Topic: Importance of Business Intelligence Services - Forensic Investigation, Due diligence in the current business scenario. The type of research method used in the paper was a qualitative one and obtained from real experience working at Deloitte.
Sample motion for summary judgment by plaintiff in United States District CourtLegalDocsPro
This sample motion for summary judgment by plaintiff in United States District Court is filed under the provisions of Rule 56 of the Federal Rules of Civil Procedure on the grounds that no genuine dispute exists as to any material fact and the moving party is entitled to judgment as a matter of law. The sample on which this preview is based is 16 pages and includes brief instructions, a table of contents and table of authorities as well as a memorandum of points and authorities with citations to case law and statutory authority, statement of uncontroverted facts and conclusions of law, sample declaration, proposed judgment granting summary judgment and proof of service by mail.
What is digital evidence? , sources of digital evidence, types of digital evidence, the procedure for collecting digital evidence, records, digital vs physical evidence, controlling contamination.
Exploring AI's Impact: Key Features in Due Diligence
In the realm of due diligence, AI emerges as a game-changer, revolutionizing traditional methods with its advanced features. AI-powered algorithms excel in data analysis, swiftly sifting through vast amounts of information for crucial insights. Automation streamlines document review processes, ensuring accuracy and efficiency. Moreover, AI enables predictive analytics, forecasting potential risks and opportunities with precision. With machine learning capabilities, AI continuously improves its performance, adapting to evolving trends and patterns. By integrating AI into due diligence practices, businesses gain a competitive edge, maximizing efficiency and making informed decisions swiftly. AI in due diligence is not just a tool; it's a transformational force driving businesses into the future.
https://www.leewayhertz.com/ai-in-due-diligence/
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
Sample motion for summary judgment by plaintiff in United States District CourtLegalDocsPro
This sample motion for summary judgment by plaintiff in United States District Court is filed under the provisions of Rule 56 of the Federal Rules of Civil Procedure on the grounds that no genuine dispute exists as to any material fact and the moving party is entitled to judgment as a matter of law. The sample on which this preview is based is 16 pages and includes brief instructions, a table of contents and table of authorities as well as a memorandum of points and authorities with citations to case law and statutory authority, statement of uncontroverted facts and conclusions of law, sample declaration, proposed judgment granting summary judgment and proof of service by mail.
What is digital evidence? , sources of digital evidence, types of digital evidence, the procedure for collecting digital evidence, records, digital vs physical evidence, controlling contamination.
Exploring AI's Impact: Key Features in Due Diligence
In the realm of due diligence, AI emerges as a game-changer, revolutionizing traditional methods with its advanced features. AI-powered algorithms excel in data analysis, swiftly sifting through vast amounts of information for crucial insights. Automation streamlines document review processes, ensuring accuracy and efficiency. Moreover, AI enables predictive analytics, forecasting potential risks and opportunities with precision. With machine learning capabilities, AI continuously improves its performance, adapting to evolving trends and patterns. By integrating AI into due diligence practices, businesses gain a competitive edge, maximizing efficiency and making informed decisions swiftly. AI in due diligence is not just a tool; it's a transformational force driving businesses into the future.
https://www.leewayhertz.com/ai-in-due-diligence/
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
Forensic Accounting An Ex Ante Ex post Evaluation for Indiaijtsrd
"Growing incidences of financial fraud have given rise to the field of forensic accounting, a specialty practice area of accounting that focuses on uncovering fraud, among other things. A forensic accounting engagement often involves a detailed assessment of a company’s accounting system and processes to determine whether or not the numbers that are presented reflect reality. Unlike financial accounting, forensic accounting is not performed on a routine basis, so it’s important for the owner and the executive management team to know when a forensic accountant is needed or should be consulted Incidences of financial fraud have been growing in both frequency and sophistication among businesses in India. Sunil V. Mohite ""Forensic Accounting: An Ex-Ante - Ex-post Evaluation for India"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Fostering Innovation, Integration and Inclusion Through Interdisciplinary Practices in Management , March 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23099.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/23099/forensic-accounting-an-ex-ante---ex-post-evaluation-for-india/sunil-v-mohite"
Unlocking Insights: AI-powered Enhanced Due Diligence Strategies for Increase...RNayak3
Explore how a risk-based approach to Enhanced Due Diligence can deliver effective Anti-Money Laundering (AML) compliance and monitoring in banking and financial services.
