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FinancialForensics Body of Knowledge is the unique, innovative, and definitive guide and technical reference work for the financial forensics and/or forensic accounting professional, including nearly 300 forensic tools, techniques, methods and methodologies apply to virtually all civil, criminal and dispute matters. Many of the tools have never before been published.
It defines the profession: "The Art & Science of Investigating People & Money."
It defines Forensic Operators: "…financial forensics-capable personnel… possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline."
It defines why: "If you understand financial forensics you understand fraud, but not vice versa" by applying financial forensics to all aspects of the financial community.
It contains a book-within-a-book Companion Section for financial valuation and litigation specialists.
It defines foundational financial forensics/forensic accounting methodologies: FAIM, Forensic Accounting Investigation Methodology, ICE/SCORE, CICO, APD, forensic lexicology, and others.
It contains a Reader Lookup Table that permits everyone in the financial community to immediately focus on the pertinent issues.
This work is the only financial forensics/forensic accounting methodology also published by the United States Department of Justice. It redefines the standard for all dimensions of the financial forensics and forensic accounting profession and is written to address the entire financial community comprised of Originators (CFOs, controllers, accountants, analysts, etc.), Users (auditors, valuators, attorneys, judges, lenders, investors, internal auditors, consumers, bankers, professors, board members, executives, journalists, etc.), and Regulators (civil, including IRS, IMF, SEC,; and criminal, including FBI and state and local law enforcement; Interpol, counterterrorism and military.
Financial Forensics Body of Knowledge is:
- The only codified financial forensics/forensic accounting methodology known to exist;
- The only codified methodology comprising civil, criminal, and dispute methodologies within the same framework;
- The only codified methodology supported by optional Internet-based software that continually updates content with newly discovered and developed forensic tools, techniques, methods and methodologies, and actual reports;
- The only codified methodology to contain actual report content (BLINDED) for many different forensic matters, including alter ego, damages, fraud, fraudulent transfer, marital dissolution, valuation, etc.;
- The only codified methodology to contain a comprehensive Forensic Inventory of tools, techniques, methods and methodologies;
- The only codified methodology to address virtually every type of entity, i.e. privately-held, publicly-held, governmental, charitable, NPO, NGO, etc.;
- The only codified methodology applicable to the US and global financial community;
- The only codified methodology that comprises an embedded training tool for beginning, intermediate and advanced financial professionals;
- The only codified methodology suitable for immediate adoption as firm-wide and agency-wide best practices technical and training standards.
The great majority of the content has not been previously assembled and published, and duplication of other publications has been purposely avoided to prevent redundancy.
The two principal authors have trained literally thousands within the financial community in various aspects of the content during the last several years. The attendees have included virtually all entity types, including federal, state and local government and law enforcement, e.g. SEC, FBI. The feedback has been universally positive and prompted the construction of this book. The contributing authors include public and private practice, attorneys, academics, law enforcement, and publicly-held and privately-held financial professionals. They are practitioners first and foremost and heavily experienced in instructional settings.
DARRELL D. DORRELL, CPA, ABV, MBA, ASA, CVA, DABFA, CMA, is a principal and founding partner of financialforensics®. He is a nationally recognized expert witness, speaker, and author and has trained many organizations in twenty-four U.S. states, Canada, and Puerto Rico, including the FBI, U.S. Department of Justice, SEC, Bankruptcy Bar Association, AICPA, NACVA, IMA, PricewaterhouseCoopers, and thirteen state CPA societies. He authored nearly seventy technical articles in nearly two dozen professional journals and coauthored "Counterterrorism: Conventional Tools for Unconventional Warfare" and "Forensic Accounting: Counterterrorism Weaponry" for the U.S. Department of Justice.
GREGORY A. GADAWSKI, CPA/ABV, CFE, CIRA, CVA, is a principal and founding partner of financialforensics®, with over fifteen years of professional experience. He is a recognized expert witness in state and federal courts in both civil and criminal matters. He has contributed to several professional journals and coauthored "Counterterrorism: Conventional Tools for Unconventional Warfare" and "Forensic Accounting: Counterterrorism Weaponry" for the U.S. Department of Justice.
What Is a Methodology? 1
Why Was This Book Written? 4
How to Use This Book 10
About the Book’s Website 10
How This Book Is Organized 11
PART ONE Financial Forensics Tools, Techniques, Methods, and Methodologies
CHAPTER 1 Foundational Phase 21
Assignment Development Stage 21
Scoping Stage 36
CHAPTER 2 Interpersonal Phase 55
Interviews and Interrogation Stage 56
Behavior Detection 62
Background Research Stage 73
CHAPTER 3 Data Collection and Analysis Phase: Part I 79
Data Collection Stage 79
Surveillance Stage 111
Confidential Informants Stage 114
Undercover Stage 117
Laboratory Analysis Stage 119
Confirmation Bias: Clinical Thinking 122
Aberrant Pattern Detection: What’s the Difference? 131
Forensic Lexicology: How to Analyze Words Like Numbers 150
CHAPTER 4 Data Collection and Analysis Phase: Part II 173
Analysis of Transactions Stage 173
The Myth of Internal Control 175
Financial Statements—Written Confessions 181
60-Second Method 185
Forensic Indices 204
Forensic Financial Analysis 212
CHAPTER 5 Data Collection and Analysis Phase: Part III 255
FSAT—Financial Status Audit Techniques 255
Applying Digital Analysis Techniques in Financial Forensics Investigations 270
Valuation & Forensics—Why & How 287
Valuation’s Orphan 294
CHAPTER 6 Trial and Reports Phase 315
Trial Preparation Stage 315
Testimony and Exhibits 318
Weapon (WPN) 320
Reports and Exhibits: Tips and Techniques 325
PART TWO Financial Forensics Special Topics
CHAPTER 7 Counterterrorism: Conventional Tools for Unconventional Warfare 337
Stop the Money—Stop the Terrorists 337
Civil Tools Used by Federal Law Enforcement 338
The Civil Statutes as Counterterrorism Weapons 339
Why Use Civil Laws in Addition to Criminal Laws? 341
Discussion of Alter Ego 343
Alter Ego Literature 348
Alter Ego Jurisdictional Examples 358
The Challenges of Alter Ego Investigation 361
Fraudulent Transfer 372
Forensic Accounting Techniques 378
Alter Ego, Fraudulent Conveyance, and Solvency Matters in Action 384
What Target-Rich Scenarios Can Be Exploited? 386
Forensic Accounting: Counterterrorism Weaponry 391
Financial Statements—The Sources of Data 395
When Financial Statements Contain Laundered Money 403
When No Records Have Been Prepared by the Terrorist 408
Summary of Forensic Accounting Observations 413
A Forensic Accounting Methodology to Support Counterterrorism 415
CHAPTER 8 Civil versus Criminal Law Comparison 445
What If You Suspect Embezzlement?—The Three Big Don’ts and Several Do’s 457
Forensic Inventory: Forensic Tools, Techniques, Methods, and Methodologies 471
About the Authors and Contributors 521