Forensic Accounting and Fraud Detection for Corporates
Tags :
Forensic Accounting, Fraud Detection, Financial Criminology, Fraud, Computer Forensic, Tax Fraud
Industry :
Asset Management
Functional Area : Capital Management, Valuation, Performance |
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About "Forensic Accounting and Fraud Detection for Corporates" topic:
An economic downturn creates a 'busy season' for forensic accountants as previously undetected fraud schemes rise to the surface. At the height of such an unstable economy, fraud and white collar crime can go unchecked which could have significant consequences on consumers and the corporate environment. This topic will provide valuable discussion regarding fraud detection, investigation and prevention....
1 trends
, 3 insight
, 3 debates
, 3 idea contests
, 3 question
on topic: "Forensic Accounting and Fraud Detection for Corporates"
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Ability to review
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Ability to calculate, Ability to examine and cross examine
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Sambhunath Tiadi
| Added idea
"Ability to calculate, Ability to examine and cross examine"
| 3 years ago
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Ability to calculate, Simpleficateionm of accounting rules and procedure, ability to examine cross examine, Grasping capacity are also the skills required for foreinsic accountant. Now a days many organisation follow complicated account...
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Rashmi Patil
| Added idea
"Ability to review"
| 3 years ago
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I think foreinsic accountant should mainly have the ability to review a large volume of documentation ranging form the more usual accounting records and management information systems to memos, correspondence to extract the key issues quickly. He...
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Mohamd Mahmoud AbdulWhab
| Supported idea
"no special skill"
| 3 years ago
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If you dont mine, I would like to know what do you mean by this ? I think The genuine professional must know every thing about anything and be expertise and precise in one thing.
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Ideate: "What are the skills needed by foreinsic accountant?" deleted from your view.
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1
Auditing of previous document and contact directly vendor and customers and verification of system
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Finding files / mails on PC
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Nagalingam
| Added idea
"Auditing of previous document and contact directly vendor and customers and verification of system"
| 3 years ago
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We must audit previous documents specially vendors and found any price variance. We must directly contact the vendors and customers regarding problem they face with our system. We asses the system, and whether this is properly followed. Physical...
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Anish Goyal
| Added idea
"Finding files / mails on PC"
| 3 years ago
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Tracking and scanning of all files & e-mails of both existing or deleted ones, is a very important and efficient tool for an forensic accountant. Such tracking can lead to all the people involved into the fraud and actions taken by them can be...
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Ideate: "How does Information System support Forensic Accounting?" deleted from your view.
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(rate this)
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Is a threat
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4
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8
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Is not a threat
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Devi Kaladeen
| Argues in support of
"Is a threat"
| 3 years ago
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The new rules will be a threat to the Indian Audit Firms but not a threat to the economy.
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Esha Johar
| Argues in support of
"Is not a threat"
| 3 years ago
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There is nothing to become tensed in this condition. I don't think this will create any threat to Indian trade and Economy. For globalisation, we should be open to speak about our earnings from the company in which we are auditing. This case is...
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Debate: ""New rules in EU pose threat to Indian audit firms" " deleted from your view.
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Ten step guide to preventing and detecting fraud Given the wide range of fraud that could be committed, what steps can you take to minimise the risk of fraud being perpetrated within your organisation? Consider this top ten tips for detecting and preventing fraud. 1 Begin by recruiting the right people to work in your organisation. Make sure that you check out references properly and ensure that any temporary staff is also vetted, particularly if they are to work in key areas. 2 Ensure that you have a clear policy that fraud will not be tolerated within the organisation and ensure that this is communicated to all staff. 3 Consider which areas of your organisat...
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Anish Goyal
| Commented
| 3 years ago
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One of the most important step required for any organization to prevent frauds is to have a thorough check & balance system in place and then get it vouched thoroughly from an independent person; thus minimize the loopholes & gaps. Things should...
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Abraham Paul
| Commented
| 4 years ago
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Very useful learning material for young managers.
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Ahmed Sultan
| Commented
| 4 years ago
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There is no greater fraud than a promise not kept.
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Insight: "Ten step guide to preventing and detecting fraud" deleted from your view.
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1
Intenal Controls
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Approximated figures matters
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Raman R
| Added idea
"Intenal Controls"
| 3 years ago
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Financial statements are prepared by the Auditors as per the documents available and information furnished to them. 'Auditing' and 'Fraud Examination' are different. The organization should implement effective internal control and conduct a...
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Rakesh Chakraborty
| Added idea
"Approximated figures matters"
| 3 years ago
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I think Financial statements contain approximations, not exact amounts with respect to many items, especially depreciation, provision for bad and doubtful assets, impairments, estimates, evaluation of uncertainties, etc. And because of that...
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suchita Ambardekar
| Supported idea
"Approximated figures matters"
| 3 years ago
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Double entry booking method in itself...is flawed..or not perfect....Secondly in the name of greed and selfish interest....books are cooked and given the jargon name...financial engineering....all brain child of the west...and particularly...the...
