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He added "The biggest fraud I have worked on here in Brazil was relatively simple: the director hired some legal advisors, they gave an opinion to the company about the collection of certain taxes. Revenue came in the course of justice and would win in the second or third instances and, later, the company marked up all their calculations.

He added, "Be at alert when you hear "I can only use this technology……. What is the sign shown to the management that it has ignored all along? In all circumstances, all the business trends are shown by the financial statements. They accept that the management receives overlapped information that the control environment permits, there is always the likelihood of having the hunches about the happenings. This event code has the preoccupation with the frequencies of the cases that generate forensic accounting services and what the alerts presented to the management are. Are the management, regulatory organization and the research institutions prepared to give the support needed to track a more disastrous impact on business?

Suppose we associate the impact of norms that are readily prepared by the government to safeguard the interest of the investors, what technologies are used to dribble the said regulators.

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To describe how the financial analysis is used to track anomaly in business transactions, the discourse used as an analogy, in the case of Enron, is demonstrated in figure 4. This notorious case showed the results of as compared with those of What is the rationale? Has the price of energy sky rocketed, made a significant investment?

Is it a point of interrogation of which we must be interested in? At this juncture, one would like to analyze further; eyebrows are raised when one sees that cash and receivables have grown from 3 billion to 13 billion within the period. In a breakdown we observed that it is as a result of price risk management activities related to the operation of derivatives. We therefore perceived that from one year to the other, Enron decided to change operations from energy Generation and Distribution Company, to trade and negotiate receivables through derivates.

Forensic accounting sees this as unusual to the business and questions whether the perspective of the business is bright and, for that, it may be uncertain. EFG added, "Let's see profitability by comparing the net income to the cost of goods sold, also from one period to another.

It means I became much more efficient from to , I was much more efficient in managing my net income minus my cost of goods sold". The discussant mentioned that they based their control monitoring assessment in such areas that have greater propensity to presenting a lack of internal control procedural risks.

Internal control risks are the risks whose material errors not effectively prevented or detected by internal controls are in a timely manner Imoniana, , p. However, it is worthwhile mentioning the inherent risks and their detection at this point in time. According to AUS , "inherent risk means the susceptibility of an account balance or class of transactions to misstatement that could be material, individually or when aggregated with misstatements in other balances or classes, assuming there were no related internal controls".

Detection Risk Imminent Proofs of Misstatement - What is the risk that the auditor would not be able to detect adequate proofs about misstatements and be lured to giving opinion about financial statement that is materially incorrect? AUS, In this code category, we intended to know how the subject sees the environment in which forensic accounting activity is being performed. According to Gomide , it tells you how the subject defines their setting. When we talk about improving financial performance in curbing frauds, we are fundamentally talking about internal controls and compliance.

Inherently, businesses are exposed to some risks systematic known to the management and it should use their skills to amour the business flow against risks of cash flow or market fluctuation, normally through hedging and other market tools to dilute such risks. On the other hand, the unsystematic risks are uncertain and are not easily forecasted. Exactly for this reason that some people use it as means for perpetrating frauds. I know a couple of companies which performed IPOs and went to the Stock Market, but do not have an adequate control structure.

Neither do they have a corporate governance practice but still with a deplorable financial structure" Gomide, By expatiating on this code, the study tries to give some prognostics about what is likely going to happen to the profession and the business in a short period to come, concerning the services of forensic accounting. Through a substantive analysis normally used by the auditors, this code approaches the discourse by emphasizing our standard operations that need retouches so that internal audits could be performed with the aim of tracking accounting malpractices.

In these said operations, even though some people might question them, the concerns of corporate governance are a stimulating upbringing of internal auditors to match the trends of business frauds. In order to perform a forensic accounting job, there are various approaches which could be adapted. This ranges from adaptation of auditing approaches to even criminal investigative approaches. For instance, one can follow the procedures laid out in the methodology summarized in table 5. In this methodology, the auditor is expected to have the first contact with the auditee, identifying who and who in the case, making his initial conclusion about the environment, and selecting the existing strategies to investigate the case.

