ASSESSMENT 5 Forensic accounting Business And Finance Answers

ASSESSMENT # 5

1. Give short answers to the following questions: (12)

i) What is the difference between proactive and reactive investigations?

ii) How would you differentiate between the weighted and unweighted solvability factors?

iii) Goal - setting and planning is very important for the soundness of an investigative process. Why?

iv) Outline the major goals of an investigative plan.

v) Briefly describe the stages involved in planning an investigative plan.

vi) Describe the three main areas of intelligence gathering process.

2. Write short notes on the followings:

a. Private databases

b. Public data bases

3. Financial crime investigations generally result in higher volumes of evidence and more complicated theories of evidence than non-financial crime. Discuss this. (5)

Case Study

In March 2005, Byron was offered a job as manager of a public house in Hampshire. He had many years experience in the pub trade, but had never managed an entire pub before. He explained to the pub owner that he would need some help with book-keeping. The owner explained a system of record keeping and banking which he had himself devised. When the quarterly VAT return was due in July, the owner checked the records and found that there appeared to be a discrepancy in the banking. He complained to the police and Byron was charged with theft of the shortfall and false accounting.

The forensic expert was instructed to review the accounting records and banking on behalf of the defence. The expert gave his opinion of the elements required in a properly designed accounting system for a pub and

highlighted the many serious deficiencies in the system devised by the pub owner and the difficulties that Byron would have experienced in attempting to operate it. He also pointed to a number of possible causes of the cash discrepancy, other than theft by Byron. When the case came to court, many of the points in this report were put to the prosecution witnesses in cross-examination. At the close of the prosecution, based on the evidence, the judge agreed that Byron had no case to answer and he was released.

Consider the above case while answering the following questions:

i. What do you think could be lacking in the Owner s self-devised accounting system?

ii. Give some possible causes of shortfall other than theft by Byron.

Requirements:

1. Use Havard format for citations and references

1. Marking Criteria: We expect the learners to write minimum one well expressed point in three lines against each allocated mark. This means one needs to write 15 lines with 5 well expressed points to get high grades for a 5 marks question. This implies that 5 complete sentences for each in questions 1, 2 and 3 and the case study is unlimited with complete in-text citations and referencing


Assessment Answers

ASSESSMENT # 5

Give short answers to the following questions: (12)

i) What is the difference between proactive and reactive investigations?

A proactive investigation is an investigation that is undertaken in anticipation of a crime. A reactive investigation is an investigation that is undertaken after a crime has been committed.

ii) How would you differentiate between the weighted and unweighted solvability factors?

The weighted solvability factor is a number that is assigned to each node in a graph, which represents the importance of that node in terms of finding a shortest path through the graph. The unweighted solvability factor is a number that is assigned to each node in a graph, which represents how many times that node can be visited before all other nodes in the graph have been visited.

iii) Goal - setting and planning is very important for the soundness of an investigative process. Why?

Goal-setting and planning helps to ensure that an investigative process is thorough and complete. It also helps to ensure that investigators are focused on the most important aspects of the case and that they do not miss any key evidence.

iv) Outline the major goals of an investigative plan.

The goal of an investigative plan is to define the scope of an investigation, identify the resources needed, and establish a timeline for the investigation. The goal of an investigative plan in forensic accounting is to gather evidence and information to support or refute a hypothesis about financial wrongdoing. The plan should be designed to collect all relevant information in an efficient and effective manner.

v) Briefly describe the stages involved in planning an investigative plan.

The first stage in planning an investigative plan in forensic auditing is to understand the client's needs and objectives. The second stage is to identify the risks and potential areas of investigation. The third stage is to develop a plan of action and timelines. The fourth stage is to execute the plan and collect evidence. The fifth stage is to analyze the evidence and prepare a report.

vi) Describe the three main areas of intelligence gathering process.

The three main areas of intelligence gathering process are (1) human intelligence (HUMINT), (2) signals intelligence (SIGINT), and (3) imagery intelligence (IMINT).