Discussion #1Based on authoritative sources (including peer revi.docxcuddietheresa
Discussion #1
Based on authoritative sources (including peer reviewed articles from the library, Fraud Examiners Manual, etc), give some examples and discuss current ways in which you could obtain information from public and private sources if you were asked to investigate an employee in accounts receivable that is believed to be embezzling funds from your company. Do you think the data you obtained is reliable from these public and private sources, why or why not?
Comment (FG)
The investigation's study element includes specialists in publicly sourced data obtaining appropriate data about people and organizations suspected of fraud participation (PWC, 2008). This is one of the first measures taken when a suspect was recognized in an inquiry. Most of the information and paperwork used in an inquiry are produced internally – it comes from within the organization or is otherwise easily accessible within the organization (in the event of invoices from the seller). However, sometimes it becomes vital to have information or paperwork that is only accessible from external sources. Public data and documents are typically accessible to the general government either by visiting a website or facility or on request from the record holder. In most instances, government agencies maintain public records. There are two wide categories of external information sources, public and non-public. For instance, if an employee posts pictures or makes statements on social media, this data could be easily accessible to all spectators. “Investigators should always use caution when accessing this information, especially if the information is only available to ‘friends’ or other contacts that the individual has granted special access to.” (Pomerantz & Zack, 2017)
Non-public documents are confidential and private. Holders of such documents are under no obligation to generate such documents unless they have given their permission or are required to do so as a consequence of legal proceedings, such as a court order or summons. This category includes records such as private bank statements from people who may be the topic of an inquiry. Researchers do not normally have ready access to these records. Non-public records include information about a private and confidential person or business. Must get from 1) Consent, 2) Legal process 3) Search warrant.
An employer who uses a third party to conduct a workplace investigation no longer has to obtain the prior consent of an employee if the investigation involves suspected: 1) Misconduct, 2) Violation of law or regulations, 3) Violation of any preexisting policy of the employer (ACFE, 201
Discussion #2
Play the video titled 5 Steps to Reduce Small Business Fraud located on the ACFE website http://www.acfe.com/Video-Library.aspx
What did you learn from this video that you could relate to your current, past or future job in accounting? Be sure to use authoritative sources (including peer reviewed articles from the library, F ...
Running head ROYAL PRIVATE BUSINESS INVESTIGATOR BUSINESS PLAN .docxtoltonkendal
Running head: ROYAL PRIVATE BUSINESS INVESTIGATOR BUSINESS PLAN 1
ROYAL PRIVATE BUSINESS INVESTIGATOR BUSINESS PLAN 8
Royal Private Business Investigator Business Plan
Bradford Gonzalez
BUS 521: Entrepreneurship And Innovation
Paul Frankenhauser
May 20, 2018
Royal Private Business Investigator Business Plan
Competitive Analysis
The present market in Boston, Massachusetts is home to more than 30 private investigation firms offering different products and services. Major firms include RCB and Associates, Associated Investigation Limited, API Professional Investigations, Summit Investigations and Digital Investigations. RCB and Associates Limited is a Massachusetts based private detective agency with more than four decades of experience. It majorly focuses on criminal investigation, insurance fraud investigation, private detective services and infidelity investigations. Other products include professional services, legal investigations, security investigations, undercover investigations, web investigations and surveillance investigations (Yellow Pages, 2018).
Founded in 1993, API Private Investigations offers a wide range of products and services such as missing persons, infidelity, child support, surveillance and child custody. Other services include background checks, legal support, corporate investigations, fraud, expert interviews, armed body guard services, death investigations as well as insurance investigations. Summit Investigations, headquartered in Weymouth, Massachusetts, is a private detective agency with more than two decades of experience. Apart from Massachusetts, the company has other branches in Rhode Island, New Hampshire, Florida, Vermont, New York as well as Connecticut. The company offers different products and services like security cameras, surveillance systems, video equipment, proximity readers, night vision systems, background checks, home security systems, private investigations and people searches. Also it offers spousal surveillance, missing person’s investigations, forensic accounting, insurance fraud, pre-tenancy screening, expert witnesses, pre-employment screening, embezzlement investigations and polygraph tests (Yellow Pages, 2018).