Additionally, he should gather the relevant data to substantiate his hypothesis and perform end of findings analysis by quantifying the damage made on the business. Zysman outlined the following steps in executing Forensic Accounting engagement;. Meet with the client to obtain an understanding of the important facts, players and issues at hand. Perform a conflict check as soon as the relevant parties are established.

Perform an initial investigation to allow subsequent planning to be based upon a more complete understanding of the issues. Develop an action plan that takes into account the knowledge gained by meeting with the client and carrying out the initial investigation and which will set out the objectives to be achieved and the methodology to be utilized to accomplish them.

Obtain the relevant evidence: This may involve locating documents, economic information, assets, a person or company, another expert or proof of the occurrence of an event. Perform the analysis: this may involve: a calculating economic damages;summarizing a large number of transactions; b performing a tracing of assets; c performing present value calculations utilizing appropriate discount rates; d performing a regression or sensitivity analysis; e Relevance of Forensic Accounting utilizing a computerized application such as spread sheet, data base or computer model; f and utilizing charts and graphics to explain the analysis.

Prepare the report. The discourse makes it clear that the Kroll type of methodology is tailor-made. It is the one that operates from the floor of the factory where all the information about the company permeates. However, since the employee might not know what ethic is, he tries to explain what everyone does in details. There lies the analysis which could be done through our software based on qualitative data analysis. Kroll uses a variety of tools. These are such tools as SAS apart from the application of the Excel resources, which are very useful for data analysis.

In summary, according to EFG it is the same principle, only instead of using the financial analysis used to identify correlations and regressions red flags, we use statistical modelling. With the vast IT resources available nowadays, the forensic accountant has from manual to computerized approaches to execute its tasks. It does rest on him to be prepared to give the best professional judgment when it is necessary; this, however, is based on his experience.

Generally, the working hours depend on the team and their experience and, most importantly, the review procedures are chosen by the auditor. There is no rule of thumb as to determining hours to be spent since it involves more detailed diligence. On average, those in a forensic job, take between one month, one month and a half, with three professionals working full time. EFG said, "we budget for hours, but we try to define it in advance because no one wants to receive a bill for hours when he was expecting hours.

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We seek to define the scope and project for hours, but it is always an estimate, because you never know how a fraud will end". The societal relationship is always something of great preoccupation. What is the impact of a business that has its continuity interrupted or near collapsed, that generates resources to say, sustain a municipal government? Should the budget of the municipal administration depend highly on these resources, the exercise of forensic accountings turns to be a social responsibility to bring about transparency and restore ethics.

Does one say that auditors do not normally discover frauds in their cause of their evaluation because their structured approach does not permit such a deviation? Auditing is, traditionally, business inclined and risk based. Or, are auditors afraid of performing additional jobs which would not be readily accounted for?

Normally, the independent auditor comes and stays for a very short period. It does not seem to be a ripe time for someone to gain his confidence and reveal to him some dangerous plans for frauds in the organization. What about the internal auditor? Why is it that their control recommendations are not rightly implemented? There is a great concern about the effectiveness of the works of the internal auditing, the neighbours of the fraudsters.

Questions about whether management has lost faith in the internal auditors are factors which trigger additional reflection.. Or that a fraud is revealed by discontentment of employees who have ideas of the case, in some cases employees who are afraid of the faith of the organization, who bear the grudge of such malpractices, with the element of suspicion and revealing it or anonymously giving a sign to the auditor by reporting the fraud. Something that has helped the auditors recently has been suggestion boxes installed all over the organisation where information about frauds could be lodged.

By mapping and tracing financial errors that are socially unacceptable. Those which fall out of the realms of the normal authorization, particularly in the cluster analysis, are clearly shown as abnormal. As it can be observed in table 6 , the percentage of the success of an internal audit job shows "teeth for tat". In analysis of one of the questions posed to the respondents, being executives from all works of life: "How successful are internal auditors in detecting bribery and corrupt practices":. According to Gomide "by experience, a vast number of frauds in which I have worked were not detected by auditors and by an internal control review, because the internal control structure was not effective".

