Course Competencies
ACC 541 Forensic Accounting Applications - 09/A7
Upon completion of the course, the student will be able to:
Forensic Accounting in General
1. Discuss the various definitions of
forensic accounting, alternative descriptions, and what the field includes,
including how forensic assignments differ from traditional accounting.
Forensic Accounting
Programs
AICPA
Overview of Litigation and Dispute Resolution Services
2. Explain the overall U. S. Legal system
(including specialized courts) and the steps in the legal process.
Overview of a Typical Lawsuit
Florida Court
System
U.S. Court System
3. Understand the differences between civil
litigation and criminal cases.
Civil
versus Criminal Fraud
Constitutional
Amendments Relative to Fraud Investigations
4. Explain fully the forensic accounting
process and the role that forensic accounting plays in the legal process.
Court
Appointed Mediator - New Rules 11/15/2007
Options in a Fraud
Situation
5. Describe the relationship between forensic
accountants, the client, attorneys, parties to the action, the court, various
governmental agencies, and other experts.
Who Investigates and
Prosecutes Fraud?
6. Fully explain the general professional
standards that apply to CPAs when performing forensic services.
AICPA Professional Standards
AICPA Code of Professional Conduct
AICPA Statement on Standards for Consulting Services No. 1
Florida Statutes and Rules for CPAs
Laws, Rules, Standards & Other Guidance
7. Discuss additional professional standards
that are applicable for specific types of services.
AICPA Business
Valuation and Forensic & Litigation Services Resources
FICPA
Valuation, Forensic Accounting, and Litigation Services Resources
8. Understand the concepts of independence
and conflict and how they apply in various forensic settings and discuss
specific additional limitations for public company clients.
AICPA
Rule 101
Definitions for Florida's Independence Rule
Florida Standard for Determining Independence
9. Explain the typical steps in a forensic accounting engagement.
10. Discuss what a Motion in Limine is and what its significance is to the forensic accountant. Be able to discuss the Daubert, General Electric, and Kumho Tire cases.
Specific Forensic Applications
20. Discuss the area of commercial damages and how the theory of economic losses applies.
21. Fully explain the process for developing a commercial economic loss computation, including various approaches that may be appropriate in different fact situations.
22. Expand upon each of the steps performed in a Business Lost Profits Damages Engagement.
23. Discuss the area of insurance claims, including how they are both similar and different from typical economic loss claims.
24. Compute and present a claim for losses incurred in a business interruption situation.
25. Discuss the steps in a typical divorce
case and the alternative methods for resolution.
Divorce Overview
Divorce -
Economic Issues
Divorce -
Other Issues
26. Explain the various types of services a
forensic accountant could provide in a family law case and discuss when each
could be appropriate.
Practice Areas -
Divorce
27. Expand upon each of the steps normally performed in a Divorce Engagement.
28. Clearly differentiate between marital and separate property in a divorce case.
29. Discuss the valuation and division of property in a divorce case including discussion of special issues such as family businesses and career assets.
30. Explain specific Florida law regarding definition of income, determination of child support, and valuation of property.
31. Define and discuss the appropriate role of QDROs, asset sales, life and disability insurance, trusts, and tax issues in a divorce case.
32. Define each type of case and describe the CPA’s role in personal injury, wrongful death, discrimination, and wrongful termination cases.
33. Discuss the various types of damages and their applicability in personal damages cases.
34. Expand upon each of the steps performed in an Individual Lost Earnings Damages Engagement.
35. Expand on the various discounting methods that can be used in individual damages cases.
36. Discuss fully the various professional
organizations involved in business valuations, including standards and
certifications.
AICPA Statement on Standards for Valuation Services 1
37. Understand when the AICPA valuation standard may apply to the CPAs in other types of engagements.
38. Explain fully each of the valuation methodologies, including when each may be appropriate, as well as various standards of value that may be applied depending on the valuation purpose.
39. Expand upon each of the steps normally performed in a Business Valuation Engagement.
40. Describe the special issues that may be involved in the valuation of a professional practice.
41. Discuss the various types of claims that can be made against accountants, the legal theories behind each, and protective measures the CPA can take to reduce claims and provide a defense if sued.
42. Expand upon the litigation consultant’s role in litigation against accountants and other types of professional liability cases.
43. Discuss the various types of bankruptcy
for both businesses and individuals, including the participants in the process.
Participants in Bankruptcy Cases
44. Expand upon each of the activities that could be undertaken by CPAs during the bankruptcy process and the related requirements for retention and compensation for professional services.
45. Understand the unique legal and procedural requirements of participation in bankruptcy cases.
46. Discuss the various theories relating to fraud and the most common types of employee fraud.
47. Explain the various types of services a forensic accountant could provide in a fraud case and discuss when each could be appropriate.
48. Expand upon each of the steps normally performed in an Employee Fraud Engagement.
Additional Specific Applications
49. Describe the various types of claims in construction litigation and the CPA’s role in this type of litigation.
50. Discuss the concept of intellectual property, reasons for increasing litigation regarding IP, concepts of valuation and damages calculations involving IP, and the CPA’s role in IP litigation.
51. Expand upon various types of forensic services the CPA may provide in a business sale, acquisition, or merger situation and major issues typically involved.
52. Describe the various approaches to
locating hidden assets and the circumstances when a forensic accountant may be
involved in locating hidden assets.
Hidden Assets – Individuals
Hidden Assets – Individuals -
Common Hiding Places
53. Understand the application of various
anti-money laundering statutes as they apply to businesses, financial
institutions, and money services businesses, and the CPA’s role in money
laundering situations.
Financial Crimes Enforcement Network (FinCEN)
IRS Involvement in Money Laundering Criminal Investigations
Money Laundering: A Banker's Guide (OCC)
Moneylaundering.com
Title 18, United States Code, Section 1956
Title 18, United States Code, Section 1957
How
To Become A Florida Supreme Court Certified Mediator
Application
60. Diagnose specific case situations, determine appropriate approaches, develop analyses, and present quality completed reports.
61. Prepare and professionally present relevant and appropriate questions on various forensic accounting application areas.
62. Prepare and professionally present
elements of a forensic engagement.
APA Style information
Legal Citations - The
Blue Book
- 10/16/2005 – last revised 11/25/2009 -