Digital Investigation is another leading private investigation agency in Boston, Massachusetts. The firm offers various services such as personal digital investigation services, digital remote monitoring, criminal litigations, mobile digital investigations and business litigations. Also it offers digital forensics litigation services, data and evidence acquisitions, civil litigations, e-discovery, employee monitoring, infidelity investigations, cyber harassment and as well as digital background and physical investigations. Other services are child custody, social networking investigations, computer forensics as well as computer data forensics recovery services (Yellow Pages, 2018).
...
Discus the development of the fraud examinerforensic accounting pro.pdfMALASADHNANI
Discus the development of the fraud examiner/forensic accounting profession since the 2001
Enron fraud. Discuss applicable standards and the core foundation of the profession.
Solution
Forensic accounting has been pivotal in the corporate agenda after the financial reporting
problems which took place in some companies around the world like Enron. These scandals
resulted in the loss of public trust and huge amounts of money. In order to avoid fraud and theft,
and to restore the badly needed public confidence, several companies took the step to improve
the infrastructure of their internal control and accounting systems drastically. It was this
development which increased the importance of accountants who have chosen to specialize in
forensic accounting and who are consequently referred as “forensic accountants.”
Forensic accounting relies on the fraud triangle to identify weak points in the business systems
and find possible suspects in cases of fraud. It consists of three core concepts which together
create a situation ripe for fraud: incentive, opportunity, and rationalization. People must have the
incentive and opportunity to commit financial fraud, as well as the ability to justify it. Recent
analysis has suggested adding a fourth concept to make a diamond—capability. Just because
someone has the opportunity or incentive to steal does not necessarily mean that they have the
capability to do so. For example, if someone does not understand how to make journal or ledger
entries in the books of accounts, they would not know how to manipulate numbers no matter
what the incentive or opportunity is.
The accounting scandals involving Enron, WorldCom, Global Crossing, and other companies
have put accountants in the public spotlight as never before in their history. After these
accounting scandals, public confidence in the accounting profession has been seriously
undermined. However, the scandals have created business for forensic accountants and
developed opportunities for forensic and investigative accounting. Forensic accountants have
been conducting these activities for quite some time in a quiet professional manner. New laws
and regulations resulting from these scandals will make the role of forensic accountants more
important than ever before in the business world.
Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to
give expert evidence at the eventual trial. All of the larger accounting firms as well as many
medium-sized and boutique firms have specialist forensic accounting departments. Forensic
accountants utilize an understanding of business information and financial reporting systems,
accounting and auditing standards and procedures, evidence gathering and investigative
techniques, and litigation processes and procedures to perform their work. Forensic accountants
are also increasingly playing more proactive risk reduction roles by designing and performing
extended procedures as part of stat.
Legal due diligence is the process of collecting, understanding and assessing all the legal risks associated during Financing/M&A process. During due diligence, the acquirer reviews all the documents pertaining to a target company and interviews people associated with it.
Financial crimes compliance Brochure - BMR AdvisorsAbhishek Bali
BMR Advisors - Financial Crimes Compliance Services. These constitute - Anti-Money Laundering, Anti-Bribery Compliance, Fraud & Forensic Services and Data & Database Services. Their applicability is across countries, geographies and sectors,
Our Due Diligence team helps you assess businesses in Dubai and across other emirates in the UAE to provide you with information relevant to making decisions on such transactions.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
This case motivates a debate on the role of staff functions, such as risk management: what does it mean for them to be independent, and at the same time, to partner the business lines? The case describes the risk assessment process in the corporate banking arm of Wellfleet Bank (cca. 2006-2009) around an illustrative business proposal in the corporate lending business and illustrates the decision challenges faced by the case protagonists (two senior risk officers of the Group Credit Committee)—who grapple with the tensions common between the sales organization and the risk control function in large financial institutions.
Research paper: Analysis of the Demonetization and GST Impact on the Indian Economy. Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India's economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country's needs.
A perfect storm of challenges, including a global pandemic, a trade war, floods, flooding, and snowstorms, has resulted in a computer chip crisis around the globe. Chips are now used in everything from watches to refrigerators, and your car most likely has several dozen. Manufacturers clearly cannot keep up with demand.
What is behind the scarcity?
The Euro in Crisis: Decision Time at the European Central Bank Harsh Chitroda
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency)
Will Digital Currencies Break The Banking System? Harsh Chitroda
So, when we ask a question of how will digital currency affect banks? So, we can say that Digital currencies are likely to give central banks more insight into the movement of money in the economy. The widespread use of electronic payment systems may also aid authorities to crack down on money-laundering and terrorist-financing efforts. Or on the other hand, we can also say that the Banks are afraid because Cryptocurrency exchange is a non-banking transaction. and if the Cryptos gain favours it can disrupt the ability of banks to create money. If this disruption alarms the central banks, then they will do something about it.
Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)
Research paper - Forensic investigation, due diligence
1. Research Paper Presented at Mumbai University International Conference
2018
Importance of Business Intelligence Services - Forensic Investigation, Due
diligence in the current business scenario.
By Mr. Harsh Chitroda,
Certified Business Accountant, CIMA
Master of Commerce in Advanced Accountancy
Under guidance of Prof. Ashutosh Saxena, Dept. of Commerce
Jai Hind College, Mumbai
Abstract
The following paper discusses and highlights the various aspects and significance of
the Business Intelligence Services - Forensic Investigation, Due diligence in the
current business scenario in the current global economy & various financial
transactions between parties to a contract. It elucidates on to variety of procedures
and processes that affects a certain engagement or interaction between respective
parties to the deal. It also helps in interpreting how the digitization and technological
advancement has changed the perceptions and functioning of the business.
The purpose of this research is to identify and make people aware of the forensic
services in a simplified way. The paper would not only serve in apprehending the
importance of the subject but will also act as a guiding factor for the young and
aspiring individuals to opt for a career in forensic. The paper describes what is
currently unknown, and it therefore, proposes future research topics.
Note that the key points highlighted are taken from real life experiences and from
professionals who have been in the space for a substantial amount of time.
Keywords: Business intelligence services, forensic, due diligence
Paper Scope
This paper focuses on the 3 central themes that run through the topics outlined
below:
Forensic: scope, meaning and techniques, people involved and value to the
business.
Business Intelligence Services: Counterparty due diligence, Investigative due
diligence, analytics, goals and risks of inadequate research.
Digitization: Effects to the forensic due diligence process due to digitization and
modernization in the technology, forensic analytics.
Though the paper may not be all pervasive and there may be many other methods
and processes apart from the once discussed in the paper.
2. Introduction
Forensic, BIS is an emerging science to find the risk adversities during the pre-
acquisition, pre-engagement and insolvency stage. The increasing spotlight on
corporate ethics and fraud has resulted in a demand for professionals who have
sufficient training and investigative skills to conduct investigations into financial
crime in the workplace.
The term "forensic” means suitable for use in a court of law, and the term “forensic
accounting” “financial forensic analysts” was created to differentiate between
accountants who specialize in investigating fraud and the more familiar work of
traditional financial statement auditors. It is a specialty practice area of business
process that focuses on a specialized approach and methodology designed to identify
financial fraud.
Forensics may be used in prevention, detection and recovery activities to investigate
terrorism and other criminal activity, provide oversight to private-sector and
government organizations, and assess organizations' vulnerability to fraudulent
activities.
People from background in finance, accountancy, management, law and psychology
are usually chosen and recommended to be a part of the forensic teams; other
professionals like the chartered financial analysts, certified fraud examiners, certified
public accountants and business accountants, lawyers are valued the most due to the
technical knowledge they possess.
Objectives:
The main goal of the study is to create awareness and shed light on the
implementation, importance of the forensic, due diligence in the modern business
environment
It’s functioning in the real life situations and its benefits to any engagement.
Besides this the research also hopes to contribute in imparting and making young
students get acquainted with the field of financial forensics.
Business intelligence services
Business Intelligence Services (BIS) practice works closely with clients on a variety
of matters to help reduce risk and approach critical decisions with confidence.
Businesses looking to expand their footprint through a transaction, third-party
relationship, or investment can benefit from accurate information about the other
entities and executives involved—and the potential risks that they may present.
Clients turn to the experts for an in-depth experience and specialized skills in the
areas of due diligence, litigation support, investigations, and use advanced analytics
and technology to help them gain deeper insights into transactions and proposed
relationships as they navigate toward the successful outcomes they seek.
The service include:
Asset searching and tracing: Asset tracing is the process by which
investigators “follow the money.” Investigators trace assets by conducting
financial investigations, during which they determine a subject's assets, examine
the revenue generated by criminal activity, and follow its trail
Foreign Corrupt Practices Act due diligence: The Department of Justice and
Securities and Exchange Commission have stressed the need for companies to
conduct FCPA due diligence before entering into transactions with third parties or
buying another company
Fraud investigations: A fraud investigation determines whether a scam has
taken place and gathers evidence to protect the victims involved. Fraud is
3. misrepresentation with the intent to deceive. For example, if a company makes a
specific claim about a product and knows that the product won’t work as
promised, they are guilty of fraud. Fraud is a very real and costly problem that
causes loss of money as well as serious injury and sometimes even death.
