Fraud in Construction Companies: Lessons From the Trenches
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1 Fraud in Construction Companies: Lessons From the Trenches Presented by Angela Morelock, CPA, CFE, CFF, ABV, Certified Forensic Accountant
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3 Cost of Fraud & Abuse $2.9 trillion worldwide 5% of revenues Almost half recover nothing after fraud is discovered 2012 by the Association of Certified Fraud Examiners, Inc.
4 2012 by the Association of Certified Fraud Examiners, Inc.
5 2012 by the Association of Certified Fraud Examiners, Inc.
6 2012 by the Association of Certified Fraud Examiners, Inc.
7 2012 by the Association of Certified Fraud Examiners, Inc.
8 Damages to Victims Go Beyond Dollars & Cents Reputation Loss of public confidence Detrimental to attracting new potential donors & volunteers Damage to relationships Sagging staff morale Distraction from the mission
9 Profile of the Typical Fraud Perpetrator
10 The Fraud Triangle Perceived pressure facing individual Perceived opportunity to commit fraud Exacerbated in economic downturn Person s rationalization or integrity
11 The Typical Perpetrator White male College-educated Intelligent Married Most loyal employee
12 Profile of Fraud Perpetrator Male or female No prior criminal history (<8%) Well liked by co-workers Likes to give gifts/compulsive shopper Gambling problems not unusual Long-term employee Rationalizes: Starts small or borrows Lifestyle clues
13 2012 by the Association of Certified Fraud Examiners, Inc.
14 2012 by the Association of Certified Fraud Examiners, Inc.
15 Personal bills Fictitious suppliers Straw vendors Ordering personal items Petty cash funds Employee expense accounts Credit cards Billing Schemes (A/P)
16 Kickbacks Bid rigging Bribes Conflicts of interest Corruption Schemes
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18
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20 Common Data Mining Areas Employees and Payroll Vendors and Accounts Payable Expense Reimbursement Credit card & P-card transactions
21 Vendor Trending Analysis Time Series Analysis: Acceleration Vendor: JLM Plumbing Authorized: Janice L. McPhearson Acceleration as confidence builds Getting Greedy Test phase
22 Name Mining - Anagrams
23 Address Mining - Maildrops Fictitious Vendor with UPS Store Address
24 Check Sequence Analysis
25 Financial Statement Fraud Def. Deliberate fraud committed by management that injures investors & creditors through materially misleading financial statements
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27 Some Trial Exhibits
28 Is smoothing earnings an acceptable practice? SEC on Smoothing
29 Is it OK to be over accrued? Is it better to be over accrued than under accrued?
30 What basis exists for conservatism? Is conservatism: An accounting principle? GAAP? Encouraged by any accounting standard or guidance?
31 FASB Concepts Statement No. 2 (As Amended) Qualitative Characteristics of Accounting Information Issued: May 1980 conservatism tends to conflict with significant qualitative characteristics, such as representational faithfulness, neutrality, and comparability (including consistency) (para. 92) if two amounts are not equally likely, conservatism does not necessarily dictate using the more pessimistic amount rather than the more likely one (para. 95)
32 Protect Your Organization Fraud risk assessment Internal controls Proper environment External review Reporting mechanism Hire right Fidelity bonding Establish Perception of Detection
33 Resources Managing the Business Risk of Fraud: A Practical Guide (AICPA & IIA) Management Anti-Fraud Programs & Controls (exhibit to SAS 99) ACFE Fraud Prevention Check-Up ACFE Best Practices in Ethics Hotlines ACFE Sample Code of Conduct ACFE Sample Ethics Policy
34 Contact Information Angela Morelock, CPA, CFE, CFF, ABV, Certified Forensic Accountant BKD, LLP 910 E. St. Louis Street Springfield, MO Phone: Fax: Blog: Follow me on
35 Questions?
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