Understanding Financial Statement fraud- Forensic Accounting Perspective

Understanding Financial Statement Fraud: Forensic Accounting Perspective

Compiled and Presented

BY

Godwin Emmanuel OYEDOKUN(HND, BSc.Ed, MBA, MTP (SA), ACA, ACIB, ACTI, AMNIM, ACCA-CertIFR, CFA, CFE, CNA, CICA, CPFA)

[email protected] +2348033737184

Assistant Director (Head) Finance & ICT The Chartered Institute of Taxation of Nigeria

Vice PresidentACFE Nigeria Chapter

Being a paper presented at

6th ANNUAL ACFE AFRICA CONFERENCE & EXHIBITION•in celebration of the

15th Anniversary of the ACFE South African Chapter

At Sandton International Convention Centre, Johannesburg South Africa

•14 - 16 October 2013

Themes: Procurement, Compliance and applying Forensic Tools

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The Facilitator- “Nemo Dat Quod Non Habet” Godwin Emmanuel Oyedokun, HND, BSc.Ed, MBA, MTP (SA), ACA, ACTI, ACIB, AMNIM, CAN, CICA, CFA,CFE, CPFA, CertIFR

Assistant Director (Head) – Finance & ICT Directorate of The Chartered Institute of Taxation of Nigeria (CITN)

Godwin is an Experience Certified Fraud Examiner, Chartered Accountant, Chartered Tax Professional, Certified Forensic Accountant, Chartered Banker, Chartered Manager, Insolvency Practitioner, and Financial Analyst of good repute.

He also holds a Certificate in International Financial Reporting (CertIFR) of Association of Certified Chartered Accountant (ACCA)

He is currently a Doctoral Student of College of Management and Technology of Walden University USA- (Doctor of Business Administration (DBA)- Information Systems Management) and MSc. Accounting (Forensic Accounting Major) Student of Babcock University Nigeria.

He is a seasoned professional who is currently serving as an Advisory Council Member of Association of Fraud Examiner (ACFE), Austin, USA, and Vice President of Nigeria Chapter of same Association

Godwin is a leader in Forensic Accounting and Fraud Investigation, he is a sought after intellectual, who has presented over 35 technical papers in various Training/Seminars on Forensic Accounting, Fraud Investigation, Internal Audit & Control, Risk Management, IFRS, ICT, Strategic Management, Finance & Accounting related subjects. He is also an Examiner to The Chartered Institute of Bankers of Nigeria (CIBN) on “Introduction to Financial Accounting (FA)” and “Information Communication Technology (ICT)”

He has been trained on Forensic Accounting, Accountancy and Fraud Investigation and other Finance & Accounting related courses, in Ghana, Senegal, Liberia, Cote d’Ivore, Canada- Toronto, at some States in United State of American and in Nigeria including Lagos Business School of Pan Atlantic University.

He was the Assistant Director (Head) – Education, Research & Technical of The Chartered Institute of Taxation of Nigeria (CITN).

He is the Chief Technical Consultant to OGE & CO Professional Services Ltd. (www.ogecops.com) and A & D Forensic Consults Ltd. Nigeria (www.adforensicconsults.com).

This presentation will cover the following major sub topics on Financial Statement

Fraud and Forensic Accounting :

•Introduction to Financial Statement- IAS 1

•Financial Documents & Introduction to Fraud

•Financial Statement Fraud Schemes

•Motives, Implications & Trends in financial statement fraud

•Financial Statement Fraud & Fraud Triangle

•Prevention & Detection Strategies of Financial Statement Fraud

•IFRS & Financial Statement Fraud

•Investigation & Risk Management

•Forensic Accounting, Expert witnessing and litigation support

•Forensic Accountants’ perspectives to Financial Statement Fraud

•Conclusion

Contents

Oyedokun Godwin Emmanuel

Introduction to Financial StatementFinancial Statement is “a formal record of the financial activities of a

business, person, or other entity” (Wikipedia, 2013).

The objective of financial statements is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions” (IASB, 2007).

Financial statements should be understandable, relevant, reliable and comparable.

Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position.

Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently” (FASB, 2001).

Anti- Fraud Professionals

“As an accountant/(Anti-Fraud Professionals) in today’s world, you need to develop anticipatory skills because you cannot afford to be consistently reactionary. This way, you can handle issues with increased confidence and flexibility. Otherwise, you become defensive, competitive and resentful”

- Jim Obazee (FRCN ES)

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PROFESSIONALS

Introduction to Financial StatementPresentation of financial IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. A financial statements should comprises: A statement of financial position as at the end of the period; A statement of comprehensive income for the period; A statement of changes in equity for the period; A statement of cash flows for the period; Notes: comprising a summary of significant accounting policies and other explanatory information; and A statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Introduction to Financial Statement cont.’

Financial Statement and the threat to Going ConcernWhen preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. Financial statements is prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. Apart from the above, Fraud and Fraudulent activities are the threats to the going concern of an entityThis is where Fraud Examiners and Forensic Accountant are needed

Financial Documents

What are Financial Documents?

How are they used in perpetrating financial statement fraud?

Let us do it together!!!!

“If someone doesn't understand how to do journal or ledger entries, they wouldn't know how to manipulate the numbers no

matter what the incentive or opportunity”

Fraud and lying


Fraud & Lying Cont.’

“Keshi’s Fraud Chart” .

KESHI, ONWEAZU NGOZI (GRAP, ANIM, CFE, FCA.) is the President, ACFE Nigeria Chapter.

Financial Statement Fraud SchemesWhat is financial statement fraud? “Financial statement fraud is the deliberate misrepresentation of the

financial condition of an enterprise accomplish through the intentional misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users”. (ACFE Fraud Manual, 2013)

According to the 2012 Report to the Nations, financial statement fraud is the most costly form of occupational fraud, causing a median loss of $1 million. The infamous fraud involving the “Crazy Eddie” chain of electronics stores in New York was no exception.

Financial statement fraud is usually perpetrated by management and it is a fraud that injures investors and creditors through materially misleading financial statements. Financial statement fraud almost always occurs with the knowledge or consent of management.

Statistics show that nearly 80% of financial statement fraud involves the CEO and/or the CFO

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Who is this Man?

Dr. Kenneth Lee "Ken" Lay (April 15, 1942 – July 5, 2006) was an American businessman, best known for his role in the widely reported corruption scandal that led to the downfall of Enron Corporation.

Enron Corporation was an American energy, commodities, and services company based in Houston, Texas.

Before its bankruptcy in late 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with claimed...

Financial Statement Fraud Schemes cont.’According to ACFE, Fraud in financial statements typically

takes the form of:1. Overstated assets or revenue2. Understanding liabilities and expensesIn government contracts, it is just the opposite:1. Assets and revenues are understated2. Liabilities and expenses are overstatedThe reason, though not common is to enable an entities to

rely on understated revenues or overstated expenses to get more money for a project or contract.

To demonstrate the over and understatements, typically used to fraudulently enhance the financial statements, the schemes have been divided into five classes.

Financial Statement Fraud Schemes cont.’It is common for schemes to involve a combination of several methods. The five classifications of financial statement schemes are:1.Fictitious revenues2.Timing differences3.Improper asset valuations4.Concealed liabilities and expenses5.Improper disclosures

Others schemes at a glance are:a.Revenue overstatementb.Understating expensesc.Overstating assetsd.Understating liabilitiese.Improper use of reservesf.Mischaracterization as "one-time" expensesg.Misapplication of accounting rulesh.Misrepresentation or omission of information

Implication of financial statement fraud

Financial statement fraud has a devastating effect on an organisation’s reputation and financial position, as well as on the people involved.

The stock market capitalisation might fall substantially, causing investors to lose billions of dollars.

Damage investor’s confidence in the reporting ability of the company’s management and its auditors, and

Many jobs might be lost as companies restructure to restore profitability.

Can exert a high toll on the well-being of employeesThe company’s auditors are likely to be sued Hugely costly and a potential corporate deathblow.

