[Ebook PDF] Fraud Examination, 6th Edition

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[Ebook PDF] Fraud Examination, 6th Edition

ISBN-13: 978-1337619677
ISBN-10: 1337619671

Author: W. Steve Albrecht (Author), Chad O. Albrecht (Author), Conan C. Albrecht (Author), Mark F. Zimbelman (Author)

Learn to identify, detect, investigate and prevent financial fraud today with the latest edition of Albrecht/Albrecht/Albrecht/Zimbelman’s FRAUD EXAMINATION, 6E. Develop fraud skills as you become a better interviewer, stronger and more skeptical document examiner, better technology user and more informed decision maker. Closely examine and gain a strong understanding of the types of fraud and nature of fraud investigation today with current business examples and numerous actual fraud cases, delivered first-hand from the authors’ experience. FRAUD EXAMINATION presents today’s most important fraud concepts with an emphasis on the growing areas of ebusiness and cyber fraud. Significant discussion familiarizes you with forensic analysis as well as legal options for victims of fraud. New discussion also highlights how experts use technology to accomplish fraud and detect fraud.

PREFACE
Fraud examination (sometimes called forensic accounting) is one of the most exciting careers for students studying accounting and business today. Forensic accountants combine their accounting knowledge with investigative skills in various litigation support and investigative accounting settings. Forensic accountants are employed by public accounting firms’ forensic accounting divisions; by consulting firms specializing in risk consulting and forensic accounting services; or by lawyers, law enforcement agencies, insurance companies, government organizations, or financial institutions. Due to heightened
awareness and growing intolerance of fraudulent activity, demand for forensic accountants is rapidly increasing. Both the size and the number of frauds are increasing, which will result in an even greater demand for fraud-fighting professionals in the future.
You’ve probably heard about Enron, WorldCom, Madoff, and other major frauds. But, there are many other types of frauds that occur every day. Fraud is an extremely costly business problem. For example, not long ago a Fortune 500 automaker experienced a $436 million fraud. Because the fraud reduced the company’s net income by $436 million from what it would have been and because the company
had a profit margin (net income divided by net sales) of approximately 10 percent, the company would have to generate an additional $4.36 billion (10 times the amount lost in the fraud) in revenues to restore net income to its prefraud level. If you assume that an average car sells for $30,000, this company would have to make and sell over 145,000 additional cars ($4.36 billion divided by $30,000 sales price) to
recover the effect on net income. In other words, this company faced a major business problem: it could either make and sell 145,000 more cars, or it could work hard to prevent these types of frauds from occurring in the future. When faced with the choice of generating that much additional revenue—which would have been difficult if not impossible—the company decided that reducing and eliminating future
frauds was the more effective way to spend its money. As a result, it hired additional fraud and control experts and implemented extensive fraud prevention procedures throughout the organization. Eliminating fraud is a problem that every organization faces, and you can help them deal with this growing problem.
Even if you decide not to become a fraud expert, the topics you will study in this book will help you be a better professional in whatever career path you choose. The technology, interviewing, document examination, public records, and other tools and knowledge you will gain will make you a better consultant, auditor, tax professional, or manager, as well as a better and more astute investor.
As you will discover in this book, there is a very active professional organization that deals with fighting fraud called the Association of Certified Fraud Examiners (ACFE), which currently has over 80,000 members and is based in Austin, Texas. This organization, as well as others, can provide future fraud training. In addition, the ACFE will provide its educational materials free of charge to institutions of higher learning that agree to offer a three-hour course entitled “Fraud Examination.” These materials include several original videos related to fraud detection and prevention. A complete listing of the ACFE’s materials and other information can be found at the association’s Web site at www.acfe.com.