He added that a fraud suspect is revealed because that employee who takes short or no vacations, plays soccer with the majority of the big lords of the organization, breaks his leg and someone takes up his tasks in order to keep the operations moving, then the problem is discovered. As far as the our findings go, firstly, we characterize forensic accounting activities in eight perspectives, namely: i investigating all works of life say: psychology, philosophy, economics, finance, law and finally concentrating on accounting issues conceptual aspects ; investigation of frauds mitigating internal control procedural risks , iii judicial disputes on organizational structures and succession arbitrations with true and fair accounting figures on inherent risks , iv elaboration and submission of expert reports giving expert opinion , v due diligence giving bases for value definition.

Thus, in as much as forensic accounting emanates from investigative auditing, it is difficult to detach it from pure auditing. As we can observe in table 2 , words or phrases building which show the most common words, which one is able to construct with the sources available in this study. There is the fact that the forensic accounting practice is observed as a detachment of auditing.

This enables it to be categorized as one of the professions that will gain space in time in terms of importance, because corruption is gaining ground in most of the developing countries, be it in the public sector or private businesses. The main elements of the characteristics of the forensic accounting practice in Brazil match with the global practices as one reflects upon the discourse made to the municipal government of Rio de Janeiro expatiated upon in this study.

It tends to give support to management and stakeholders at large to decide on doubtful fraudulent transactions. Fragile internal controls in some organizations seem to carry the vote in terms of avenue that gives room to be perpetrated by fraudsters. Unless this is addressed, enterprises will continue to spend their scarce resources to maintain fragile strategies which could be foiled towards goal congruence.

Results show that, in practice, Kroll, and other accounting profession organizations are assisting in consolidating the new function of accounting to support the new era of accounts in the territories where they operate, such as Brazil. Even though enterprises like Kroll utilize the standard audit approach to gather evidence, the closeness to the lower echelon of the staff seems to be the most productive approach to fishing information relating to frauds in the organization.

Noteworthy that some frauds have a link with control culture developed by the management of some organizations, sometimes associable to probable fiscal malpractices by some management who are afraid of retaliation from close allies. Normally, these weaknesses are known to some fraudsters; therefore, they create reluctance in the process of infringement of punitive measures on some employees caught in certain fraud acts.


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Lastly, the fight for maintaining the internal audit activity has just begun. In the recent decades, during the boom of reengineering, it was classified as one of the departments cost centres that were wiped out in some organizations but it managed to survive. Nowadays, we have the issue of frauds that is becoming very rampant and the necessity to have an effective internal control to back corporate governance rules is gaining ground. The idea that frauds have been least detected by auditors is changing shape as auditors are rightly trained to detect frauds apart from emphasizing traditional safeguard of assets.

As a hint for further researches, one would suggest the comparative study of discourses presented by key actors of the forensic accounting profession in other countries for analysis. This will enable other researchers to sense the state of art in other countries where the practice is highly disseminated since nobody reveals how he or she performs the forensic investigation.

Albrecht, W. Steve; Howe, Keith R. Balding, D. According to EFG "In many cases in which we work, we see what is funny; it is the embezzler who hires us because we can expect to give him a certificate of good conduct. He thinks, "I will bring Kroll, who is reputed to be the best. It will audit, you will find nothing, so I'm fine.

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The general framework of forensic investigation limits its coverage to areas naturally prone to malpractices, they are areas such as: contracts and negotiations; billings; procurements and accounts payable. Others are payroll, information systems manipulation or maladjustments, to mention just a few. According to Gomide , "We base our strategy in such areas that have greater exposure to risk of fraud". According to the business context such areas are: inventories, purchasing and generally they are exposed to theft of financial assets.

So, Kroll would not have as many clients as we have today if the simple verification of prices, volumes, due dates as stipulated in the contract are monitored. Marketing and publicity are very intangible, this is an escape to fraud; in general, outsourcing, which could be questionable, ought to receive management attention.

