Fin Anal For Acct & Audit v2
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APEC Financial Regulators Training Initiative Seminar on Financial Analysis, Forensic Accounting & Auditing 19 - 23 October 2009 Manila, Philippines Monday, 19 October Tuesday, 20 October Wednesday, 21 October Thursday, 22 October Friday, 23 October Hour Corporate Governance Financial Analysis Gathering & Presenting Communication & 9:00 Participant Registrations (9:00 – 9:30) (Outline effective corporate (Outline the financial Evidence Reporting Welcome and Opening governance mechanisms analysis that should be (Outline the discovery (An understanding of the such as - Organizational undertaken such as ratio process, lawyer-client Remarks various forms of fraud to code of conduct supported analysis & other analytical (9:30 – 10:00) privilege, privacy & rules of engagement by an embedded culture of techniques – Class evidence, identify legal communications, including honesty and ethical Exercise: For a particular restrictions, privacy laws Official Photo& Participant written reports, graphical behaviour; An independent case study, analyze and rights of individuals on Introductions presentation, and oral 10:30 and empowered board of financial and nonfinancial gathering and presenting testimony – Class Directors; An independent information as a basis for evidence. Identify the Exercise: Case study and empowered audit gathering evidence, forming different types of evidence. involving effective committee; Organizational hypotheses, and testing Identify ...
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Hour 9:00 to 10:30
APEC Financial Regulators Training Initiative Seminar on Financial Analysis, Forensic Accounting & Auditing19 23 October 2009 Manila, Philippines Monday, 19 OctoberTuesday, 20 OctoberWednesday, 21 OctoberThursday, 22 OctoberFriday, 23 OctoberParticipant RegistrationsCommunication &Corporate GovernanceGathering & PresentingFinancial Analysis (9:00 – 9:30)(Outline effective corporate(Outline the financialEvidence Reporting Welcome and Openinggovernance mechanismsanalysis that should be(Outline the discovery(An understanding of the Remarks suchas Organizationalundertaken such as ratioprocess, lawyerclient various forms of fraud (9:30 – 10:00)privilege, privacy & rules ofcode of conduct supportedanalysis & other analytical engagement by an embedded culture oftechniques – Classevidence, identify legal communications, including honesty and ethicalExercise: For a particularrestrictions, privacy laws Official Photo& Participant written reports, graphical behaviour; An independentcase study, analyzeand rights of individuals on Introductions presentation, and oral and empowered board offinancial and nonfinancialgathering and presenting testimony – Class Directors; An independentinformation as a basis forevidence. Identify the Exercise: Case study and empowered auditgathering evidence, formingdifferent types of evidence. involving effective committee; Organizationalhypotheses, and testingIdentify methods by which Guest Presenter policies and reward systemshypotheses) perpetratorshide assets –communication skills that are consistent withCommunicate effectively,Class exercise: case study espoused ethical values;both orally and in writing:on gathering, analysing & Confidential disclosurepresenting evidence Oral Communication: case methods; Effective legal riskpresentation, deposition,Analyze data using a assessment – Classspecific item methodand courtroom testimony; Exercise: Work through aWritten Communication:(direct method of proof) of case study whereby ethicalinvestigation, includingreport writing skills and issues, conflicts of interest,analyzing bank recordstechniques; Graphical and noncompliance withand tracing money throughCommunication: pictorial corporate policies andaccounting systems;representations of finished procedures, inadequateAnalyze data using indirectwork; Active listening: disclosure were evident)listening, digesting, andmethods of investigation, including the bank depositquestioning; Interpersonal method; analyze net worthskills) and sources and applications of funds;Inspect documents; Maintain the chain/custody of evidence; Utilize methodsfor identifying hiddenassets such as public records searches, searching for offshore banking activity, etc.Break Break BreakBreak Break
11:00 to 12:30
Overview Civil, Criminal & Regulatory Systems(Analyse & discuss the impact of the legal & regulatory environment on perpetrators, witnesses, organisations & fraud and forensic accounting professionals, given particular fact patterns and case examples)
LUNCH
Identifying Fraudulent Activities (Understand the basic concept of "red flags" (fraud risk factors), anomalous relationships, events, conditions, or symptoms that indicate an increased probability of fraud. Red flags include: Accounting anomalies; Analytical anomalies; Behavioural symptoms; Internal control weaknesses; Lifestyle issues; Tips or complaints; Anomalous relationships – Class Exercise: Design procedures to detect fraudulent activity)
