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Detecting Fraud in Organizations


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Table of Contents

Preface ix Acknowledgments xi Introduction 1 The 800-Pound Friendly Gorilla 1 Numbers Don't Lie, People Do 3 An Overview of Fraud 4 The One-Minute Fraud Mysteries 8 A Few Tips for Detecting Fraud As You Begin 13 Setup 16 Chapter 1: Understanding Fraud: What is Fraud, and Why Does It Continue to Happen? 19 People are Greedy-How Greedy are You? 20 One-Minute Fraud Mystery: Trust Us Inc. 21 Distinguishing among Deterrence, Prevention, and Detection 22 The Increased Risk of Fraud Loss 35 Divergent and Convergent Thinking 36 Critical Thinking Requires Critical Questions 40 The Personality Traits of a Fraudster 45 The Moral Compass 48 The Elements of Fraud: MIRD 48 Education about Fraud 52 Confusion about Responsibility 55 Complexity 56 Summary 60 One-Minute Fraud Mystery Analysis 62 Chapter 2: Fraud Detection Approaches 69 Why Doesn't Enhanced Legislative, Regulatory, and Professional Oversight Help to Prevent Fraud? 70 One-Minute Fraud Mystery: Big Fish Investment Inc. 72 Principles and Rules Alone Cannot Eliminate All Fraud 74 A Real-World Perspective 76 Getting a Handle on Transactions 79 The 10 Forensically Accepted Generally Accepted Accounting Principle Assumptions 81 Summary 107 One-Minute Fraud Mystery Analysis 109 Chapter 3: Deciding to Commit Fraud: What is the "Something" That Coerces People to Cross the Line? 119 One-Minute Fraud Mystery: The House of Worship 122 Do You Really Know What the People in Your Organization are Thinking? 122 The Four Generations and Motivation 128 Pinpointing the Fraudster 133 The Three Most Prevalent Types of Fraud 133 An Accounting Creed 135 The Consequences of Fraud 137 Summary 149 One-Minute Fraud Mystery Analysis 150 Chapter 4: How to Act Like a Fraudster: To Catch a Fraudster, You Need to Think Like One 155 One-Minute Fraud Mystery: Catch Me If You Can Inc. 157 The Six Ps of Successful Fraudsters 158 The Characteristics of a Fraudster 161 Fraudsters and Their Organizations 170 Summary 177 One-Minute Fraud Mystery Analysis 178 Chapter 5: The Dynamics of Business: Everything is Related-from People to Processes to Outside Influences 185 One-Minute Fraud Mystery: Accrual Inc. 189 Control-Point Links and Accountability 190 The Layers of Trust 191 Responsibility Chains 193 A Failure in Management 194 More Than the Bottom Line 196 Outside Influences 199 Organizational Failures 203 Understanding Cash Flow 206 Summary 211 One-Minute Fraud Mystery Analysis 212 Chapter 6: Understanding the Accounting Process 219 One-Minute Fraud Mystery: Sneakers are Us Inc. 223 Understanding the Sale of Goods 224 Deceptive Data 235 Computerized Fraud Techniques 237 Operating Expenses 240 Balanced Principles 246 Balance-Sheet Components 252 Statement of Cash Flow 252 Ratio Analysis 257 Building a Case: Document Organization, Data Analysis, and Lifestyle Analysis 261 Summary 264 One-Minute Fraud Mystery Analysis 265 Chapter 7: It All Comes Down to Cash 271 One-Minute Fraud Mystery: Yankee Property Management 275 Handling Cash 276 Cash Disbursement Controls 279 Cash and Fraud 282 Classifications of Cash and Cash-Equivalent Fraud Schemes and Scenarios 285 Fraud Control Points in the Organizational Process 302 Summary 303 One-Minute Fraud Mystery Analysis 304 Chapter 8: Final Thoughts: Handy Tips and Quick Checklists for Reference 309 POP: Finding the Next Potential-Fraud Kernel in Your Organization 310 Quick References on the Fundamentals of Fraud 311 GAAP versus FAGAAPA: A Summary 315 Five Categories of Fraud 319 Why Auditors and Accountants Fail to Detect Fraud 326 Red Flags for Potential Fraud 327 Using the Accruals-to-Assets Ratio 327 A Simple Fraud Risk Plan 330 Conclusion 333 Afterword 337 Bibliography 339 About the Author 343 About the Website 345 Index 347

About the Author

JOSEPH R. PETRUCELLI, CPA/CFF, FCPA, CVA, CFFA, PSA, CFE, is a founding partner of PP&D Accounting Services, Inc., and Fraud Forces, Inc., where he provides forensic accounting, tax, and consulting services, including testifying and preparing for trial as a qualified expert. He is also an adjunct professor teaching accounting and taxation-related courses, including advanced forensic accounting. He was part of the development team on the fraud risk management and detection certification curriculum of Consultants' Training Institute (CTI), a division of the National Association of Certified Valuators and Analysts (NACVA).

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