Diploma in Forensic Accounting (Level 4) Course Structure & Contents

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1 Brentwood Open Learning College Diploma in Forensic Accounting (Level 4) Course Structure & Contents Diploma in Forensic Accounting Course Structure & Contents Page 1

2 Unit 1 Introduction Forensic Accounting The unit 1 covers the following topics: Unit 2 Introduction Background of Fraud Auditing and Forensic Accounting Brief history of fraud and the antifraud profession What Is Fraud? The Fraud Cycle Types of Fraud What Forensic Accounts do? The Roles of the Auditor and the Forensic Accounting Investigator Required Knowledge, Skills, and Abilities for Forensic Accountant. Crime and Economy The unit 2 covers the following topics: Unit 3 Crime s Cost Reality Financial Crimes (Arson, Bankruptcy, Bribery, Loan-Sharking, Credit Card Fraud, Mail-Order Operations, Skimming/Embezzlement, Stock Fraud and Manipulation, Non profit Organization Fraud, Forgery and Uttering, Tax Evasion, Bank Frauds, Government Contract Fraud, Corporate Raiding, Extortion, Coupon Fraud, Money Laundering, Medicare and Medicaid Fraud, Computer Thefts, Insider Trading, Corporate Fraud, Conspiracy, Identity Theft, Financial Statement Schemes, Timing Differences (Improper Treatment of Sales), Fictitious Revenues, Concealed Liabilities (Improper Recording of Liabilities), Improper Asset Valuation ) Keys to Effective Fraud Investigation. Psychology of the Fraudster The unit 3 covers the following topics: Profile of Fraudsters (Who Commits Fraud?) High-Level and Low-Level Thieves Diploma in Forensic Accounting Course Structure & Contents Page 2

3 Who Is Victimised By Fraud Most Often? (Calculating Criminal, Situation-Dependent Criminals, Typical White-Collar Criminal, Power Brokers, Fraudsters Do Not Intend To Harm, Kinds of Rationalization, Motivations for Fraud, Auditors Need to Understand the Mind of the Fraudster, Conclusion). Unit 4 Fraud Detection Techniques The unit 4 covers the following topics: Fraud Detection: Overview Laying a Foundation for Detection Assessing the Risk of Fraud Fraud Risk Factors (Revisiting the Fraud Triangle, Incentive and Pressure, Opportunity, Rationalization and Attitude) Identifying and Evaluating Risk Factors Information Gathering Analytic Procedures (Current Company Data versus Company Data from Prior Periods, Company Data versus Company Budgets, Forecasts, or Projections, Company Data versus Industry Data and/or Comparable Company Data, Company Financial Data versus Company Operational Data, Company Data versus Auditor-Determined Expected Results) Analytic Techniques Financial Statement Fraud Detection Techniques (Revenue Recognition, Corruption) Specific Detection Methods (Asset Misappropriation Schemes, Cash Larceny, Billing Schemes, Shell Company, Horizontal analysis, Check with the local chamber of commerce. Contact others in the same industry, Verifying the legitimacy of any vendor who uses Excel-generated invoices, Pass-Through Vendor, Non accomplice Vendor, Personal Purchases, Payroll Schemes, Ghost Employee, Commissions, Falsified Wages, Check-Tampering, Skimming, Lapping, Corruption Schemes, Bribery and Economic Extortion, Improper Revenue Recognition, Timing) Revenue Recognition Detection Techniques (Side Agreements, Liberal Return, Refund, or Exchange Rights). Diploma in Forensic Accounting Course Structure & Contents Page 3

