Parade magazine on April 15, 2007, indicated that the hottest jobs for college graduates were forensic accountants.

Chapter 2Forensic and Investigative Accounting7 Income Expectations for Forensic Accountants Salaries start around $35,000. Salaries start around $35,000. Senior-level government employees can earn between $80,000 to $90,000. 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. In the private sector, one can earn between $125,000 to $150,000.

Chapter 2Forensic and Investigative Accounting8 Consulting Fees Forensic accountants work with attorneys, private investigators, law enforcement officers, corporate security specialists, the IRS, and the FBI. 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. In 1999, Kessler International stated that the firm charges about $300 per hour for forensic consultations.

Chapter 2Forensic and Investigative Accounting9 Background in Forensic Accounting Accountants Accountants Consultants Consultants Internal auditors Internal auditors IRS auditors IRS auditors Government auditors Government auditors FBI agents FBI agents SEC accountants Bankruptcy specialists Professors Bank examiners Chief financial officers Valuators of closely held businesses A forensic accounting background is helpful in these professional specialties:

Chapter 2Forensic and Investigative Accounting10 Specialties Within Forensic and Investigative Accounting Employee Crime Specialist Employee Crime Specialist Asset Tracing Specialist Asset Tracing Specialist Litigation Services Specialist and Expert Witness Litigation Services Specialist and Expert Witness

Chapter 2Forensic and Investigative Accounting11 Forensic Groups and Credentials GroupCredential American College of Forensic Examiners International (ACFEi) Certified Forensic Accountant (Cr.FA) Association of Certified Fraud Examiners (ACFE) Certified Fraud Examiner (CFE) Association of Certified Fraud Specialists (ACFS) Certified Fraud Specialist (CFS)

Chapter 2Forensic and Investigative Accounting12 Forensic Groups and Credentials GroupCredential Forensic Accounting Society of North America (FASNA) None National Association of Certified Valuation Analysts (NACVA) Certified Valuation Analyst (CVA) Certified Valuation Analyst (CVA) Certified Forensic Financial Analyst (CFFA) Certified Forensic Financial Analyst (CFFA) Certified Fraud Deterrence (CFD) (merged with CFFA in 2007) Certified Fraud Deterrence (CFD) (merged with CFFA in 2007)

Chapter 2Forensic and Investigative Accounting13 Professional Groups and Credentials GroupCredential National Litigation Support Services Association (NLSSA) None Network of Independent Forensic Accountants (NIFA) None Institute of Business Appraisers Certified Business Appraiser (CBA)