Intellectual property investigations: Uncovering evidence that can reveal
whether individuals and/or companies have infringed on your client’s intellectual
property
Investigative due diligence and background investigations: Looking at
every case in depth by conducting interviews and other physical interviews.
Litigation and trial intelligence: Litigation support provides trial intelligence
services for jury research and selection consulting. An effective litigation strategy
also requires an understanding of the opposing parties, their claims and
defenses, and the backgrounds of experts and fact witnesses.
Third-party risk assessment and due diligence: Implementing a streamlined,
resource-efficient, and sustainable approach to mitigating third-party risks,
monitoring compliance, and managing issues and investigations.
Social media analytics: Is the practice of gathering data from social media
websites and analyzing that data using social media analytics tools to make
business decisions. It also helps in understanding grievances and customer
sentiments.
It is usually provided by highly specialized agencies and accounting firms. Forensic
practices can be divided in to two major sub sections known as:
Counter party due diligence (CDD)
CDD involves quickly identifying high-risk areas through the use of background
research, data room interrogation and questionnaires directed at relevant leaders
within the business. Interviews with management and transactional testing focus on
areas where potential issues are identified.
The degree of access and information available varies from transaction to transaction
and diligence procedures can be tailored accordingly. Advice can be given to the
purchaser to formulate a corruption risk mitigation strategy, which can include:
Clarification of issues with regulators or prosecutors prior to a transaction closing;
Drafting of relevant contract terms, representations and warranties;
Identification of contracts/business units/personnel to exclude from the
transaction;
Renegotiation of the purchase price to reflect additional risks and costs of
remediation; and
Production of a remediation plan for the anti-corruption program post-acquisition.
Remediation actions should be undertaken promptly regarding deficiencies in the
compliance program identified either pre- or post-acquisition. These might include:
Implementing or enhancing relevant procedures and controls;
Staff training; and/or
Implementing or enhancing an anti-corruption policy.
4. Investigative due diligence (IDD)
IDD focuses on identifying issues relevant to the purchaser/investor through public
records research and information gathered from sources within the relevant market.
This information can be collated by accessing a range of online data sources and
proprietary databases, including:
Press databases with widespread coverage of local, national and international
publications including specialist industry periodicals; and
Corporate registry databases, online corporate information databases, litigation
databases and credit rating agencies.
Issues include the background, track record and professional reputation of the Target
Company and key management. The beneficial ownership of the Target Company,
political and government links, and involvement in ‘red flag’ issues such as
corruption, bribery, money laundering, organized crime and other related issues are
investigated.
Analytics
Huge volumes of business data are nothing new. But the ways data can hurt the
business these days is unimaginable. In an age when companies can rise or fall in a
single lost email or a well-disguised trail, the way organization manages ever-
growing mountains of data can make a huge difference.
The analytics and forensic technology practice team’s helps companies understand
their data sources to assist them in making critical business decisions. When crisis
strikes, analytics can help investigate, gather and analyze all evidences needed to
support or refute allegations. The professionals are equipped with state-of-the-art
technology and cutting-edge methodologies that enable them to apply their
extensive experience in forensics, investigations, finance and law enforcement to
deliver classic computer forensics, data analytics and e-discovery solutions.
Goals and Achieved by the process of forensic due diligence
Analyzing the strengths and weaknesses of the target business.
Minimizing post-closing surprises by uncovering information that may create risks
or liabilities to the potential buyer.
Renegotiating the purchase price or, in some cases, rescinding the agreement
altogether if the information found is not acceptable to the potential buyer.
Enabling the parties to close the transaction while maintaining a positive
relationship with current management, especially in those instances where only a
partial interest in the business is purchased and / or existing management
remains with the company.
Assisting the clients to begin implementing a clear strategy going forward.
Uncovering facts:
Misrepresentation or non-disclosure of material facts,
Unrealistic financial projections,
Unrecorded/understated liabilities,
Overstated revenues and/or understated expenses,
Overstated assets,
Hidden ownership interests,
Related party transactions, and
Managerial deficiencies and other business issues.