Concerning Turning Around Accounting Information Systems TAAIS , through this tactics, the fraudsters are able to dribble the accounting information systems and module up the information provided by them to the decision makers. The structure and the integrity of the AIS are reviewed. Normally, when companies acquire systems, they lose sight of adequate parameterization of such system when they try to borrow a leaf from the default parameter to reduce costs.

This ends up in having a fragile ERP being implemented with wrong control procedures in place and even open to outsiders. For Gomide , it is very difficult to measure and monitor IT contracts. This is for us a black box which needs some clarification and some care. An auditor's role in fraud detection takes a new turn as we adapt SAS No. As it may not be different from other corporations all over the globe, Brazilian corporate management is very cunning.

For them all controls are effective except if you are able to prove otherwise, meaning to say that it is virtually impossible for you to hold them responsible for fraud due to lack of direct evidence as they are able to camouflage traces of malfunction. So forensic accounting plays an important role in this moment since we perform information systems audits. In the discourse, EFG represented fraud detection in forensic accounting with various symbols. According to EFG, what we do is use that information derived from historical performance doing the trimming of time - as companies change over time.

Thus, we use the past two or three years of information, understanding the normal pattern of this company and detect exceptions. At the moment, one detects an exception and proceeds to a closer investigation, which is barely an audit. It is therefore important to map frequency, values, and probabilities and understand the internal controls that are in practice within the company.

Wise characteristics, the skills needed are such as those shown in the Graph 1 , ranging from analytic to fraud detection and asset tracing skills. The use of interpretation of red flags arising from accounting information is hammered in the discourse. What can one consider as an example of red flags - unusual revenues, earnings or earnings management for instance? This applies to companies negotiated in stock markets whose book values are manipulated so that investors are unable to follow the twists and turns of events.

According to EFG, "I have an example of a client in Rio, who nearly zeros his inventory as he pushes sales to the wholesaler at the close of quarterly reporting. A month later, he receives a bunch of returns, but the headquarters had recognized all the revenues. Three years late, this modus operandi was changed after hiding bad results for so long a time". These symptoms could be as in Table 4. According to EFG, the signs of red flags are innumerable. They range from the following:. He added "The biggest fraud I have worked on here in Brazil was relatively simple: the director hired some legal advisors, they gave an opinion to the company about the collection of certain taxes.

Revenue came in the course of justice and would win in the second or third instances and, later, the company marked up all their calculations. He added, "Be at alert when you hear "I can only use this technology……. What is the sign shown to the management that it has ignored all along? In all circumstances, all the business trends are shown by the financial statements. They accept that the management receives overlapped information that the control environment permits, there is always the likelihood of having the hunches about the happenings.

This event code has the preoccupation with the frequencies of the cases that generate forensic accounting services and what the alerts presented to the management are. Are the management, regulatory organization and the research institutions prepared to give the support needed to track a more disastrous impact on business? Suppose we associate the impact of norms that are readily prepared by the government to safeguard the interest of the investors, what technologies are used to dribble the said regulators.

To describe how the financial analysis is used to track anomaly in business transactions, the discourse used as an analogy, in the case of Enron, is demonstrated in figure 4. This notorious case showed the results of as compared with those of What is the rationale? Has the price of energy sky rocketed, made a significant investment? Is it a point of interrogation of which we must be interested in?


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  • At this juncture, one would like to analyze further; eyebrows are raised when one sees that cash and receivables have grown from 3 billion to 13 billion within the period. In a breakdown we observed that it is as a result of price risk management activities related to the operation of derivatives. We therefore perceived that from one year to the other, Enron decided to change operations from energy Generation and Distribution Company, to trade and negotiate receivables through derivates. Forensic accounting sees this as unusual to the business and questions whether the perspective of the business is bright and, for that, it may be uncertain.