Trends in Financial statement Fraud

According to the ACFE’S 2012 Report to the Nations on occupational fraud and abuse, financial statement fraud comprised 7.6% of the frauds reported in the study, with a median loss of $1,000,000.

Quoted losses resulting from financial statement fraud are often measuring lost market capitalisation or lost shareholder value rather than direct loss of assets.

This does not make the scheme any less harmful; in fact, the lost shareholder value resulting from financial statement fraud can have crippling effects on even the largest companies.

It can also have tremendous impact on the organisation’s shareholders.

Motives for Financial Statement FraudSome of the more common reasons why people commit financial

statement fraud include:a. To make a company’s earnings look better on paper. b. To covers up the embezzlement of company funds. c. To encourage investment through the sale of stockd. To demonstrate increase earnings per share or partnership profits

interest, thus allowing increased dividend/distribution payoutse. To cover inability to generate cash flowf. To dispel negative market perceptionsg. To obtain financing, or to obtain more favourable terms on existing

financingh. To receive higher purchase prices for acquisitionsi. To demonstrate compliance with financing covenantsj. To meet company goals and objectivesk. To receive performance-related bonus

Recent Financial Statement Frauds

Recall the following recent financial statement fraud:EnronWorldComAdelphiaGlobal CrossingXeroxQwestMany others (Cendant, Lincoln Savings, ESM, Anicom, Waste Management, Sunbeam, etc.

(W. Steve Albrecht, 2005)

Financial Statement Fraud & Fraud Triangle According to Dr. Donald R. Cressey’s Fraud Triangle, people commit fraud when

they are under financial or social pressure, have an opportunity to gain funds undetected, and can rationalize their actions.

Fraud Examiners relies on the Fraud Triangle to find weak points in business processes and identify possible suspects in cases of fraud.

It consists of three core concepts that 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, it doesn't mean that they have the capability to do so.

For example, if someone doesn't understand how to do journal or ledger entries, they wouldn't know how to manipulate the numbers no matter what the incentive or opportunity.

Sometimes, the cause of fraudulent financial reporting is the combination of situational pressures on either the company or the manager and the opportunity to commit the fraud without the perception of being detected. 20

Situational pressure include: 1. Sudden decrease in revenue or market share 2. Unrealistic budget pressures3. Financial pressures resulting from bonus plans that depend on short-term economic

performance4. Unfavorable economic conditions;5. Heavy investments and / or losses;6. High debts – Poor management of the company’s Debt / Equity Ratio;7. Insufficient working capital, leading to overtrading and its associated costs;8. Difficulty in collecting receivables (Debtors);9. Reduced ability or inability to obtain credit from financial institutions;10. Restrictive loan agreements;11. Dependence on one or two customers and / or transactions;12. Product obsolescence – Poor stock valuation and costing methods – (poor usage of

LIFO, FIFO, Weighted-Average, and their suitability on the stock-type of the company, etc);

13. Profit margin deterioration due to rising expenses and declining revenues.

Financial Statement Fraud & Fraud Triangle

Opportunities for the existence of fraud are:a. Absence of a board of directors or audit committeeb. Improper oversight or other neglectful behaviour by the board of directors or audit

committeec. Weak or non-existent internal controls, including an ineffective internal audit staff

and a lack of external auditd. Unusual or complex e. Financial estimates that require significant subjective judgement by managementf. A dominant top management with little or no accountability - (Tone-at-the-Top);.g. Minimal (if not nonexistent) requirements for executive disclosures or examination

of executives' activities;h. A highly computerized operation;i. A company with related-party transactions;j. A company without an effective internal auditing staff;k. A company that uses several different auditing firms, none of which can see the ‘big

picture’;l. A company that changes auditors frequently, or hires inexperienced auditors;


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Which of these can organization control and how?


Fraud Prevention and Detection StrategiesFraud Prevention and detection are related, but are not the same concepts!. Fraud Prevention encompasses:Policies;Processes;Procedures;Training, and;Communication - that stop fraud from occurring,

Fraud Detection focuses on activities and techniques that promptly recognizes, in a timely manner, whether fraud has occurred or is occurring. While prevention techniques do not ensure fraud will not be committed, they are the first line of defense in minimizing fraud risk. One key to prevention is promoting from the board down throughout the organization an awareness of the fraud risk management program, including the types of fraud that may occur.


