Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Fraud Examination
01-26-2005, 10:44 AM,
#1
Fraud Examination
Hey guyz forensic accounting is a growing feild here in US ...because of enron and all the crap. If any one is interested reply here.

Reply
01-26-2005, 07:28 PM,
#2
 
Hi,
I tried a lot but cannot extract any meaning from ur post...


Ace
Reply
01-27-2005, 02:56 AM,
#3
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
Hi,
I tried a lot but cannot extract any meaning from ur post...


Ace
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
hi hamim..
i think.. forensic accounting is becoming much of a trend in USA
and even a status for future accountants and auditors specially...
as it seeks not just investigation but also resolution of legal issues.
yes.. the ENRON sunk and gave rise to forensic accounting as a mark of status for future accountants in the US...
as....much of investigation was made to find out the real story of ENRON..
i think firstly... its was the company policy..
"never communicate a bad news when at the office premisis
specially not to authorities.."
"and so the loss in CHINA had an impact on company profits
and the market share and the value of shares there.."
then it was the external auditors,
which made it must to make forensic accounting, a trend for future..

and in UK.. i feel its not merely a trend yet..but, it looks like it would be soon and maybee important for the auditors specially...
maybee there is am impact to give rise to this field..
as you can see Parmalad and few more examples in UK..
where, US auditors did play role of "Sherlock Holmes.."
do let me know more about this HAMAM..
regards..
syedhassan..

ACCA
Reply
01-27-2005, 07:55 AM,
#4
 


I truly appologise for makin a quick/vague post. In the US there is growing need for fraudexminers and after sarbanes oxley act of 2002 there is increased need for internal auditors. Companies are hiring them like crazy and mostly top universities are offering forensic accounting classes and a major in internal auding. If anyone is interested in internal auditing check out the website for institute of internal auditors www.theiia.org/ . Starting salaries for internal auditors range from 55,000-75,000 $ depending upon geopgraphics.

PS. I am not a very eloquent writer and it is sometimes hard for me to express myself very clearly in writing, so if you are confused by anything or have any questions, please ask, I will do my best to clarify.


Hamim

Reply
01-27-2005, 03:39 PM,
#5
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>


I truly appologise for makin a quick/vague post. In the US there is growing need for fraudexminers and after sarbanes oxley act of 2002 there is increased need for internal auditors. Companies are hiring them like crazy and mostly top universities are offering forensic accounting classes and a major in internal auding. If anyone is interested in internal auditing check out the website for institute of internal auditors www.theiia.org/ . Starting salaries for internal auditors range from 55,000-75,000 $ depending upon geopgraphics.

PS. I am not a very eloquent writer and it is sometimes hard for me to express myself very clearly in writing, so if you are confused by anything or have any questions, please ask, I will do my best to clarify.


Hamim


<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
no problem bro..
the best and way to improve your communication is communicating more and more... whether oral, written what ever...
as much as i know about internal audit that i studied in my bachlors..is...
"its basically a (nonstatury audit...)"
and it all depends on the internal auditor in any company..
who may be, an accountant, a ware-house manager.. and many more posts according to department and the responsabilities...
i think in pakistan , only external auditors are those.. hired..
as its a (statury requirement)..
so.. it seems interesting...

<b></b>

ACCA
Reply
01-28-2005, 06:46 AM,
#6
 
Forensic accounting covers two broad areas litigation support and investigative accounting. The AICPA describes litigation services as "any professional assistance non lawyers provide to lawyers in the litigation process."5 Forensic science may be defined as the application of the laws of nature to the laws of man.6 "Forensic scientists examine and interpret evidence and facts in legal cases and offer expert opinions regarding their findings in courts of law."7 David Akst and Lee Berton indicate that other accountants may look at the charts, but forensic accountants actually dig into the body.

Although the billings rates for litigation support tend to exceed the rates in other practice areas, a more exciting area of forensic accounting is the investigative accountant or fraud auditor. Since 1992, Price Waterhouse has doubled its number of forensic accountants to 500; Coopers and Lybrand are at 380 forensic accountants (1996). The AICPA indicates that this person searches for evidence of criminal conduct or assists in the determination of, or rebuttal of, claimed damages.10 They question seemingly benign documents and look for inconsistencies.

Skills of a Forensic Accountant can be seen in the following passage Jeff discovers the over-all conspiracy

"Wait a minute," Jeff shouted to himself. He immediately retrieved the tax return of the Martinsburg coin outlet. How can the Martinsburg shop have a net operating loss and receive a tax refund if the wholesale parent company is filing a consolidated tax return? Like a thunderbolt, the answer came to him. He almost shouted, "They can't do both! When a group of affiliated corporations files a consolidated tax return, the parent corporation files the return and receives any refund--not the individual businesses."
"Wow! This company is ripping off more than two hundred million dollars a year from the government!" Jeff whispered to himself. "They're sending in double tax returns. Each outlet send in a separate return and receives a refund. The parent corporation files a consolidated tax return and receives a refund. The parent corporation files a consolidated tax return and turns its sixty-two million dollars taxable income into a refund of one hundred and sixty-two thousand dollars." [pp. 140-141]

---------------------------------------------
If I could... Then I would... Turn back time!!


Edited by - desert sleet on Jan 28 2005 015551 AM
Reply
02-02-2005, 05:18 AM,
#7
 
HI MATES

YES CHEEMA SAHAB, you saying right. But I want to add some flash picture about the growing development of Forensic Accounting in order to facilitate our members who are still not able to know about that rapid growing field.

WHAT IS FORENSIC ACCOUNTING

For. Accounting is a multi-skilled job. It covers a wide range of areas especially
1. To investigate fraud( like money laundering, stock manipulation, fixed asset managment problem. etc.) and try to prevent that huge amount of irregularities in a maximum possible effort

2. It also help to manage organization's legal proceedings like litigations support as DESERT described "any professional assistance non lawyers provide to lawyers in the litigation process." Companies mostly use specialist accountancy firms where a number of professional forensic accountant are much familiar with court cases regarding companies matters.

3. Forensic Accounting also deals with the Information Technology. What i mean to say is that is it is necessary to gain an in depth knowledge about computer programming skills, means these accounting could detect fraudulant transactions within the organization's system.

FORENSIC ACCOUNTING is a mixtures of these(above) complex areas.In US forensic accounting has been growing rapidly because of increasing fraudulant activities, complex nature transactions, hidden criminal files in computer system ( specially in money laundering cases) and lighter professional opinion in court proceedings. Thats the reason that Forensic accounting was inroduced in order to finish these Corruptions in companies.

REGARDS






ASIF ALI
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)

Contact Us | Accountancy | Return to Top | | Lite (Archive) Mode | RSS Syndication