    EFG added, "Let's see profitability by comparing the net income to the cost of goods sold, also from one period to another. It means I became much more efficient from to , I was much more efficient in managing my net income minus my cost of goods sold". The discussant mentioned that they based their control monitoring assessment in such areas that have greater propensity to presenting a lack of internal control procedural risks.

    Internal control risks are the risks whose material errors not effectively prevented or detected by internal controls are in a timely manner Imoniana, , p. However, it is worthwhile mentioning the inherent risks and their detection at this point in time. According to AUS , "inherent risk means the susceptibility of an account balance or class of transactions to misstatement that could be material, individually or when aggregated with misstatements in other balances or classes, assuming there were no related internal controls".

    Detection Risk Imminent Proofs of Misstatement - What is the risk that the auditor would not be able to detect adequate proofs about misstatements and be lured to giving opinion about financial statement that is materially incorrect? AUS, In this code category, we intended to know how the subject sees the environment in which forensic accounting activity is being performed.

    According to Gomide , it tells you how the subject defines their setting. When we talk about improving financial performance in curbing frauds, we are fundamentally talking about internal controls and compliance. Inherently, businesses are exposed to some risks systematic known to the management and it should use their skills to amour the business flow against risks of cash flow or market fluctuation, normally through hedging and other market tools to dilute such risks.

    On the other hand, the unsystematic risks are uncertain and are not easily forecasted. Exactly for this reason that some people use it as means for perpetrating frauds. I know a couple of companies which performed IPOs and went to the Stock Market, but do not have an adequate control structure. Neither do they have a corporate governance practice but still with a deplorable financial structure" Gomide, By expatiating on this code, the study tries to give some prognostics about what is likely going to happen to the profession and the business in a short period to come, concerning the services of forensic accounting.

    Through a substantive analysis normally used by the auditors, this code approaches the discourse by emphasizing our standard operations that need retouches so that internal audits could be performed with the aim of tracking accounting malpractices. In these said operations, even though some people might question them, the concerns of corporate governance are a stimulating upbringing of internal auditors to match the trends of business frauds. In order to perform a forensic accounting job, there are various approaches which could be adapted. This ranges from adaptation of auditing approaches to even criminal investigative approaches.

    For instance, one can follow the procedures laid out in the methodology summarized in table 5. In this methodology, the auditor is expected to have the first contact with the auditee, identifying who and who in the case, making his initial conclusion about the environment, and selecting the existing strategies to investigate the case. Additionally, he should gather the relevant data to substantiate his hypothesis and perform end of findings analysis by quantifying the damage made on the business.

    Zysman outlined the following steps in executing Forensic Accounting engagement;. Meet with the client to obtain an understanding of the important facts, players and issues at hand. Perform a conflict check as soon as the relevant parties are established. Perform an initial investigation to allow subsequent planning to be based upon a more complete understanding of the issues.

    Develop an action plan that takes into account the knowledge gained by meeting with the client and carrying out the initial investigation and which will set out the objectives to be achieved and the methodology to be utilized to accomplish them. Obtain the relevant evidence: This may involve locating documents, economic information, assets, a person or company, another expert or proof of the occurrence of an event. Perform the analysis: this may involve: a calculating economic damages;summarizing a large number of transactions; b performing a tracing of assets; c performing present value calculations utilizing appropriate discount rates; d performing a regression or sensitivity analysis; e Relevance of Forensic Accounting utilizing a computerized application such as spread sheet, data base or computer model; f and utilizing charts and graphics to explain the analysis.

    Prepare the report. The discourse makes it clear that the Kroll type of methodology is tailor-made. It is the one that operates from the floor of the factory where all the information about the company permeates. However, since the employee might not know what ethic is, he tries to explain what everyone does in details. There lies the analysis which could be done through our software based on qualitative data analysis.

    Kroll uses a variety of tools. These are such tools as SAS apart from the application of the Excel resources, which are very useful for data analysis. In summary, according to EFG it is the same principle, only instead of using the financial analysis used to identify correlations and regressions red flags, we use statistical modelling. With the vast IT resources available nowadays, the forensic accountant has from manual to computerized approaches to execute its tasks. It does rest on him to be prepared to give the best professional judgment when it is necessary; this, however, is based on his experience.

