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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

Who (titles only please) would you reach out to gain appropriate access to persons, data, etc. for your team members?
How would you handle disruptive team members?
How would monitor team members progress toward completing objectives?
What criteria would you use to make decisions about dividing responsibilities among your team members?
Create a plan to divide responsibilities among your team members. Who will be responsible for doing what?
Make a list of the other types of team members you would assemble for your investigation.
Make a list of non-monetary rewards that you would appreciate receiving and why?
What structural dynamic should the project manager create with team members?
What activities should the project manager participate in?
What qualities would you want to see in the project manager?
What is the role of the project manager?
What activities should the team leader not participate in?
What activities should the team leader participate in?
What qualities would you want to see in the team leader?
What is the role of the team leader?
What are the roles of each level of leadership in an investigation or forensic accounting team?
Assume you are investigating a massive embezzlement like the one I described in the opening paragraphs of this chapter:a.List the skills, credentials, and experience of an ideal team that you would
What is the most important consideration when assembling an investigation team?
You find credible evidence of fraudulent accounting entries to your company’s books and records.a. What is your working hypothesis of what occurred?b. What questions would you want your
You find credible evidence of accounts receivable lapping.a. What is your working hypothesis of what occurred?b. What questions would you want your investigation to answer?c. Write a workplan to get
You find credible evidence of a senior executive falsifying expense reports.a. What is your working hypothesis of what occurred?b. What questions would you want your investigation to answer?c. Write
What are the key requirements imposed by the AICPA on fraud investigators and forensic accountants?
What are the key requirements imposed by the IIA on fraud investigators and forensic accountants?
Write a fraud response plan for your organization.
You are told that your customer data has been stolen by cyber criminals.a. What is your strategy for responding to this crime?b. What specialized resources will you need internally?c. What
You are told that significant payments are being made to phony vendors.a. What questions do you want answered?b. What answers would cause you to conclude the allegation was credible?c. Based on your
If you conclude that the allegation is credible who would your report it to?
If an allegation of fraud or other misconduct is made to you, what questions would you want answered before deciding what you will do?
What steps would you take if the business unit or process owner asks you to hold off on reporting your findings?
What are your lines of reporting?
Imagine you are speaking to the person asking you to initiate the investigation. What questions would you ask to make sure you fully understand the objectives and expectations for your investigation?
What types of actions can result in committing obstruction of justice?
What should you not do when you become aware of an incident?
What steps should you take when you become aware of an incident?
Develop a response plan for each type of incident.
Write out several incident scenarios for different types of incidents.
Create a high-level response plan that lays out what you will do when you become aware of an incident.
Reach out to your resources and discuss how you would work together to respond to an incident.
Identify the resources available to you today to respond to incidents of white-collar crime or violations of company policy.
Compare the percentage of appearance of each digit, calculated in Exercise 14 above, to the percentages predicted by Benford’s Law. (If you do download your company’s data and the results do not
Calculate the percentage of the total number of first digits in the derivative column, from Exercise 13 above, for each first digit 1–9.
Download data from your company’s records that can be used to create a derivative data set (e.g. invoice sales quantities and price per unit). If you can’t download the data, you can just use any
What are some ways in which you incorporate Chebyshev’s theorem to make your dashboard more effective?
What other things would you like to be able to monitor with your dashboard?
Now, use the key performance indicators to create a dashboard of the key performance indicators that you believe would alert you to potential issues for investigation.
Now, for your Company, identify the same key performance indicators and compare them to the key performance indicators for the benchmark companies. How do they compare?Can you explain any significant
Create common size analyses (i.e. calculate percentages of totals for each key performance indicator to allow for easy comparison) for each key performance indicator.
For the companies, in Exercise 6 above, use analysts’ reports and public filings to identify key performance indicators.
Identify three companies that you could benchmark your company against.
Based on your work in Exercises 3 and 4 above, create a Risk Decision Model.
Based on your work in Exercise 3 above, create a Risk Analysis Model.
Let’s do a research project.a. Do a critical objective review of your own organization.b. Really drill down on all the internal and external risks facing your organization. Also, review materials
What characteristics must answers to questions possess?
How do scientists go about designing experiments to answer questions?
What are the components of the cost of white-collar crime occurring in your company?
What does “mala prohibita” mean? Provide examples of mala prohibita crimes.
What does “mala in se” mean? Provide examples of mala in se crimes.
What does concurrence mean with respect to the answers to questions 12 and 13?
What is mens rea?
What is an actus reus?
Describe what happens to each factor when a fraud is committed but not detected?
Write out the Fraud Function.
With respect to criminal capacity, what three groups exist in society?
What do criminals look like?
In trying to understand a fraud, what is a good place to start?
What is an affinity fraud? Provide an example of an affinity fraud.
What does “reasonably relied upon” mean?
Write down two examples of material misstatements from your own investigations or ones that you have read about.
What does material mean?
Using the definition of fraud in this chapter, identify and write down each element in the fraud definition that was present in a case you investigated or read about.
What is fraud?
What should you do to prepare for cross-examination?
An audit committee member asks you what you believe your investigation has uncovered. How do you respond?
How do people work through them?
What are the five stages of grief?
How do people often react to learning that a colleague may have committed a criminal act? Why do they react in that way?
Why can presenting internal investigation findings to management be difficult?
How would an event that occurs after the valuation date, but before you issue your valuation report change the business valuation amount included in your report?
Where would you look to determine the standard of value in a litigation matter? Who would you consult in making that determination?
If you are a Certified Public Accountant/Accredited in Business Valuation, what standards are you required to follow in performing a business valuation in litigation?
CAVU Air Express (CAVU) enters into contracts with several medical equipment companies to deliver medical equipment to remote locations by air. Under the contracts CAVU is entitled to recover $1 per
Where would you look to determine the methodology required to measure statutory damages?
Should you do attempt to guide them through the five stages?
What is the best approach to presenting internal investigations that are bad news to management?
How can you sidestep management’s initial negative reactions to your findings?
You agree to be a good team player. How do you imagine events will unfold following your decision?
You present your findings to management. They accept your findings, based on the evidence you presented, as correct. They then ask you to bury your findings because, if you reveal them, it will be
You present your findings to management. They ask what you believe the evidence you presented to them means. How do you answer?
Let’s assume a whistleblower has filed a credible complaint that reached the Audit Committee. You are asked to investigate the whistleblower’s allegations by the Audit Committee. Your
What must you become to the board members you are serving?
What should you tell them, early on, if true?
What is the best way to present the results of your investigation to board members?
How do audit committee members often react initially to negative Audit Committee investigation findings? Why?
Why do people typically agree to serve on boards of directors?
What does a tort damages award seek to do?
What types of torts result in economic damages?
As long as a contract is completely legal; where would you look first to determine the correct method to measure economic damages for a claim related to the contract?
Let’s work through the following settlement model as shown in Table
Construct a Rule 26 report based on an investigation you worked on.
What are the requirements of Rule 26 of the Federal Rules of Civil Procedure as they pertain to expert reports?

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