“Prevention and deterrence of financial statement fraud consist of those actions taken to discourage the perpetration of fraud and limit the exposure, if fraud does occur”. (ACFE Fraud Manual, 2013)

Internal auditors Management Management’s responsibility is to set the ethical tone of the organization.

Reduce the situational pressures that Encourage financial statement Fraud:

Avoid setting unachievable financial goal Eliminate external pressures that might tempt accounting personnel to prepare

fraudulent financial statement. Remove operational obstacles that block effective financial performance, such as

working capital restraints, excess production volume, or inventory restraint. Establish clear and uniform accounting procedures that do not contain exception

clauses.

Fraud Prevention and Detection Strategies

Reducing the Opportunity to Commit FraudMaintain accurate and complete internal accounting records.Carefully monitor the business transactions and interpersonal

relationship of suppliers, buyers, purchasing agents, sales representatives, and others who interface in the transaction between financial unit.

Establish a physical security system to secure company assets, including finished goods cash, capital equipment, tools and other valuable items.

Segregate duties between employees, ensuring that no single individual has total control of one area.

Maintain accurate personnel records, including background checks (where permitted by law) on new employees.

Encourage strong supervisory and leadership within groups to ensure enforcement of accounting procedures.


Reducing the Rationalization of Fraud:Managers should set an example by promoting honesty in the

accounting area. It is important that management practice what it preaches. Dishonest act by management, even if they directed at someone outside

of the organization, create a dishonest environment that can spread to other business activities and other employees, both internal and external.

Honest and dishonest behaviour should be defined in company policies. Organisational accounting policies should clear up any ambiguity in

accounting proceduresThe consequences of violating the rules, including the punishment of

violators should be clear.Sound Ethical Culture


Financial Statement Fraud & IFRS International Financial Reporting Standards (IFRS)

Can IFRS prevent Financial Statement Fraud?Can IFRS Detect Financial Statement Fraud?Can IFRS Deterred Financial Statement Fraud?

Let us all do it together

Investigations

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Investigations Investigation is a vital part of Fraud Examination, Forensic Accounting and

Auditing process but only applied when the event or transaction is beclouded.

It is carried out when lapse has been established to ascertain who is responsible, the reason for the action including the extent of damage if any.

It could be referred to as a detailed verification and clarification of doubt about a

transaction or event.

The search and examination of the particulars of an event to determine the hidden, unique, or complex facts surrounding the event.

A deliberate search and review of records in accordance with the laid down and agreed policies in order to ascertain if and why the keeping of the records resulted in a gap and the responsible person.

Investigation is a structured gathering of documentary evidence and testimony to resolve an allegation of improper activity.

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If you think you may need a fraud investigator, start right away.

As soon as you suspect that you may be the victim of fraud, start gathering any evidence you have.

Fraud investigations can be complicated and difficult for a few reasons:

First, criminals take great care to cover their tracks and escape prosecution.

Secondly, in order for an investigation to be useful in a legal case, an investigator must be able to prove that fraud was intended.

Dear all, you and I know that it is not possible to prove fraudulent Intent

Only a qualified investigator can successfully complete these facets of a fraud investigation.

Need for Fraud Investigation

Interview and Interrogation Tools for Investigation

Interview and interrogation as evidence-gathering techniques involve asking people questions.

The basic difference is that interrogation is confrontational while interviewing is not.

In either case, the interviewer records both the answers to the questions and physical behaviors; these may include the interviewed person looking at the floor rather than making eye contact.

Key information to gather centers on the suspect’s pressures: Being deep in debt; Perceived opportunities such as having access to the organization’s assets; and Rationalization due to being passed over for a promotion.

Effective interviewing is a skill that can be enhanced with continuous education and practice.

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Fraud Investigations & Govt. Agencies in Nigeria

Fraud & Risk ManagementRisk Management according to Investopedia, “is the

process of identification, analysis and either acceptance or mitigation of uncertainty…...”

