Question
The A-List Hollywood couple, Ben Afflicted and Madummy have decided to divorce. In their declaration of their financial net worth, they disclosed the following (summarized):
The A-List Hollywood couple, Ben Afflicted and Madummy have decided to divorce. In their declaration of their financial net worth, they disclosed the following (summarized):
Afflicted Assets $10.4 Million
Liabilities 9.8 Million
Net Worth $0.6 Million
Afflicteds career has steadily been on the downward
Madummy Assets $50 Million
Liabilities 35 Million
Net Worth $15 Million
Melvin Bellyache, Afflicteds attorney, strongly believes that Madummy is not being truthful regarding her declaration of net worth. He hires you as his forensic accountant to search for hidden assets.
Facts which are given: - Afflicted and Madummy filed separate income tax returns and maintained separate bank accounts. - Bellyache estimates that Madummy has earned at least $250 million per year for the past 10 years based on public information which he has reviewed. - Madummy has made numerous trips to the Grand Cayman Islands and the Amalfi Coast during the past few years. - Madummys manager, Yma Crook, handles all of Madummys personal chores. - Bellyache has unlimited subpoena power.
Assignment: Describe how you would approach conducting a search of possible hidden assets of Madummy if you were retained by Bellyache.
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