FORENSIC ACCOUNTING AND FRAUD EXAMINATION
Forensic Accounting explores the forensic accountant’s role in today’s economy. Topics covered include fraud detection and fraud investigation techniques, valuation of closely held businesses, lost profits analyses, and various types of litigation support services. Fundamental legal concepts governing expert witness testimony are also examined, and students are required to quantify economic damages in cases. By the end of the course students are able to understand both the pervasiveness and the causes of fraud and white-collar crime in our society, examine the types of fraud and fraud schemes that affect business enterprises, explore methods of fraud detection and prevention, and increase their ability to recognize potential fraudulent situations.[Harvard Univ]
Course Outcomes: After completing the course, the student will be able to:
- Understand forensic accounting.
- Describe various kinds of corporate frauds.
- Develop the strategies to prevent corporate fraud, use fraud investigation techniques, Inquiry methods generate Fraud reports and discuss Policy implications at top management level
- Discuss about Banking, Insurance and Capital Market Frauds.
- Do Legal follow-up, including evidence gathering.
Unit I-Forensic Accounting & Fraud Auditing Fundamentals: Meaning, nature and scope, Auditors liability for undetected frauds, Fraud auditing (forensic audit) phases: Recognition and planning, Evidence collection and evaluation, Communication of results
Unit II-Fraud Definition & Taxonomy: Ingredients of fraud, why is a fraud committed and who commits a fraud? Meaning and nature of corporate fraud, concept of fraud under Companies Act 2013, frauds for and against a company, victims of fraud.
Unit III-Types of Corporate Frauds: Bribery and corruption, Misappropriation of assets, Manipulation of financial statements, Procedure-related frauds, Corporate espionage, Fraud in e-commerce. Fraud Prevention-Strategies, Fraud prevention for consumers and businesses
Unit IV-Banking Frauds: Overview- Case study/examples; Insurance Frauds- Overview, Case study/examples; Capital Market Frauds-Overview, Case study/examples.
Unit V: Fraud management: Fraud Detection-Symptoms of fraud; Fraud Investigation- Inquiry methods, Fraud reports; Management of Fraud-Culmination, consequences, and policy implications of corporate frauds; Resolution of Fraud-Legal follow up.
Readings (Unit wise):
Albrecht, W. Steve. (2009). Forensic Accounting & Fraud Examination. Cengage Learning (India Edition).
Unit(s) – I
Albrecht, Chad O., Albrecht, Conan C., Albrecht, W. Steve & Zimbelman, Mark F. (2015). Forensic Accounting & Fraud Examination. Cengage Learning (India Edition).
Unit(s) – I, II
Banerjee, Robin (2015). Who Cheats and How? Sage Publications, New Delhi.
Department of Commerce, University of Delhi
Unit(s) – IV
Bologna, Jack and Lindquist, Robert J. (1995). Fraud Auditing and Forensic Accounting. Wiley.
Unit(s) – II, III
Bremser, Wayne G. (1995). Forensic Accounting and Financial Fraud.American Management Association.
Unit(s) – I, III, V
Dalal, Chetan. (2015). Novel & Conventional Methods of Audit, Investigation and Fraud Detection.
Wolters Kluwer India Pvt. Ltd.
Unit(s) – V
Gupta, Sanjeev (2016). Corporate Frauds and their Regulation in India. Bharat Law House Pvt. Ltd
Unit(s) – II, III, V
Kaul, Vivek (2013). Easy Money. Sage Publications, New Delhi.
Unit(s) – IV
Manning, George A. (2010). Financial Investigation and Forensic Accounting. CRC Press: Taylor & Francis Group.
Unit(s) – I, IV
Sharma, B. R. (2014). Bank Frauds. Universal Law Publishing, New Delhi.
- Forensic Accounting and Fraud Examination by William Hopwood, Jay Leiner and George Young, McGraw-Hill Companies, Inc. (2011) – ISBN 0078136660
- Fraud Examination by W. Steve Albrecht, Wiley – Comprehensive coverage of all types of fraudForensic and Investigative Accounting by Larry Crumbley, CCH – Comprehensive coverage, with InstructorManual and Test Bank
- Principles of Fraud Examination by Joseph Wells, Wiley – New textbook with comprehensive coverage of various fraud schemes.
- Forensic Accounting by Hopwood et. al., McGraw Hill – Comprehensive coverage, with Instructor Manual and Test Bank
- Fraud Auditing and Forensic Accounting by G.Jack Bologna and Robert J. Lindquist, Wiley – Fraud against organizations, mainly by employees and vendors
- Business Fraud: Know It and Prevent It by James Blanco, Humanomics Publishing – Fraud against businesses
- Occupational Fraud and Abuse by Joseph T. Wells, Obsidian Publishing – Asset Misappropriation andFinancial Statement Fraud
- Fraud 101: Techniques and Strategies by Howard Davia, Wiley – General coverage of all types of fraud Financial Investigation and Forensic Accounting by George Manning, CRC Press – Fraud auditing and investigative techniques within an organization.
- Forensic Accounting for Dummies, Frimette Kass-Shraibman and Vijay Sampath, Wiley Publishers
- A Guide to Forensic Accounting Investigation, Thomas Golden, Steven Skalak and Mona Clayton, Wiley Publishers
- Forensic Accounting and Fraud Examination, Mary-Jo Kranacher, Richard Riley and Joseph Wells, Wiley Publishers
- Financial Shenanigans – How to Detect Accounting Gimmicks & Fraud in Financial Reports, Howard Schilit, McGraw Hill Publishers
- Litigation Services Handbook – The Role of the Financial Expert, Roman Weil, Michael Wagner and Peter Frank, Wiley Publishers