Risk management is a two-step process:determining what risks exist; and then handling those risks in a way best-suited to your

objectives.

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Fraud & Risk ManagementThe Impact of Fraud Daniel Williams (2011), identified 8 impact of fraud as follows:• Financial losses to the organization • Financial losses to stakeholders • Civil litigation and fines • Criminal litigation and prosecution • Diversion of executive attention and organization resources • Expensive compliance and/or monitoring programs • Expensive investigation fees • Reputation damage including: – Loss of public trust – Negative public perception – Greater scrutiny from public advocates and leadership – Negative media attention

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Fraud & Risk ManagementReputation Risk Reputation risk is the risk of loss of brand image, or

stakeholders’ support such that the organization will be unable to operate at its full capacity.

It is the risk of losing the ability to compete, due to perceptions that the organization does not deal fairly with its stakeholders or know how to manage its business;

It is the risk of a decline in stakeholders' confidence that may impair the organization’s ability to have support in the community and to efficiently raise capital.

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Fraud & Risk Management Managing the Risk of Fraud According to Daniel Williams (2011), Fraud is predictable and manageable;

however, only through diligent and ongoing effort can an organization protect itself against acts of fraud.

• The IIA has developed five key principles for proactively establishing a Fraud Risk Management Program to effectively manage an organization’s fraud risk:

1. As part of an organization’s governance structure, a fraud risk management program should be in place including a written policy to convey the expectations of the board of directors and senior management regarding fraud risk;

2. Fraud risk exposure should be assessed periodically by the organization to identify specific potential fraud schemes and events that the organization must mitigate;

3. Prevention techniques to avoid potential key fraud risk events should be established, where feasible, to mitigate possible impacts on the organization;

4. Detection techniques should be established to uncover fraud events when preventive measures fail or unmitigated risks are realized;

5. A reporting process should be in place to solicit input on potential fraud, an a coordinated approach to investigation and corrective action should be used to help ensure potential fraud is addressed appropriately and timely.

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Forensic AccountingForensic accounting has been defined as "accounting analysis that can

uncover possible fraud that is suitable for presentation in court. Such analysis will form the basis for discussion, debate, and dispute

resolution." Forensic accounting, sometimes referred to as investigative accounting,

is a unique career field that combines accounting with information technology.

A Forensic Accountant uses his knowledge of accounting, law, investigative auditing and criminology to uncover fraud, find evidence and present such evidence in court if required to.

According to Oyedokun (2013), Forensic Accounting is a Scientific Accounting method of uncovering, resolving, analyzing and presenting fraud matters in a manner that is acceptable in the court of law

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Why is forensic accounting

Because of the struggling stock market and lack of investor confidence which has forced many organizations to take a long, hard look at their financial statements.

A sluggish economy with its attendant problems The increase in white collar crime and the difficulties faced by law

enforcement agencies in uncovering Many accounting firms believe that the market is sufficiently large to

support an independent unit devoted strictly to forensic accounting. The need to use investigative skills to seek out irregularities in

companies’ financial statements

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To be successful as a forensic accounting/Anti-Fraud professional, you must be:

detail oriented, persistent,ambitious, and highly organized. Forensic accounting also requires a great deal of creativity, since you

must often explain complex financial concepts to an audience that lacks basic accounting knowledge.

Several well-known case investigations around the world have involved forensic accounting.

These accountants are often able to follow a criminal's money trail which can help lead to a subsequent arrest.

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Forensic Accountant cont’

Role of Forensic AccountantForensic Accountant help at a number of different levels in the litigation

process including:Assisting in initial discovery Applying commercial knowledge and expertiseProviding expert evidence both written and oralCriminal InvestigationsShareholders' and Partnership Disputes Personal Injury Claims/Motor Vehicle Accidents Business Interruption/Other Types of Insurance ClaimsBusiness/Employee Fraud Investigations Matrimonial DisputesBusiness Economic LossesProfessional NegligenceMediation and Arbitration

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Qualities and Qualifications of Forensic Accountants

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According to Enyi (2012) in Dada (2013), in forensic accounting, a man is expected to know the trick of the monkey in order to catch it, but he should ensure that he did not become the monkey in the process.

