Financial Orchestra - PICPA Middle East Conference

Case%Study:%%

Nick%Leeson%%

Changing'Signature'

Case%Study:%Nick%Leeson%%

•  Leeson%did%an%unauthorized%specula8ve%trading%that%Bankrupted%the%233>year%old%Barings%Bank%of%London%

•  Losses%eventually%reached%£827%million%%

%%%%(US$1.4%billion)%

Playing%the%%

Forecas8ng%Game%%

using%Hockey%S8cks%%

Profit is an Estimate '

Assumptions (What music notes to include) Estimates (Where to include) '

You may assume that they$re accurate down to the last dollar. Not true! The balance in the cash account is exact, but virtually every other number you see in a financial report is based on an estimate. '

Increase Revenue(Revenue Recognition)

Round&Trip&Recipe&&

Company% Vender%

Pre>Paid%Services%4%Million%%

Current%Revenue%1%Million%%%

Reporting&more&revenue&&

Deferral&of&Revenue&Recipe&&

Customer%

Balance%Sheet%

Unearned%Revenue%%2%Million%

illion%

Manipulating&revenue&&Current%Revenue%%

- Sold equipment on four-year leases, including service and maintenance. - Booked all the revenues up front. - Xerox mis-stated four years' worth of profits, resulting in an overstatement of close to $6bn.

Reduce Expenses(Matching Principle)

Capitalize&Expenses&Recipe&&

Expenses%Balance%Sheet%

Capital%8%Million%

8%Million%

Income%Satement%%

Expenses%

- Took a pretax charge -a one-time write off- of 3.54 billion against its earnings

- Grow rapidly by buying other garbage companies. But didn't know to run them. - Changed the depreciation of their 20,000 tracks from 8-10 years to 12-15 years and did the same for their 1.5 million dumpsters

�" �� !�� "�� " �� !

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Underreporting #line costs$ (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them.

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Who controls your organization? '

Are the accountants making the right judgment decisions? '

$115,000%in%Expenses%for%one%year%

-  Absolute%Trust%

-  No%Review%%

-  No%Details%

-  No%Suppor8ng%Documents%

-  No%control%%%

Tools%Used%

%in%Fraud%%

Examina8on%

Observa4on'

Opportunity%

Pressure% Ra8onaliza8on%

Fraud%%

Triangle%

Fraud%is%all%about%decep8on…%%

Occupa8onal%Fraud%and%Abuse%

Asset''

Misappropria4ons'Corrup4on'

Fraudulent'

Statements'

Conflicts of Interest

Bribery

Illegal Gratuities

Economic Extortion

Inventory & All Other Assets

Nonfinancial

Financial

Inves8ga8on%Strategy%

Catching%large%fraud%…%

Goodner%%

Brother%%

Meet%Mr.%Woody%

Goodner%Brother%%

•  Selling'Tires'on'the'Sly'•  Visit'a'remote'storage'site'

•  Searched'for'set'of'4res'that'siAng'for'a'while'in'the'storage'

and'started'collec4ng'dust'

•  He'took'the'specifica4ons'of'the'set'of'4res'and'started'lis4ng'

customers'who'could'poten4ally'

find'some'use'of'them'

Goodner%Brother%%

•  Later'that'day'Woody'convinced'a'

local'plumping'supply'dealer'that'

needed'4res'for'his'small'fleet'of'

vehicles''

•  He'told'him'that'the'company'is'

moving'some'old'inventory'and'that'

inventory'will'be'sold'on'cash'basis''

•  The'owner'agree'and'woody'deliver'the'4res'to'him'and'got'$900'

Goodner'Brother''

•  He'keep'doing'this'for'2'years''•  He'will'charge'some'orders'to'accounts'with'

large'volume'of'sales.'When'some'of'them'

complained,'Woody'will'change'it.'If'they'don’t'

complain.'They'will'pay'of'it'and'help'him'cover'

his'fraud.''

•  He'was'then'selling'most'of'the'inventory'to'

his'friend.'

What%can%you%do%with%

more%money?%

Fraud&examination&is#a#methodology#developed#by#ACFE#for#resolving#fraud#allegations#from#inception#to#disposition,#including#obtaining#evidence,#interviewing,#writing#reports,#testifying#to#<indings,#and#assisting#in#the#detection#and#prevention#of#fraud.##

OpenThinking%is%an%%

ACFE%Authorized%

Trainer%in%the%%

UAE%and%Qatar%%

Fraud%Examiner%%%%%%%

&&&&&Lawyer&&&&&&&&&&&&&&&&&&&&&&&&&&Accountant&&&&&

Criminologist&&&&&&&&&&&&&&&&&Investigator&&#

###1.  Be#an#Associate#member#of#the#ACFE#in#good#standing.###2.  Submit#the#CFE#Exam#application#with#proof#of#education#and#

professional#recommendations.####3.  Prepare#for#the#CFE#Exam###4.  Pass#the#CFE#Exam.###5.  Gain#<inal#approval#from#the#certi<ication###########################committee#and#

become#a#CFE.###

Cer8fied%Fraud%Examiner%(CFE)%

&&&!  10&hours&to&complete&the&CFE&Exam.&&

!  Each&section&is&allocated&a&maximum&of&2.6&hours&to&complete.&&

!  Each&of&the&four&exam&sections&has&125&questions.&

!  You&will&have&a&maximum&of&75&seconds&to&answer&each&question.&

!  You&have&30&days&to&complete&all&four&sections&of&the&CFE&Exam.&

!  You&must&complete&each&section&in&one&sitting.&&

###•  Fraud Prevention and Deterrence

•  Financial Transactions

•  Fraud Investigation

•  Legal Elements of Fraud

###Get Certified

Registra8on%&%Fees%for%2014%Course:%%%%%%%%%%

Early'Registra4on'Deadline:'Nov'1,'2014'''

Packages'star4ng'at'$3,370.'Register'by'

the'Early'Registra4on'Deadline'to'SAVE'an'

addi4onal'$880!''

