FVC2414. Don’t be Blindsided by Frauds That Lie Just Beneath the Surface… Consider Applying Alternative Approaches To Your Fraud Investigations

Forensic accountants are problem solvers by nature, so when presented with a case where the facts don’t add up, what should be done? We must think “outside the box”! There are several ways fraudulent activity occurs depending on the scenario. When it is not a straightforward financial statement fraud, it is imperative that we figure out alternative approaches to identify the fraud and quantify the related damages. Currently, a plethora of tools are available for us online to use in fraud investigations that typically one would not think of using for non-financial data analysis, such as mapping software or industry trends. Evaluating and analyzing non-financial data to get greater insights into the data is key. Applying data analytics to correlate this information with the accounting records enables us to determine the legitimacy of the related revenues and/or expenses. This may be a game changer and provide the edge that is needed to figure out the fraudulent activity.

Learning Objectives:

• Apply creative thinking and alternative approaches to determine complex frauds when the financials look legitimate.
• Identify how to substantiate the use of the alternative approaches when presenting the findings.