Impeccable character must be weaved around ethical considerations in forensic accounting for it to succeed.

This implies that for effective investigation to be carried out, the investigator must understand the tricks being employed by the perpetrator, hence forensic accounting skill is required.

Qualities and Qualifications of Forensic Accountants

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A Forensic Accountant must have skills in many areas. However, all well-trained Forensic Accounting should have at least a minimum level knowledge and skills in the following areas:

•Auditing skills

•Investigative knowledge and skills

•Criminology

•Accounting knowledge

•Legal knowledge

•Information technology (IT) knowledge and skills

•Communication skills

•Report Writing Skill

Knowledge and Skill Set for Forensic Accountants

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Forensic Accountants in Court

A key piece of evidence is the report of the Forensic Accountant.

•The report should not be accusatory or conclusive as to guilt. •It is critical to ensure that the tone of the report is not inflammatory or prejudicial.

•The fraud trial can be a civil or a criminal trial. •In either case, the role of the Forensic Accountant is to study relevant materials documents, and the authoritative literature relating to the case on hand. •Direct and cross examination questions will be asked, and the Forensic Accountant has the responsibility to answer these questions clearly and concisely.

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Forensic Accountant in Court

In court, the Forensic Accountant can be:• an expert witness, •a consultant, or •play other roles such as Trier of fact, •special master, •court-appointed expert, •referee, •arbitrator, or mediator

•Godwin, explain types of witness and their roles

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Forensic Accounting & Financial Statement Fraud

Forensic Accounting’s perspectives to Financial Statement Fraud Schemes

•To Jovan Krstić (2009), the role of a forensic accountant under contemporary

conditions is very important.

•This is because forensic accountants are in accord with the essence of forensic

accounting, investigate and document frauds.

•By applying accounting principles, auditing skills and investigative procedures in

solving certain legal problems, forensic accountants help lawyers, courts, regulatory

bodies and other institutions in investigating financial statement frauds.

•Forensic Accountants have a developed capability of verbal and written

communication, capability of perceiving details and of the efficient application of

investigative activities as well as a considerable degree of knowledge about information

technologies in accounting and auditing procedures.

Financial statement fraud involves the intentional publishing of false information in any portion of a financial statement.

“The typical goal of a fraudulent statement scheme is not to directly enrich the perpetrator, but rather to mislead third parties (investors, owners, regulators, etc.) as to the profitability or viability of an organization.”

Management benefits indirectly from financial statement fraud when the tactic is used to obtain financing on a company’s behalf, or to inflate the selling price of a company. This is where Forensic Accountants and Fraud Examiners comes in, they are currently in great demand, with the public need for honesty, fairness and transparency in reporting increasing exponentially.

These Forensic Accountants and Fraud Examiners uses accounting, finance, law and investigative skills to identify, interpret, communicate and prevent fraud.

As more and more companies look for Forensic Accountants & Fraud Examiners, and professional organizations offer certifications in the area, it is becoming evident that forensic accounting would emerge as one of the hottest jobs within the next few years.

Conclusion


Thank you

• Albrecht W. S (2006), Fraud Examination, Thomson South-Western Publishing, 2006.

• Association of Certified Fraud Examiners (Year 2013): 2013 International Fraud Examiners Manual

• Association of Certified Fraud Examiners, www.acfe.com

• Crubley, Heiger and Smith (2003),Forensic and Investigative Accounting, CC Publishing

• Hopwood, Leiner and Young (2009); Forensic Accounting, McGraw-Hill International.