Dubai,%UAE%%

Dec%14%–%18,%2014%/%Feb%22%–%26,%2015%

For%the%first%8me%in%the%UAE.%%

Arjaan%Rotana%Dubai%Media%City,%

Dubai,%UAE%

" 5'Full'Training'Days'

" ACFE'Training'Materials'and'Slides'

"  'Annual'Associate'Membership'($95.00)'

"  '2014'CFE'Exam'Prep'Course'($945)'

" 30'CPEs'Cer4ficate'from'the'ACFE'

Fees%of%the%course%include:%

CFE Exam Review Course

Dubai, UAE: Dec 14 - Dec 18, 2014 / Dubai, UAE: Feb 22 - Feb 26, 2015

eludehcS DAY 1Sunday

DAY 2Monday

DAY 3Tuesday

DAY 4Wednesda,

7:30-8:00 a.m. Registration and continental breakfast

Continental breakfast Continental breakfast Continental breakfast

8:00-9:20 a.m. Introduction

• Interview Theory and Application

Law Related to Fraud

Overview of the U.S. Legal System

Legal Rights of Employees

Financial Transactions and Fraud Schemes

Cash Receipts

Theft of Intellectual Property

Consumer Fraud

Fraud Prevention and Deterrence

Understanding Behavior

White-Collar Crime

9:20-9:35 a.m. Break

9:35-10:55 a.m. Investigation Techniques

• Interview Theory and Application (cont.)

Criminal Prosecutions for Fraud

Evidence

Inventory and Other Assets

Financial Institution Fraud

Health Care Fraud

Insurance Fraud

Management Responsibilities

Auditors Responsibilities

10:55-11:10 a.m. Break

11:10 a.m.-12:30 p.m.

Investigation Techniques

• Planning the Investigation

• Data Analysis and Reporting Tools

• Analyzing Documents

Testifying as an Expert

Computer and Internet Fraud

Bribery and Corruption

Procurement Fraud

Fraud Prevention Programs

ACFE Code of Professional Ethics

12:30-1:30 p.m. Group lunch Group lunch Group lunch

1:30-3:00 p.m. Investigation Techniques

• Tracing Illicit Transactions

• Reporting Standards

Civil Justice System

Securities Fraud

Money Laundering

Accounting Concepts

Financial Statement Fraud

Fraud Risk Assessment

Fraud Risk Management

Sources of Information

Computer Forensics

Covert Examinations

Money Laundering (cont.)

Bankruptcy Fraud

Tax Fraud

Fraudulent Disbursements

Check and Credit Card Fraud

ACFE.com/CERCGuide

DAY 5Thursday

Fraud Prevention and Deterrence• Corporate Governance

Group lunch Group lunch

Continental breakfast

CFE Exam Review CourseCFE Exam Review Course

DAY 2Monday

DAY 3Tuesday

DAY 4Wednesda,

Cash Receipts

Consumer Fraud

White-Collar Crime

9:20-9:35 a.m. Break

Evidence

Health Care Fraud

Insurance Fraud

10:55-11:10 a.m. Break

11:10 a.m.-12:30 p.m.

Procurement Fraud

Securities Fraud

Money Laundering

Accounting Concepts

Computer Forensics

Covert Examinations

Bankruptcy Fraud

Tax Fraud

ACFE.com/CERCGuide

DAY 5Thursday

DAY 2Monday

DAY 3Tuesday

DAY 4Wednesda,

Cash Receipts

Consumer Fraud

White-Collar Crime

9:20-9:35 a.m. Break

Evidence

Health Care Fraud

Insurance Fraud

10:55-11:10 a.m. Break

11:10 a.m.-12:30 p.m.

Procurement Fraud

Securities Fraud

Money Laundering

Accounting Concepts

Computer Forensics

Covert Examinations

Bankruptcy Fraud

Tax Fraud

ACFE.com/CERCGuide

DAY 5Thursday

CFE Exam Review CourseCFE Exam Review Course

DAY 2Monday

DAY 3Tuesday

DAY 4Wednesda,

Cash Receipts

Consumer Fraud

White-Collar Crime

9:20-9:35 a.m. Break

Evidence

Health Care Fraud

Insurance Fraud

10:55-11:10 a.m. Break

11:10 a.m.-12:30 p.m.

Procurement Fraud

Securities Fraud

Money Laundering

Accounting Concepts

Computer Forensics

Covert Examinations

Bankruptcy Fraud

Tax Fraud

ACFE.com/CERCGuide

DAY 5Thursday

Financial Orchestra - PICPA Middle East Conference

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