5. Risk of Inadequate forensic due diligence
Bribery and corruptions
Credit defaults
Organized Crimes
Criminal funding
Money Laundering
Fraud
How has the digitization changed the forensic in global practices?
TECHNOLOGY is increasingly playing a role in detecting fraud cases in organizations
and reducing the cost of financial crime compliance and investigations. With this,
digital forensics has come to the fore as regulators, market players and investors
focus on preventing or countering commercial fraud in the digital era. In the old
paper world, evidence was usually gathered from interviews and physical documents.
A forensic investigation often involved searching through files of physical financial
records for forged signatures or falsified accounting records such as invoices and
delivery orders. Requiring a large team of forensic investigators, the process of
gathering evidence was also often long and tedious. It was like finding a needle in
the haystack. With the rapid strides made by technology, the operating environment
of companies has changed significantly in the past last 10 years.
Similarly, the role of data and technology in the detection of financial crime has also
intensified.
Greater Accuracy: As the bulk of financial records were gradually migrated into
digital formats in recent years, accounting records are increasingly recorded with
greater accuracy and granularity within well-established enterprise resource planning
(ERP) systems. Data may also be "on the move", that is, in the form of data or
messages stored on personal devices, in instant messenger applications or even in
the cloud. But where technology goes, crime follows. Digital fraud is on the rise, in
the form of cyber-attacks such as system hacking and phishing attacks. A KPMG
International study published in 2017 highlights that where technology has been
used by fraudsters, about 24 per cent involved creating false invoices or misleading
information in accounting records. About 20 per cent involved fraudsters providing
false or misleading information through messaging platforms, and 13 per cent
involved perpetrators abusing permissible access to computer systems.
Digital forensics: Digital forensics plays a very significant role in fraud investigation
today. This is because the capabilities of forensic technologies, computing power and
data storage have improved significantly while associated costs have declined.
With the advancement of forensic technologies, the ability to collect data from the
plethora of new devices - computers, smartphones, tablets, servers or cloud servers
- and from storage media, such as external hard drives, thumb drives and compact
discs, have become easier. The move towards digitalization also drives the greater
application of electronic discovery (or e-discovery) tools in reviewing electronically
stored information more efficiently. For instance, adhering to the industry standard
Electronic Discovery Reference Model (EDRM), such tools are used to help companies
respond to both legal and regulatory requests by collecting, processing, analysing
and hosting Electronically Stored Information (ESI). The associated e-discovery tools
can transform images of physical documents into searchable texts through optical
character recognition, and search electronic documents faster, smarter and more
holistically across multiple devices. These tools can also remove duplicate
information, allow multiple reviewers concurrently, and provide full audit trial of the
data analyzed and reviewed. Such tools also facilitate international collaboration
6. among investigators and other parties, such as lawyers and regulators, who can
simultaneously review digital evidence on a common electronic platform, which is
also a boon to cross-border investigations. More electronic data also means bigger
roles for forensic data analytics. With the advancement of artificial intelligence and
machine learning capabilities, investigators can leverage data analytics techniques to
identify potential anomalies, or the proverbial "smoking gun", within a huge pool of
electronic information.
Forensic data analytics reduces dependency on the manual tracing of individual
electronic and physical records, which may not be feasible in a large-scale cross-
border investigation.
Team Structure
The forensic team comprises of data analytics team and data scientist professionals
who are experts in analyzing large set of data and presenting it in a simplified
structure, they use data visualization, statistical and quantitative analysis,
explanatory and predictive modeling, and predictive management based on factual
information, leading to an integrated and correctly informed decision-making
process.
Law enforcement agencies were among the earliest and most prolific users of
computer forensics, and consequently, have often been at the forefront of
developments in this field.
It is not just the content of emails, documents and other files that may be of interest
to investigators, but also the “metadata” associated with such files. A computer
forensic examination may reveal when a document first appeared on a computer,
when it was last edited, when it was last saved or printed, and which user carried out
these actions.
Computer forensic analysis can achieve the following:
Find the “smoking gun” in the case
Help to determine which devices need to be investigated
Determine whether evidence has been modified or tampered with
Discover or prove whether the “opposition” is guilty of wrongdoing
Offer strategies relating to the findings of the report
Provide facts that are backed by the forensic community
Testify in court as an expert witness
The process of digitization has not only helped in reducing the errors, it has led to a
drastic change in the traditional methods where there was presence of an intelligent
human being selecting a random sample of data and checking the relevancy led to
lot of gaps and mistakes.
