The Basics of Forensic Accounting<br />And the Dynamics of Theft in the Workplace<br />By Roxann Grant<br />ENG 1105 Techn...
Theft in the Workplace	<br />Employee theft in the workplace is a growing and often preventable subject that many employer...
Different Types of Workplace Theft<br />The majority of employee thefts come from employees that are usually in a position...
Lapping
Through use of phantom employees and/or vendors
Kickbacks and
Issuing fake refunds or credits</li></li></ul><li><ul><li>There is a continued need for regulation and control in many of ...
In the accounting industry, there is a basic standard in place.  It is called GAAP, also know as generally accepted accoun...
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The Basics of Forensic Accounting and the Dynamics of Theft in the Workplace

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The Basics of Forensic Accounting and the Dynamics of Theft in the Workplace

  1. 1. The Basics of Forensic Accounting<br />And the Dynamics of Theft in the Workplace<br />By Roxann Grant<br />ENG 1105 Technical Communications<br />Elizabeth Owens, Instructor<br />
  2. 2. Theft in the Workplace <br />Employee theft in the workplace is a growing and often preventable subject that many employers ignore. <br />One of the roles of the forensic accountant is to sniff out occurrences of theft in the workplace. <br />
  3. 3. Different Types of Workplace Theft<br />The majority of employee thefts come from employees that are usually in a position of trust. These individuals usually are found working in the accounting department or in management. And they steal using various methods. <br /><ul><li>Skimming
  4. 4. Lapping
  5. 5. Through use of phantom employees and/or vendors
  6. 6. Kickbacks and
  7. 7. Issuing fake refunds or credits</li></li></ul><li><ul><li>There is a continued need for regulation and control in many of corporate and governmental environments.
  8. 8. In the accounting industry, there is a basic standard in place. It is called GAAP, also know as generally accepted accounting principals.
  9. 9. Companies are expected to follow GAAP rules when reporting their financial data via financial statements.
  10. 10. If a financial statement is not prepared using GAAP principles, be very wary!</li></li></ul><li>What is a Forensic Accountant?<br />“Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations. Forensic accountants may be involved in both litigation support (providing assistance on a given case, primarily related to the calculation or estimation of economic damages and related issues) and investigative accounting (looking into illegal activities).” (American College of Forensic Examiners)<br />
  11. 11. Educational Requirements<br />Must become as CPA first then take specialized courses in Forensic Accounting.<br />Becoming a CPA:<br />Must receive a baccalaureate degree with a concentration in accounting<br />Must complete a total of 150 semester hours or 225 quarter hours of education with degree awarded by an accredited college or university.<br />Educational program will include accounting concentration with completion of 30 semester hours or 45 quarter hours in accounting subjects.<br />Educational program will also include business related course work with completion of 24 semester hours or 35 quarter hours in general business subjects.<br />
  12. 12. Certification in Forensic Accounting<br />As a forensic accountant, “The American Institute of Certified Public Accountants (AICPA) established the Certified in Financial Forensics (CFF) credential in 2008 for CPAs who specialize in forensic accounting. <br /><ul><li>The CFF credential is granted exclusively to CPAs who demonstrate considerable expertise in forensic accounting through their knowledge, skills, and experience.
  13. 13. The CFF encompasses fundamental and specialized forensic accounting skills that CPA practitioners apply in a variety of service areas, including: bankruptcy and insolvency; computer forensic analysis; family law; valuations; fraud prevention, detection, and response; financial statement misrepresentation; and economic damages calculations.” (American Institute of Certified Public Accountants)</li></li></ul><li>Works Cited<br /><ul><li>American College of Forensic Examiners. 2011. 28 July 2011 <www.acfei.com>.
  14. 14. American Institute of Certified Public Accountants. July 2011. 30 July 2011 <www.aicpa.org>.
  15. 15. Investopedia. 28 July 2011. 28 July 2011 <www.investopedia.com>.
  16. 16. Martin, St. "Not My Employee: Answering the why, how and what next of employee theft." Collector (2011): 27-30.</li></ul> <br />

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