    Generally, the working hours depend on the team and their experience and, most importantly, the review procedures are chosen by the auditor. There is no rule of thumb as to determining hours to be spent since it involves more detailed diligence. On average, those in a forensic job, take between one month, one month and a half, with three professionals working full time. EFG said, "we budget for hours, but we try to define it in advance because no one wants to receive a bill for hours when he was expecting hours.

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    We seek to define the scope and project for hours, but it is always an estimate, because you never know how a fraud will end". The societal relationship is always something of great preoccupation. What is the impact of a business that has its continuity interrupted or near collapsed, that generates resources to say, sustain a municipal government?

    Should the budget of the municipal administration depend highly on these resources, the exercise of forensic accountings turns to be a social responsibility to bring about transparency and restore ethics. Does one say that auditors do not normally discover frauds in their cause of their evaluation because their structured approach does not permit such a deviation?

    Auditing is, traditionally, business inclined and risk based. Or, are auditors afraid of performing additional jobs which would not be readily accounted for? Normally, the independent auditor comes and stays for a very short period. It does not seem to be a ripe time for someone to gain his confidence and reveal to him some dangerous plans for frauds in the organization. This includes the collection of DNA serological evidence, which includes chemical analysis on evidence in any criminal investigations containing suspect stains. Responsible for scene coordination, internal security, documentation, and preservation of evidence through analytical observation of scene conditions.

    Utilizes highly technical procedures and processes in the recognition, identification and collection of various types of physical evidence.

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    To include photography, latent prints, sketches, measurements, scene reconstruction, bullet trajectories, blood patterns, position of victims, weapons, and relevant evidence. Attends autopsies in connection with criminal offenses in order to collect physical evidence for laboratory examination. Forensic Crime Scene Technicians will handle evidence submitted to the Forensic Science Technician, other agencies and to the FDLE laboratory through examination, packaging, and marking, transferring to other sections and preparing for the return of evidence to other submitting agencies.

    Evidence will be handled in order to maintain its integrity and the chain of custody at all times. Prepares written reports on scientific findings, which will be utilized in legal proceedings. The findings or conclusions are supported and within the scope of scientific knowledge as related to the crime scene disciplines. Conducts peripheral casework including the evidence authenticity requirements of marking, cataloging and receipting exhibits being examined or transferred between the screening laboratory, to FDLE, or private laboratory.

    Forensic Science Technician will be crossed trained in crime scene examination, property room packaging, intake, security of evidence, screening laboratory and latent print analysis or any position at the discretion of the Evidence Commander. Incorporates the results of the work into written reports, which form the legal basis for some legal proceedings.

    Strives to eliminate error of any kind in these findings, judgments or written reports. Performs a liaison function through conferences with law enforcement officers, attorneys and others. All information will be recorded within the laboratory case file as required. Reported analytical results will be error free.

    Will maintain the integrity of evidence. Will successfully participate in proficiency testing programs as required. Participates in laboratory quality assurance programs and technical audits as assigned. Provides technical and administrative support as needed for analysis of evidence involved criminal investigations while complying with laboratory analytical and evidence handling practices as required by the Forensic Science Quality Manual FSQM , Evidence Procedure Manual and Operational Directives and the discipline procedures manuals.

    This may include, but is not limited to the following:. Operates autoclave to sterilize glassware and solutions and performs all routine maintenance of the autoclave. Assist in monitoring the water system and assists in monitoring all routine maintenance of the water system. Maintains all logs associated with the water system. Monitors and cleans Serology and DNA processing work areas and maintains housekeeping logs. Assists with monitoring section equipment and maintains equipment logs.

    Assists Forensic Science Technicians with liquid blood processing, collection of fiber standards, mounting fibers and other technical duties. Processes evidence for the recovery of trace material. Assists section members with validation studies and implementation of new technology.