Organizations use multiple software’s, subscribed databases and data analytic tools
to analyze data, which is usually not disclosed to the public so as to maintain a
competitive advantage and also a part of the agreement.
Some of the general and popular computer forensic tools used by the firms are as
followed: Digital Forensics Framework, Open Computer Forensics Architecture,
CAINE, X-Ways Forensics, SANS Investigative Forensics Toolkit – SIFT etc.
7. Importance
It is a prerogative of increasing the right and suitability for portfolio of the
business.
It helps in obtaining assessment of the risk that target is engaged in bribery and
corruption
Helps in reducing risk of criminal and civil proceedings
Identifying transactions that may give rise to potential exposure to criminal
prosecution, regulatory fines and civil litigations
Tracing end user beneficiary and other illegal activities
Helps in managing client structure and financial regulatory and reputational risk
based on the background analysis.
Research methodology
The type of research method used by the researcher in the paper is a qualitative,
obtained from real experience and from what people do and say. The researcher is
using the primary data for the research. At the same time the secondary data is
equally incorporated for the study of the samples and analyzing the information. For
the purpose of this research interviews and other articles published by major
accounting entities were used.
Findings
The researcher has following important findings: Fraud is an ever-present and
growing risk.
It is an upcoming area for Indian accountant and students to leverage the digital
audit and compilation of information to secure their important data.
It requires specialized skills and information to be ahead of the market and
increase and data security and encryption in the company.
The students of any field can make a meaningful analysis for a progressive
presentation of their research studies.
Suggestions
It is significant for the new comers to maintain absolute confidentiality of the
reports and client details.
Highly sensitive needs to be analyzed only with the help of the forensic experts
who are competent to make the real time analysis.
The data cannot be shared on any public domain and hence requires a careful
flow of information.
Conclusion
The researcher has made the following conclusions: Even after an evident growth in
the technology and digitization in the forensic, the number of scams and frauds have
remained constant. There definitely seems to be a major knowledge gap and also a
negligence with respect to a thorough scrutiny process internal to every organization.
In recent years, fraud has grown into a pervasive global criminal activity as
technology has lowered its cost while simultaneously making it easier than ever to
reach millions of consumers instantly.
The field of forensic is still unknown to many and seems a very fancy profile, but as
years have gone by there is definitely a upward growth in terms of recognizing the
field of forensics.
8. References
Article on Financial Statement Auditing vs. Forensic Accounting Audit/Analysis
by Brian Lafountain CPA, CFE; January 19, 2016.
Published by Chartered Accountants, Ireland: The role of forensic in M&A
activity by David Carson FCA is a Partner in the Forensic Department at
Deloitte. Laura Burge is a Director in the Forensic Department at Deloitte;
April 01, 2016.
Report by Berkowitz Pollack Brant, The Forensic Accountant’s Role in Due
Diligence by Richard Fechter; March 05, 2013.
White Paper for The Institute for Fraud Prevention- Fraud and Forensic
Accounting in a Digital Environment by Conan C. Albrecht, Marriott School of
Management Brigham Young University; October 07, 2010.
Square Patton Boggs - Practical Guidance on How to Conduct FCPA Due
Diligence by Gabriel Colwell; June 4, 2012.
Center Advancement Public Integrity / Trustees of Columbia University, All
about Asset Tracing, by Laura and John Arnold Foundation; August 05, 2016.
Article available on the Metric Stream.
Article on Business times, Combating financial crime with forensic
technologies by Lem Chin Kok; August 08, 2018.
Fraud Examination, Book by Chad O. Albrecht, Conan C. Albrecht, and W.
Steve Albrecht, 2002.
Forensic Accounting for Dummies, by Frimette Kass-Shraibman and Vijay S.
Sampath, 2011.
A Guide to Forensic Accounting Investigation, Book by Jessica S. Pill, Mona M.
Clayton, Steven L. Skalak, and Thomas W. Golden, 2006.
Forensic Accounting and Fraud Investigation for Non-Experts, 3rd Edition,
Stephen Pedneault, Frank Rudewicz, Howard Silverstone, Michael Sheetz;
April 2012.
Forensic Analytics: Methods and Techniques for Forensic Accounting
Investigations by Mark J. Nigrini; June 2011.
US financial advisory report publish by Deloitte; 2017
Ernst & Young LLP. Report on the typical forensic accountants roles in
corruption, due diligence; 2013