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Forensic accounting research proposal
The role of a forensic accountant within an organization
Forensic accounting research proposal
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Collecting, analyzing, and evaluating evidential matter lies at the heart of the work of forensic accountants. Forensic accountants wear many hats, including identifying issues, gathering information and documentation, analyzing data, and reporting their findings. Forensic accountants are typically involved in many areas of financial disputes and investigations, including but not limited to fraud investigations, construction claims, bankruptcy, business valuation, expert testimony, personal injury, wrongful death, and more. Communication skills, objectivity, an investigative mentality, and an understanding of the rules of evidence are all necessary facets for a forensic accountant. Therefore, while detecting fraud in the process of covering such large areas, forensic accountants face many problems.
Often, they buy new cars. They sometimes buy other expensive toys, take vacations, remodel their homes or move into more expensive houses, buy expensive jewelry or clothes, or just start spending more money on food and other day-to-day living expenses." This was exactly the situation with Sue Sachdeva. The book states that lifestyle changes are the easiest of all symptoms to detect, yet they went unnoticed at Koss Corp. However, one can only find the signs if they are proactively looking for them. In the article "Defending Koss And Their Auditors: Just Loopy Distorted Feedback," the author describes why the signs were missed. They went unnoticed in the company's books and annual audit. According to the author, the problem wasn't the large volume of the mid-sized firm; it was the lack of assessment of the effectiveness of Koss's internal controls by auditors and the lack of management oversight of the financial reporting. As Chapter 11 mentions, Sue Sachdeva perceived an opportunity due to the lack of oversight and segregation of duties. In cases like these, it becomes difficult for forensic accountants to prove the suspect guilty as those are not considered criminal activities.
...not have occurred (again the out-dated accounting system shortfall). Further, analytical procedures could be used to compare budgets / forecasts to actual results and variations could be investigated (i.e. expenses higher than anticipated or profit less than anticipated). The following is article by Tracy Coenen is more critical of KOSS' management than of the auditor, Grant Thorton. She contends that while auditor should have caught this fraud, management is more to blame because of not addressing internal control issues. http://www.sequenceinc.com/fraudfiles/2010/01/koss-corp-fraud-defending-grant-thornton-no/
At least 99 percent of the time, forensic science is reliable and deem accurate. Although four experts that matched Brandon Mayfield’s fingerprint to the fingerprint on a bag at the crime scene, they in fact misidentified the evidence and Spanish police found out that the latent fingerprint actually belong to be an Algerian. This shown that forensic experts and attorneys can definitely be wrong; furthermore, it convey that not all evidence presented in the case is subjected to be infallible and there is a possibility for committed error. Leah Bartos, a UC Berkley graduate student with a Journalism degree, conducted an experiment to understand the process of becoming a certified forensic consultant. She had no prior knowledge in the forensic discipline, but became certified after she passed the open book exam and sent ACFET her bachelor degree, resume, and references. The ACFET exam have a 99 percent pass rate; therefore, it is criticized for creditability of its certified graduate and branded a diploma milling organization for-profit. Attorney can argue the weakness of the forensic evidence presented, hence forensic science call for bad science and can definitely be misuse in our adversarial legal
Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of assets or underreporting of liabilities, sometimes with the cooperation of officials in other corporations (Medura 1-3). In response to the increasing number of scandals the US government amended the Sarbanes Oxley act of 2002 to mitigate these problems. Sarbanes Oxley has extensive regulations that hold the CEO and top executives responsible for the numbers they report but problems still occur. To ensure proper accounting standards have been used Sarbanes Oxley also requires that public companies be audited by accounting firms (Livingstone). The problem is that the accounting firms are also public companies that also have to look after their bottom line while still remaining objective with the corporations they audit. When an accounting firm is hired the company that hired them has the power in the relationship. When the company has the power they can bully the firm into doing what they tell them to do. The accounting firm then loses its objectivity and independence making their job ineffective and not accomplishing their goal of honest accounting (Gerard). Their have been 379 convictions of fraud to date, and 3 to 6 new cases opening per month. The problem has clearly not been solved (Ulinski).
Therefore, the criminal justice system relies on other nonscientific means that are not accepted or clear. Many of forensic methods have implemented in research when looking for evidence, but the methods that are not scientific and have little or anything to do with science. The result of false evidence by other means leads to false testimony by a forensic analyst. Another issue with forensic errors is that it is a challenge to find a defense expert (Giannelli, 2011). Defense experts are required to help the defense attorneys defend and breakdown all of the doubts in the prosecutors scientific findings in criminal cases. Scientific information is integral in a criminal prosecution, and a defense attorney needs to have an expert to assist he/she in discrediting the prosecution (Giannelli,
Forensic Science, recognized as Forensics, is the solicitation of science to law to understand evidences for crime investigation. Forensic scientists are investigators that collect evidences at the crime scene and analyse it uses technology to reveal scientific evidence in a range of fields. Physical evidence are included things that can be seen, whether with the naked eye or through the use of magnification or other analytical tools. Some of this evidence is categorized as impression evidence2.In this report I’ll determine the areas of forensic science that are relevant to particular investigation and setting out in what method the forensic science procedures I have recognized that would be useful for the particular crime scene.
