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Mixing Forensic Acctg And Valuation In Litigation

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Presented by: W. James Lloyd, CPA/ABV/CFF, CFE, ASA AICPA National Business Valuation Conference November 15-17, 2009 Mixing Forensic Accounting and Valuation in a Litigation Engagement
Presentation Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
CPA’s Role in Litigation ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Applicability ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Fraud Defined ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Essential Elements of Fraud ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Fraud Determination ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Fraud Triangle AICPA National Business Valuation Conference November 15 – 17, 2009 Page Management or other employees have an incentive or are under pressure Circumstances exist – ineffective or absent control, or management ability to override controls – that provide opportunity Culture or environment enables management or other employees to rationalize committing fraud Rationalize Opportunity Incentive
General Categories of Occupational Fraud ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Asset Misappropriations ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Common Asset Misappropriation Schemes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Corruption ,[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Common Types of Corruption Fraud ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Financial Statement Fraud ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Forensic Accounting ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Primary Purpose ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Fraud Stats - ACFE’s 2008 Report to the Nation ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
ACFE’s 2008 Report to the Nation (Continued) ,[object Object],The sum of the percentages exceeds 100% because some cases involve more than one type of fraud
Perpetrator’s Profile ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Small Organizations Suffered Disproportionately Large Losses Source: Association of Certified Fraud Examiners 2008 Report to the Nation
ACFE’s 2008 Report to the Nation on Occupational Fraud & Abuse AICPA National Business Valuation Conference November 15 – 17, 2009 Page Source: Association of Certified Fraud Examiner’s 2008 Report to the Nation
When To Do It ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Divorce Engagements ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Word of Caution ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Pre-Engagement Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For – Red Flags ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For – Red Flags ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For – Red Flags ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For – Healthcare Entities ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Look For – Financial Statement Fraud ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Common Methods Used to Overstate Revenues ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Concealed Liabilities and Expenses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Timing Differences ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
How To Find It ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Basic Preliminary Steps ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Gathering and Analyzing Data ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Reviewing Documents – Caution ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Interviews ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Interviews (continued) ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Analytical Procedures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Statistical Sampling ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Data Mining ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Link Analysis ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Cash is Still King ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
What To Do I With It-Documentation ,[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Using the Results ,[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Using the Results (continued) ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Using the Results (continued) ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Using the Results (continued) ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Tools and Resources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Tools and Resources ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Professional Standards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Professional Standards ,[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
References ,[object Object],[object Object],[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
References ,[object Object],[object Object],[object Object],AIC PA National Business Valuation Conference November 15 – 17, 2009 Page
References ,[object Object],AICPA National Business Valuation Conference November 15 – 17, 2009 Page
Questions? W. James Lloyd, CPA/ABV/CFF, CFE, ASA [email_address] (865) 673-0844 www.pyapc.com AICPA National Business Valuation Conference November 15 – 17, 2009 Page

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Mixing Forensic Acctg And Valuation In Litigation

  • 1. Presented by: W. James Lloyd, CPA/ABV/CFF, CFE, ASA AICPA National Business Valuation Conference November 15-17, 2009 Mixing Forensic Accounting and Valuation in a Litigation Engagement
  • 2.
  • 3.
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  • 8. Fraud Triangle AICPA National Business Valuation Conference November 15 – 17, 2009 Page Management or other employees have an incentive or are under pressure Circumstances exist – ineffective or absent control, or management ability to override controls – that provide opportunity Culture or environment enables management or other employees to rationalize committing fraud Rationalize Opportunity Incentive
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  • 20. Small Organizations Suffered Disproportionately Large Losses Source: Association of Certified Fraud Examiners 2008 Report to the Nation
  • 21. ACFE’s 2008 Report to the Nation on Occupational Fraud & Abuse AICPA National Business Valuation Conference November 15 – 17, 2009 Page Source: Association of Certified Fraud Examiner’s 2008 Report to the Nation
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  • 58. Questions? W. James Lloyd, CPA/ABV/CFF, CFE, ASA [email_address] (865) 673-0844 www.pyapc.com AICPA National Business Valuation Conference November 15 – 17, 2009 Page

Notas do Editor

  1. 2008 Report based on data compiled from 959 cases between January 2006 and February 2008 Prior reports included: 1996, 2002, 2004 & 2006