LUNCH
Forensic Accounting (Outline sources of information & guidance for fraud & forensic accounting such as applicable standards & frameworks, Standards Boards, Acts, Guidelines – Class Exercise: Identify applicable standards, given fact patterns or case scenarios, and know how the standards impact issues such as professional responsibility, appropriate investigative response, and the possibility of culpability of associated professional)LUNCH
Gathering & Presenting Digital/Electronic Evidence (An understanding of various sources of public and private digital/electronic information, types of digital evidence such as metadata in documents, Encase, email headers and tracers, and security and audit logs and how to search databases, primarily in the area of conversion, special requirements for digital evidence collection & preservation for forensic investigation – ClassExercise: Case study on gathering and presenting digital/electronic evidence)
LUNCH
Legal Remedies (Criminal, Civil & Other – Class Exercise: Identify and evaluate alternative legal remedies, determine the impact of alternatives on investigations, and identify ways that a fraud and forensic accounting professional could assist organizations and the legal community in pursuing appropriate remedies)
LUNCH
1:45 to 3:15
Role of the External Auditor & their extent of Responsibility (Particularly for detecting fraud – Class Exercise: Participants to act as Auditor and evaluate a company’s internal control over financial reporting)
Break
Auditing Techniques (An understanding of audit techniques and procedures for detecting fictitious transactions and events – Class Exercise: Apply audit techniques to detect false transactions and events, and identify possible forged documents that require additional expert analysis)
Break
Financial & Economic Modelling (An understanding of the various approaches to modeling – Class Exercise: Analyse a case study & perform model calculations)
Break
Fraud Search Procedures (An understanding of the different procedures available to proactively search for fraud when symptoms of fraud have not been specifically identified: Review of journal entries; Review of important estimates; Review of infrequent and unusual transactions; Plan and perform audit procedures to detect fraud: Identify risks, Identify possible symptoms and audit for those symptoms, Follow up on anomalous discoveries until the auditor can conclude that fraud has occurred or does not exist – Class Exercise: Design & conduct procedures to proactively search for fraud) Break
Closing Remarks & Certificate Presentation
Break
3:30Ponzi Schemes &Financial Statement FraudFraud InvestigationInterviewing TechniquesForensic AccountingMethods(An understanding of the(Understand the (Identifythe fraud indicators(An understanding of major areas/red flags ofimportance of interviewing, to –Class Exercise: Workdifferent fraud examination financial statement fraud:the different techniques & througha Ponzi Schemeprocedures (investigating Fictitious revenue (andfactors that impact casestudy and identifythe act, concealment, or related assets); Timingeffectiveness5:00investment fraud – whatconversion) in the gathering differences of revenue and should the regulator beand evaluation of evidence; looking for?)expense; Concealedthe risks of destroying evidence, chain of custody, liabilities; obstructing justice, and Inadequate/misleading impacting the willingness of disclosure; Improperasset individuals to cooperate valuation; during an investigation – Improper/inappropriate Class Exercise:develop an capitalization of expenses, appropriate evidence organisational structure,gathering plan to support the strategy of investigation)management incentives, transactions– Class Exercise: Casestudy Analyze financial statements to detect indicators of fraud and perform and interpret relevant analytical procedures, including risk factors. Perform and interpret ratio analyses, including comparisons across time and to key industry ratios. Participants need to develop solid analytical procedure skills, including the ability to incorporate nonfinancial measures in their assessment of financial data)Definitions: Forensic accounting is the application of accounting principles, theories, and disciplines to facts or hypotheses at issue in a legal dispute, and encompasses every branch of accounting knowledge.Forensic accounting is the application of Examine a fact pattern or scenario related to
accounting to legal matters and includes economic damages, an employment dispute, investigation and litigation services.Forensic Accounting consists of 2 major parts –investigative skills and litigation services Seminar Objectives: Present a legal and regulatory framework as a model system that effectively addresses fraudulent activity Present best practice in auditing standards Recently, wellknown companies such as Sunbeam, Cendant, Livant, Miniscribe, Columbia/HCA Healthcare, Bausch & Lomb, and Knowledgeware have been forced to restate earnings