... associated to civil disputes. Forensic accountants are also identified as fraud investigators, investigative accountants, forensic auditors or fraud auditors.Forensic accountants are also increasingly playing more proactive risk reduction roles by devising and performing extended procedures as part of the statutory audit, acting as consultants to audit committees fraud deterrence engagements, and aiding in investment analyst research.
The transitional growth in the forensic science sector has not been without challenges. Though the world has experienced increased capabilities and scientific knowledge, which has led to faster investigations and results, many forensic experts have argued that forensic laboratory testing, in the light of 21st century technological advancements, is yet to meet the expected rate in quick available testing and analysis (Mennell & Shaw, 2006). This is with respect to the growing rate of crime and the high demand of quick crime scene testing and analysis. In the science of crime scene, analysis and interpretation of evidence is majorly dependent on forensic science, highlighting the change in the role of forensic sciences (Tjin-A-Tsoi, 2013). In the business of forensic science, time is beginning to play important role in the evidence testing and analysis which is becoming crucial in reducing ...
Collection of evidence is usually a term designated to refer to the collection of physical evidence, government agencies such as police or environmental protection departments will have their own methods for the collection, storage and conservation of physical evidence and it is the responsibility of forensic personnel to adhere to these set guidelines. General principles which are shared amongst various agencies include, the creation of contemporaneous notes, recording the collection of evidence via photographing, videotaping and/or audiotapes, preserving the crime scene by sealing off the location and only allowing designated personnel to enter, avoiding contamination of the crime scene by investigators through the use of full body covering and also preventing cross-contamination with the scene and any suspects.
There are many examiners in the Digital Forensic community who are not cognizant that professional codes of conduct and codes of ethical practices need to be an inherent part of every examination. This is especially important since it is a common practice to only examine the digital media for specific information requested by the investigator (Barbara, 2013).
Giroux, G. (Winter 2008). What went wrong? Accounting fraud and lessons from the recent scandals. Social Research, 75, 4. p.1205 (34). Retrieved June 16, 2011, from Academic OneFile via Gale:
When I hear the word ‘Forensic’ the idea and image of a homicide investigation in which evidence gathered is analyzed at a laboratory to determine ‘who done it’. Shows like CSI, Bones, Law and Order depicts the forensic aspect in their broadcast. Being a registered nurse, another thought comes to mind when hearing the term ‘forensic’. I like to watch Dr. G medical examiner on the Discovery channel. That is a reality show regarding investigative research on how a person died. This is done by performing an autopsy and analyzing the pathological reason for a death to determine if foul play was involved. However, I rarely placed the thought that accounting can have a forensic aspect, too. I was always under the impression that auditors were the forensic accountants. Internal Revenue Agents to audit income tax filings to make sure all income are reported, and deductions have receipts as supporting evidence. Certified Internal Auditors to look at business operations and financial statements within a corporation to make sure internal controls are in place, financial statements are properly recorded, and government regulations have been met. External auditors perform audits for SEC compliance and to attest that the company is in good standings to ensure protection of the public interest. These auditors, in essence, would be able to detect fraud in their job when reviewing audit trails and documentations. Needless to say, I my conception have been construed. There is a whole new field of accounting that is on the rise, which specifically deals with fraud detection. This is called Forensic Accounting. This area sparked my interest.
An independent investigation will produce the evidence necessary to substantiate the matter in court. This could involve the collection a number of items including ultrasounds, photographs of the incident, and police reports. It must also be shown that beneficiaries have suffered from an emotional or financial loss due to the wrongful
No matter auditors work with technology or not, the most important thing in process of auditing is evidence. The basic framework for the auditor understands of evidence and its use to support the auditor's opinion on the financial statement. In reaching an opinion on the financial statements, the evidence gathered from the audit procedure is used to determine the fairness of the financial statements and the type of audit report to be issued. The characters of paper audit evidence are:
Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier with the use of internal controls, which introduced the need for testing, not a complete audit. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. Computers played an important role of changing the way audits were performed and also brought along some difficulties.
Since the old times primary investigations do not typically yield enough information to prosecute a criminal case. The information yielded in criminal investigations may be used to prosecute a criminal case or can even assist in a federal case. Even though primary investigations can identify a lot of evidence and information, a secondary investigation will usually identify further details and allows for a second look at everything pertaining to the investigation. This paper is to explain criminal investigations and the necessary tools and skills needed to conduct and thorough investigation.