Human intelligence, or HUMINT, is information gathered by humans through conversation and observation. This is the most common form of intelligence gathering and includes information such as intercepted communications, interviews, and espionage.

Signals intelligence, or SIGINT, is information gathered from electronic signals, such as communications and radar. This type of intelligence is often used to track the movements of enemy forces and to monitor communications.

Imagery intelligence, or IMINT, is information gathered from images, such as those taken by satellites or drones. This type of intelligence can be used to track the movements of enemy forces, to identify targets, and to plan military operations.

  1. Write short notes on the followings:
  2. Private databases

A private database is a database that is not publicly available. Forensic auditors may use private databases to help them investigate potential fraud or other financial crimes. Private databases are used to store and manage data for a specific organization. Forensic auditors may use private databases to help them investigate financial crimes. Private databases can contain a variety of information, including financial records, customer data, and employee data.

  1. Public data bases

Public databases can be a useful source of information for forensic auditors. They can provide information on a variety of topics, including financial data, business data, and criminal records. Financial databases can provide information on a company's financial history, including its income, expenses, and assets. Business databases can provide information on a company's business activities, including its products, customers, and employees. Criminal databases can provide information on a company's criminal history, including its arrests, convictions, and sentencing.

  1. Financial crime investigations generally result in higher volumes of evidence and more complicated theories of evidence than non-financial crime. Discuss this. (5)

Financial crime investigations generally result in higher volumes of evidence and more complicated theories of evidence than non-financial crime. The reason for this is that financial crimes are often committed by sophisticated criminals who use complex financial instruments and transactions to commit their crimes. This can make it difficult for investigators to piece together the evidence and develop a clear theory of the crime. In addition, financial crimes often involve large sums of money, which can make it difficult to trace the flow of funds and identify the ultimate beneficiaries of the crime.

Case Study

In March 2005, Byron was offered a job as manager of a public house in Hampshire. He had many years experience in the pub trade, but had never managed an entire pub before. He explained to the pub owner that he would need some help with book-keeping. The owner explained a system of record keeping and banking which he had himself devised. When the quarterly VAT return was due in July, the owner checked the records and found that there appeared to be a discrepancy in the banking. He complained to the police and Byron was charged with theft of the shortfall and false accounting.

The forensic expert was instructed to review the accounting records and banking on behalf of the defence. The expert gave his opinion of the elements required in a properly designed accounting system for a pub and

highlighted the many serious deficiencies in the system devised by the pub owner and the difficulties that Byron would have experienced in attempting to operate it. He also pointed to a number of possible causes of the cash discrepancy, other than theft by Byron. When the case came to court, many of the points in this report were put to the prosecution witnesses in cross-examination. At the close of the prosecution, based on the evidence, the judge agreed that Byron had no case to answer and he was released.

Consider the above case while answering the following questions:

  1. What do you think could be lacking in the Owner s self-devised accounting system?

There are many possible deficiencies in the owner's self-devised accounting system, including:

- Inadequate record keeping of income and expenditure

- Lack of separation of duties between the manager and the owner and duties between different staff members

- Lack of control over the cash takings

- Poor bank reconciliation procedures

- Lack of documentation or supporting evidence for transactions

- Lack of management oversight or supervision of the accounting system

- Lack of control over petty cash

- Lack of documentation or evidence to support entries in the accounting records

- Inadequate documentation of the pub's income and expenditure

- Poorly designed chart of accounts

- Lack of internal controls to prevent and detect errors and fraud

Give some possible causes of shortfall other than theft by Byron.

  1. The pub owner could have miscounted the cash.
  2. The pub could have had more customers than expected and run out of cash.
  3. The pub could have had faulty till equipment which led to incorrect readings.
  4. The pub could have had employees who were not properly trained in handling cash and making change.
  5. The pub could have had employees who were stealing from the till.
  6. The pub could have had customers who were engaging in fraudulent activities, such as using fake currency or credit cards.

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