Fraud 101Techniques and Strategies for Understanding Fraud
A straightforward guide explaining the nature of financial fraud Fraud continues to be one of the fastest growing and most costly crimes in the United States and around the world. The more an organization can learn about fraud in general and the potential fraud risks that threaten the financial stability of the organization's cash flow, the better that organization will be equipped to design and implement measures to prevent schemes from occurring in the first place. Fraud 101, Third Edition serves as an enlightening tool for you, whether you are a business owner or manager, an accountant, auditor or college student who needs to learn about the nature of fraud. In this invaluable guide, you will discover and better understand the inner workings of numerous financial schemes and internal controls to increase your awareness and possibly prevent fraud from destroying your organization's financial stability. It offers guidance, understanding, and new, real-world case studies on the major types of fraud, including An understanding of why fraud is committed An overview of financial fraud schemes White-collar crime Uncovering employee embezzlements Establishing internal fraud controls The nature of collecting evidence With case studies included throughout the book to gain insight to the real world of fraud, Fraud 101, Third Edition describes the features of fraud and then provides proven methods of prevention, as well as solutions to expose different types of fraud.
Preface. Acknowledgments. Introduction. CHAPTER 1 The World of Fraud. Definition of Fraud. The Many Types of Fraud. CHAPTER 2 Why Is Fraud Committed? A Rationalizing Society. Financial Statement Fraud. Financial Fraud Comes in Different Shapes and Sizes. Motivators Differ by Type of Business. Employee Schemes. In the End. CHAPTER 3 Financial Statement Fraud Schemes. Where Do Things Go Wrong? Trend Analysis. Beyond Traditional Audits. CHAPTER 4 Employee Embezzlements. The Fraud Triangle. Areas for Concern. CHAPTER 5 Other Fraud Schemes. Duplicate Payment Fraud. Multiple Payee Fraud. Shell Fraud. Defective Delivery Fraud. Defective Receipt Fraud. Defective Shipment Fraud. Defective Pricing Fraud. CHAPTER 6 Contract Rigging Schemes. Stage One: Obtaining the Contract. Stage Two: Contract Change Orders. Unbalanced Bidding. Detection Recommendations. Rotation Fraud. Where Do We Go from Here? CHAPTER 7 Responses to Fraud. Government’s Response to Fraud. Accounting Profession’s Response to Fraud. Internal Audit Profession’s Response to Fraud. New Credentials, More Training, Better Awareness. Articles, Books, and More Resources. CHAPTER 8 The Importance of Internal Controls and Internal Audit. Why Have Internal Controls? Déjá Vu. Good Internal Controls. Internal Audit. CHAPTER 9 Evidence. What Is Evidence? Documentation. CHAPTER 10 Conducting Fraud Investigations: A Practical Approach. Proactive Fraud Investigations. Discovery Investigations. Supportive Investigations. Strategy. Predication. The Investigative Plan. Conducting the Procedures. Findings. Use of the Findings. CHAPTER 11 Fraud Investigation Alternatives. Assessing the Feasibility of a Full Investigation. Monitoring Operational Areas at Risk of Fraud. Revamping Internal Controls: Closing the Barn Door. Doing Nothing? APPENDIX A Vending Lessons Learned. APPENDIX B Living a Facade Prevention Techniques. APPENDIX C Disappearing Inventory. Internal Controls. Index.
Stephen Pedneault, CPA, CFF, CFE, is the founder and Principal of Forensic Accounting Services LLC, a CPA firm located in Glastonbury, Connecticut, specializing in forensic accounting, employee fraud, and litigation support matters. Steve is also the author of the forthcoming Wiley title, Anatomy of a Fraud Investigation. He has written numerous articles appearing in local and national media and is a contributor to Fraud Casebook: Lessons from the Bad Side of Business (Wiley). For more information about Stephen Pedneault, go to www.forensicaccountingservices.com.
If an employee brings home some office supplies for their kids to use with their school projects, is that fraud? How about when an employee charges personal items on the company's credit cards, receives vendor kickbacks, or inflates travel expenses? Instances of fraud occur every day and either go undetected, or are not deemed newsworthy enough to bring any attention to the matter. In fact, instances like these may be occurring right now in your organization—how will you know what to look for? And how can you stop it from taking place again? Now fully revised, Fraud 101, Third Edition explains fraud in a practical, easily understood manner, serving as an enlightening tool for you, whether you are a business owner or manager, an accountant, or an auditor. A valuable introduction for dealing with fraud—from preventing and detecting it to investigating it, Fraud 101, Third Edition provides insightful advice on the inner workings of numerous financial schemes and the internal controls that will increase your awareness and possibly prevent fraud from destroying your organization's financial stability. Offering guidance, understanding and new, real-world case studies on the major types of fraud, this new edition explores: Why fraud is committed An overview of financial fraud schemes White-collar crime Employee embezzlements Internal fraud controls The nature of collecting evidence Investigative issues, including alternatives for resolving fraud-related matters How to perform an effective investigation Sample investigation procedures for the major fraud categories Regardless of why an individual perpetrates a fraud, the end result is usually the same: a substantial financial loss to the organization, often involving a significant amount of money that may never be recovered. Fraud 101, Third Edition will show you how fraud schemes are perpetrated, detected, and investigated, with practical advice on how to notice and prevent fraudulent activity, minimizing the loss experienced by your organization. Highly readable and accessible, this timely book provides you with the methods and tips you need to readily recognize and investigate financial fraud and combat fraud in your organization.
Praise for Fraud 101 Third Edition "With this new edition of Fraud 101, I am amazed at how much information Stephen delivers in such a concise and succinct manner. His descriptions are detailed, but easy to understand, and the case examples really help illustrate the schemes. This is an excellent reference book for anyone in the fraud prevention field, whether they are a seasoned veteran or just starting out." —John D. Gill, JD, CFE Research Director, Association of Certified Fraud Examiners "Awesome! Sit at the head of the class—read Fraud 101 and get an A+ in understanding fraud. This book takes the reader from the classroom to the real world with its insightful case studies and practical techniques. A must-read for accountants, other professionals, business owners, and students of fraud." —Thomas Scanlon, CPA, CFP®President, Borgida & Company, PC, CPAs "The author clearly demonstrates his mastery of the subject matter in this well-written, easy-to-read, comprehensive guide to understanding fraud. The case studies provide insight into the definition of fraud, the different types of fraud, the perpetrator's rationale and a practical approach to investigation and prevention. The ever evolving nature of this relevant subject matter makes this book a must-read for anyone interested in learning about fraud and its wide-reaching effects." —Jeffrey Rossi, CPA, CVA, CFEPartner, J.H. Cohn, LLP "This book is very readable and loaded with examples from the author's rich experience in forensic accounting services. The discussions of the types of fraud and the pitfalls to watch for were very practical guidance for accountants and business people in general." —Lawrence J. Gramling, PhD, CPA Assistant Department Head, Department of Accounting, University of Connecticut Root out fraud before it happens with the hands-on approach found in Fraud 101, Third Edition The more your organization can learn about fraud and the potential risks that can threaten its financial stability, the better you will be equipped to prevent schemes from occurring in the first place. The only primer you need to fully understand financial fraud, Fraud 101, Third Edition expertly arms you with the tools to eliminate future frauds and reduce fraud losses.
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