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Ideate: "Why frauds are happening inspite of the precautions taken?" deleted from your view.
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Anoop Agarwal, the employee allegedly responsible for a $4 million fraud at Wipro, is believed to have committed suicide, according to Bloomberg UTV. Incidentally, Wipro's audit committee was reportedly scheduled to meet today to discuss the fraud fallout. Agarwal had been working with the company for the past three years in the ‘controllership’ division within the finance department. This cell is responsible for keeping the company’s financial books and also has powers to authorise payments whenever needed. The employee is believed to have embezzled about $4 million by stealing a password and transferring money from Wipro’s account at a bank. Wipro has since disbanded the controllership un...
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Dr Ali Ahmad
| Commented
| 3 years ago
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This is indeed a disturbing thing for all organisations, i think that one way the organisation can work out is that more than one person should provide password to the bank while transferring funds.The bank should then send out sms to atleast one...
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Insight: "Wipro fraud accused commits suicide" deleted from your view.
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Answer: "What is IFR accounting, is it works in india" deleted from your view.
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There is a confusion on difference between Statutory Audit and Forensic Audit. So can you throw some light on their difference.
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Rakesh Chakraborty
| Answered
| 3 years ago
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Apart from what Prakash has said ,if any fraud is detected, Negative opinion or qualified opinion is expressed with/without quantification in case of statutory audit and in forensic audit there will be Legal determination of fraud and naming...
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Prakash Khairnar
| Answered
| 3 years ago
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The main Objective of statutory audit is to express opinion on financial statement as to ‘true fair’ presentation but forensic accounting objective is to is determine whether fraud has actually taken place in the financial statements. And...
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Answer: "What is the difference between Statutory Audit and Forensic Audit?" deleted from your view.
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What is Forensic Accounting? where it is essentially encompasses?
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Bindu Narayan
| Answered
| 4 years ago
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The world of forensic accounting involves grasping the seriousness of a situation and looking way beyond mere numbers. It is more than just your regular accounting or basic detective work. Because it has such unique elements, it is an unusual...
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Manoj Goyal
| Answered
| 4 years ago
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Auditing and accounting is an unlikely combination – but that’s what forensic accounting is all about! Forensic essentially means ‘anything that is suitable to be used in a court of law’ and this is exactly what forensic accountants are meant to...
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Answer: "What is Forensic Accounting? where it is essentially encompasses?" deleted from your view.
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(rate this)
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Yes
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3
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12
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No
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Biranchi Narayan Acharya
| Argues in support of
"No"
| 3 years ago
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Manipulations are two type. One is intensional manipulation for misappropriation. Such manipulation fraud can be totally controllable if proper system is placed project leader has the clear intention. On the other hand while reconcillating it is...
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Anjali Bhatia
| Argues in support of
"Yes"
| 3 years ago
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I believe that the fraud and manupulation of site accounts cannot be controlled because the material used in sites vary in price day by day. So they take advantage of this and start giving fake reports. This fraud leads to financial problem...
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sudhashreekumar
| Argues in support of
"No"
| 4 years ago
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Yes it is totally uncontrollable for fraud and manupulation of site accounts. Because people have left being honesty long back. Every body wants to earn lot of money in all the ways. It is very difficult to expect like that. It is chain of...
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Debate: "Is fraud and manupulation of site accounts is uncontrollable?" deleted from your view.
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The Chartered Accountants have engaged themselves in the audit of Insurance Companies since long. With the transition in the insurance sector, the horizons for their contribution have broadened. There has, emerged a king-size pool of opportunities that the Chartered Accountants can explore and apply their professional wisdom and experience to. The structure of an insurance company, generally, comprises the Operating Department, Administrative Department and the Finance Department. The Operating Department generally performs the basic functions pertaining to the designing of products, marketing thereof, servicing the insured, management of portfolio, etc. The Administrative Department looks after the day to day affairs of the company. The Finance Department backs the operations and administration of the company by accounting for the transactions, streamlining the flow of funds, materializing the management decisions, etc. The Administration Department as well as the Finance...
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7 Steps to Protect Against Online Fraud for this Year's Tax Day SonicWALL Security Threat Team Offers Insight and Guidelines on Phishing Scams and other Invasive Schemes Related to Tax Day Bangalore, Karnataka, India, Tuesday, April 12, 2011 -- (Business Wire India ) -- With tax day around the corner, SonicWALL, Inc., the leading provider of intelligent network security and data protection solutions, today released the results of its phishing quiz . Of the three million respondents to the quiz, only 7.4% answered all of the questions correctly. When asked to determine whether a suspect email was a phishing e-mail or a legitimate email, respondents were wrong 22% of the time. In addition, quiz results reveal that 1 in 10 people will act on a phishing email even after they have been told it is suspicious; actions include opening the email, clicking on links and even providing personal data at the phisher's website. The seasonal rise in phishing threats associated with the...
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