4 Unit 5 The Investigative Process The unit 5 covers the following topics: Case Initiation Case Evaluation (Solvability Factors) Goal Setting and Planning (Setting the Expectations and Goals) Why Plan? Planning the Case (Develop an Investigative Plan, Financial Planning, Personnel Planning, Technology Planning) Investigation Background (Understanding the Case) Intelligence Gathering (Surveillance, Database Searches, Trash Collection) Unit 6 Gathering Evidence The unit 6 covers the following topics: Evidence (Direct evidence, Circumstantial evidence, Documentary evidence, Real or physical evidence, Relevancy, Materiality Evidence, Competency Evidence, Hearsay, Admissions and Confessions) Proving Cases through Documentary Evidence Gathering Evidence Critical Steps in Gathering Evidence (Document Retention Considerations, Planning Considerations, Creating a Chain of Custody) Evidence Created By the Forensic Accounting Investigator (Working Papers) What Evidence Should Be Gathered? (Investigations of Vendors, Investigations of Foreign Corrupt Practices Act Violations, Investigations of Improper Related-Party Activity, Investigations of Employee Misappropriations, Investigations of Specific Allegations, Investigations of Financial Statement Errors) Document Collection Types of Documents to Expect Sources of Documents (Documents from the Victim, Documents from Third Parties, Financial Contacts, Transaction Flow chart, Professional Contacts, Industry Contacts, Government Contacts, Personal Contacts, Documents from the Suspect) Diploma in Forensic Accounting Course Structure & Contents Page 4

5 Document Organization (Collection, Storage) The Process of Proof (Proof through Inference, Conclusion) Unit 7 Obtaining and Evaluating non Financial Evidence The unit 7 covers the following topics: Interviews (Best Practices, Legal Issues, Body Language, Deception Cues, Eye Language) Statement Analysis (Statement Analysis, SCAN) Unit 8 Interviewing Financially Sophisticated Witnesses The unit 8 covers the following topics: What Is an Interview? Planning the Interview The Interview Process (Conducting the Interview, The Cognitive Interview, Language matching, Paralanguage Matching) Unit 9 Fraud Risk Assessment The unit 9 covers the following topics: Risk Assessment Factors (Corporate Environment Factors, Internal Factors, Fraud Factors) Risk Assessment Best Practices (Leader(s), Team, Frequency and Alignment with Finance, Risk Management Checklists and Documentation, Fraud Schemes Checklist, Different Entities to Assess, Fraud Schemes Risk Checklist, Measures and Relationships, Inherent Risk, Controls Assessment, Residual Risk, Business Processes) Diploma in Forensic Accounting Course Structure & Contents Page 5

6 Unit 10 Fraud Prevention The unit 10 covers the following topics: Unit 11 Prevention Environment (Corporate Governance Structure, Tone at the Top, Realistic Financial Goals, Policies and Procedures, Perception of Detection, Surveillance, Anonymous Tips, Surprise Audits, Prosecution) Enforcement of Ethics and Fraud Policies (Classic Approaches, Directive approach, Preventive approach, Detective approach, Observation approach, Investigative approach, Insurance approach, Other Prevention Measures, Background Checks, Regular Audits, Internal Controls, Invigilation, Accounting Cycles, Generalizations, Sales Cycle, Purchases Cycle, Payroll Cycle, Fraud response) Computer Crime Fraud Policy (Fraud Response Team, Fraud Response Team and SMEs, Recovery) The unit 11 covers the following topics: Computer Crime Theories and Categorizations (Computer Crime Theory: MOMM, Computer Crime Categorizations) Characteristics of the Computer Environment (Connectivity, Concentration of Data, Positions of Trust) Types of Computer Crimes (Identity Theft, Blackmail, Denial of Service Attack, Attacks, Cyber Forensic, Expectation of Privacy, Types of Investigations, Public Investigations, Private Investigations) Sources of Digital Data Types of Cyber Data (Extractable Digital Data, Metadata, Latent Digital Data, Cyber Forensics Investigation Process, Variety of Specialists in Cyber Forensics) Unit 12 Working with Attorneys The unit 12 covers the following topics: Teaming With Forensic Accounting Investigators Diploma in Forensic Accounting Course Structure & Contents Page 6

7 Forensic Accounting Investigators Cooperation with Internal Auditors (Internal Audit s Position and Function, Working Together) Forensic Accounting Investigators Cooperation with External Auditors (Client s History) Objectives of All Interested Parties (Forensic Accounting Investigators Objectives, Objectives of Other Parties to the Investigation) Who Should Direct the Investigation and Why? In The Company of Lawyers (Confidentiality Requirements, Forming the Investigative Team, Conclusion) Diploma in Forensic Accounting Course Structure & Contents Page 7

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