• Daniel Williams, (2011), Fraud Risk Management A Holistic Approach: Being a lecture delivered at

year 2011 ACFE Canadian Fraud Conference in Toronto November 28, 2011

• Enyi, E. P. (2012). Ethical conduct for forensic accountants. Being a lecture delivered at the Institute

of Chartered Accountants of Nigeria (ICAN) forensic accounting certification programme

• KESHI, ONWEAZU NGOZI (2011), Understanding Financial Statement Fraud: Cosmetic Accounting

vs. Creative Accounting – Prose: Being a paper presented at the 2011 Fraud Examiners Training

Programme of Association of Certified Fraud Examiners Nigeria Chapter #126 held at King’s Crown

Business School, 148, Bode Thomas Street, Surulere. Lagos. Nigeria on January 15, 2011

• Jovan Krstić (2009) The Role of Forensic Accountants in Detecting Frauds in Financial Statements

Facta Universitatis Series: Economics and Organization Vol. 6, No 3, 2009, pp. 295 – 302 UDC ∗

343.72:657.375

• Litigation Support - Accounting for Damages, A Framework for Litigation

• New Frontiers: Training Forensic Accountants within the Accounting Program; Journal of College of

Teaching & Learning – September, 2007.

References


• Mark Warshavsky (2013) The Forensic Accountant’s Role in Litigation

http://www.accountingtoday.com/news/Forensic-Accountant-Role-Litigation-66287-

1.html downloaded on May 21, 2013

• Owojori, A.A & T. O. Asaolu (2009) European Journal of Scientific Research ISSN 1450-

216X Vol.29 No.2 (2009), pp.183-187 http://www.eurojournals.com/ejsr.htm• Owojori, A.A & T. O. Asaolu (2009) European Journal of Scientific Research ISSN 1450-

216X Vol.29 No.2 (2009), pp.183-187 http://www.eurojournals.com/ejsr.htm• Oyedokun, G.E (2012). Audit, investigation and forensic accounting: Similarities and

differences. Being a lecture delivered at the Institute of Chartered Accountants of Nigeria’s forensic accounting certification programme

• Oyedokun, G.E (2012). Emergence of Forensic Accounting and the Role in Nigeria Economy. Being a lecture delivered at the Annual NUASA Week 2012 of Nigerian Universities Accounting Students' Association Obafemi Awolowo University Ile-Ife, Osun State.

• Oyedokun, G.E (2012). Emergence of Forensic Accounting and the Place of Chartered Accountants . Being a lecture delivered at the Monthly General Meeting of all Members of the ICAN Lagos Mainland District & Society. Being a lecture delivered at the Monthly General Meeting of all Members of the ICAN Lagos Mainland District & Society

• Oyedokun, G.E (2012). Emergence of Forensic Accounting in Nigeria: The Role of Certified Fraud Examiners. Being a paper presented at the Continue Professional Development Training of Association of Certified Fraud Examiners (ACFE- Nigerian Chapter)

References


• Oyedokun, G.E (2013). Taking your Professional Practice beyond Statutory Auditing: Fraud & Forensic Accounting Perspective, Being a paper presented at the Entrepreneurship Development Training Programme of ICAN Professional Forum at Lagos Airport Hotel, Lagos

• http://blog.rpc.co.uk/tax-law/criminal-guidance/note-9-the-role-of-the-forensic-accountant

• http://www.dolmanbateman.com.au/1323/the-role-of-forensic-accountants/• http://www.businessweek.com/stories/2008-07-25/frauds-red-flagsbusinessweek-

business-news-stock-market-and-financial-advice• http://www.fraudessentials.com/red-flags-of-fraud/• S. O. Dada (2013); Forensic Accounting and The Fight Against Corruption In

Nigeria (1999 – 2010): Being A Doctoral Degree Thesis Presented to the Department of Business Administration, School Of Postgraduate Studies , Babcock University, Ilishan Remo Ogun State. Nigeria

• Skalak S.T, Golden T, Clayton M, & Pill J., (2011) 2nd ed: A Guide to Forensic Accounting Investigation: John Wiley & Sons, Inc. USA- pg. 95.

• W. Steve Albrecht (2005). Business Fraud : (The Enron Problem) Brigham Young University, , 2005 by the AICPA

• Zysman, A., (2004). Forensic accounting demystified. World investigators network standard practice for investigative and forensic accounting engagement? Canadian Institute of Chartered Accountants.

References


Understanding Financial Statement fraud- Forensic Accounting Perspective

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