Begin with the End in Mind. Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

Transcription

1

2 Begin with the End in Mind Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

3 What is the issue that you are dealing with? Fraud Misconduct Litigation Personal Injury Family Law

4 Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

5 Begin with the end in mind ~ Stephen R Covey What is the end result that you wish to accomplish: Can the issue be dealt with between the parties? Will the matter go to Court?

6 What skills do you need to undertake your investigation / litigation? Having an accounting degree does not mean you are a forensic accountant Appropriate education, training and experience are needed Not being held to be an expert forensic accountant could significantly damage your case.

7 Coordinating experts In many litigations / investigations, different experts are required The coordination of experts is important Example - Investigations More than 92% of all business documents are now created electronically Many of these documents never become hard copies

8 A forensic accountant: has significant knowledge of case law, legislation, standards and Court processes Has an understanding of why and how people commit offences For example: Understanding the concept of dishonesty Section 408C Qld Criminal Code

9 Is there a potential independence issue if a matter is dealt with internally or by the company s external accountant or auditor? APES215 Section 2 defines Member in Business: A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.

10 A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES ). If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer s interest in the outcome, the member shall decline the engagement (APES )

11 A forensic accountant should be retained as early as possible. The assistance that a forensic accountant can provide early in the process can: be significant in reducing the overall cost and maximising the benefit Assist with the discovery of documents Identify additional areas of damages / investigation Provide preliminary assessment of damages.

12 When to adopt a forensic accounting mindset Begin with the End in Mind Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

13 When to adopt a forensic accounting mindset What is the issue that you are dealing with? Fraud Misconduct Litigation Personal Injury Family Law

14 When to adopt a forensic accounting mindset Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

15 When to adopt a forensic accounting mindset Begin with the end in mind ~ Stephen R Covey What is the end result that you wish to accomplish: Can the issue be dealt with between the parties? Will the matter go to Court?

16 Skills needed What skills do you need to undertake your investigation / litigation? Having an accounting degree does not mean you are a forensic accountant Appropriate education, training and experience are needed Not being held to be an expert forensic accountant could significantly damage your case.

17 Coordinating experts Coordinating experts In many litigations / investigations, different experts are required The coordination of experts is important Example - Investigations More than 92% of all business documents are now created electronically Many of these documents never become hard copies

18 Litigation / Investigation Knowledge A forensic accountant: has significant knowledge of case law, legislation, standards and Court processes Has an understanding of why and how people commit offences For example: Understanding the concept of dishonesty Section 408C Qld Criminal Code

19 Independence Is there a potential independence issue if a matter is dealt with internally or by the company s external accountant or auditor? APES215 Section 2 defines Member in Business: A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.

20 Independence A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES ). If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer s interest in the outcome, the member shall decline the engagement (APES )

21 Engaging a forensic accountant early A forensic accountant should be retained as early as possible. The assistance that a forensic accountant can provide early in the process can: be significant in reducing the overall cost and maximising the benefit Assist with the discovery of documents Identify additional areas of damages / investigation Provide preliminary assessment of damages.

22

23 Begin with the End in Mind Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

24 What is the issue that you are dealing with? Fraud Misconduct Litigation Personal Injury Family Law

25 Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

26 Begin with the end in mind ~ Stephen R Covey What is the end result that you wish to accomplish: Can the issue be dealt with between the parties? Will the matter go to Court?

27 What skills do you need to undertake your investigation / litigation? Having an accounting degree does not mean you are a forensic accountant Appropriate education, training and experience are needed Not being held to be an expert forensic accountant could significantly damage your case.

28 Coordinating experts In many litigations / investigations, different experts are required The coordination of experts is important Example - Investigations More than 92% of all business documents are now created electronically Many of these documents never become hard copies

29 A forensic accountant: has significant knowledge of case law, legislation, standards and Court processes Has an understanding of why and how people commit offences For example: Understanding the concept of dishonesty Section 408C Qld Criminal Code

30 Is there a potential independence issue if a matter is dealt with internally or by the company s external accountant or auditor? APES215 Section 2 defines Member in Business: A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.

31 A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES ). If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer s interest in the outcome, the member shall decline the engagement (APES )

32 A forensic accountant should be retained as early as possible. The assistance that a forensic accountant can provide early in the process can: be significant in reducing the overall cost and maximising the benefit Assist with the discovery of documents Identify additional areas of damages / investigation Provide preliminary assessment of damages.