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business
financial investigation and forensic accounting
Questions and Answers of
Financial Investigation And Forensic Accounting
From the Internet, define these terms:a. Vacatusb. Demurrerc. Ipse dixit
Determine whether these are direct, circumstantial, hearsay, or not evidence.a. The gun left behind at a crime scene.b. Argument presented by a prosecutor.c. Sworn testimony of a witness.d. Testimony
Locate the 2005 Supreme Court decision involving Arthur Andersen's appeal of its criminal conviction of destroying records. What is the Supreme Court's opinion with respect to record retention?
On the Internet, locate the Brief of Amici Curiae of the Washington Legal Foundation and the U.S. Chamber of Commerce dated December 8, 2004, on behalf of Arthur Andersen.a. What does amici mean? See
On the Internet locate Appellate.net by Evan M. Tager.a. Outline his tips for preserving arguments for appeals.b. Locate and read his article "Bad Faith Experts after Kumho." At note 24, is a course
"Graphology is forensic document examination." Determine the validity of this statement.
What is some of the equipment that a forensic document examiner might use in his or her work
What may alert a forensic accountant that an invoice is fake or altered?
"Each state has a licensing board for forensic document examiners." Determine the validity of this statement.
Frank Abagnale says it is 3,000 times easier to commit fraud today than when he was operating. Why
Find the U.S. Eastern District Court of New York SEC v. Symbol Technologies, Inc., June 3, 2004. Explain the so-called three way round trip transactions or the candy deals.
Benford analysis is not useful in which of the following situations?a. Accounts receivableb. Accounts payablec. Amounts on checksd. Invoice numberse. \(c\) and \(d\)
Benford's law states:a. The digit 9 occurs as the first, second, or third digit in a set of numerical data with a probability of about 10 percent.b. Any digit occurs as the first or second digit in a
Define damages.
Point out some contract breaches.
Point out some tort lost profits situations.
What would the recovery rule for these claims be?a. Agency contractb. Buyer of goodsc. Breach of warrantyd. Fraud
Describe the two major theories used by the courts to determine damages.
Sam agrees to buy an asset from Pam for \(\$ 205,000\), but six months later Pam says no sale. The asset is now worth \(\$ 325,000\). What would the damages be under the benefit-ofbargain rule?
What five major factors are required for the benefit-of-the-bargain computation?
Describe the four major ways to calculate lost profits.
What three elements must be proven to win a fraud dispute?
Describe what is meant by the term damages in connection with litigation.
"I'm not sure how strong our case is on the issue of liability, but our damages case is really strong and easy to defend." If you were the plaintiff in this case and your attorney made the previous
Two equally competent and equally educated expert witnesses who have been provided the same information and documents should arrive at about the same amount of estimated damages in a particular
Describe the difference in orientation between the plaintiff's and the defendant's experts. Is the job of either expert generally easier?
Auburn Furniture Company makes a variety of wood furniture for the home and office. The company uses a standard costing system for its manufacturing costs. During a recent unexpected surge in demand,
Why is it important for a forensic accountant to have knowledge of cost behavior patterns in providing services in a litigation support situation?
What are the most commonly used cost behavior patterns in forensic analysis? Define and describe these cost behavior patterns.
Name and describe the two basic assumptions that underlie cost behavior patterns.
Can an experienced forensic accountant look at the financial information of a company and tell which costs are fixed and which costs are variable?
Acme Aviation (AA) entered into an agreement with the Express Deliveries (ED) to fly packages for ED on an "as needed" basis. The agreement was for three years. After the first year, Acme Aviation
The Fernald Corporation manufactures commercial shipping containers and trailer bodies for trucks. Several years ago, Fernald bought \(\$ 160,000\) of coating materials to rustproof and paint 500
Mr. Snow has worked for the Jones Auto Parts Store for 12 years. He started as a sales clerk and worked his way up to assistant store manager. He was the assistant store manager for six years before
Following is a letter received from a prospective client.Dear Mr./Ms. Unknown:You have been recommended to me as a person with considerable accounting knowledge and skills. I am an attorney here in
Dexter Manufacturing entered into an agreement with the Delta Salt Mining Company to build and be the exclusive supplier of heavy duty product conveyor belt systems for the company's mining
Using the Internet, determine what is meant by "goodness of fit."
Using the Internet, find and summarize the following damage court case: Lithuanian Commerce Corp. v. Sarah Lee Hosiery, 177 F.R.D. 245 (D.N.J. 1997). What did Sarah Lee and the court think about Mr.
Explain the differences between a civil trial and a criminal trial.
Outline the five major phases of litigation. Where would a forensic accountant do most of his or her work?
List the various types of pleadings.
What should be the goal of a forensic accountant in litigation support?
Where can one obtain a jury trial?
List some trial courts.
How can someone get a federal court to hear a dispute?
How does the knowledge, skill, experience, training, and education that accountants are \({ }^{180} \mathrm{Ibid}\).\({ }_{181}\) Fredrick Burger, "For the Expert Witness, a Few Tough Questions,"
What professional standards apply to accountants who perform litigation services?
What should be included in a written agreement by an accountant to perform litigation services for an attorney?
What is the difference between an expert witness and a lay witness?
What does it mean to have to qualify as an expert witness?
Outline some ways to challenge an expert witness.
What are the normal steps in a simple Daubert challenge?
What was the major holding of Kumho Tire Company, Ltd. v. Carmichael?
A Frye challenge is appropriate in a District Court dispute. Determine the reliability of this statement.
Discuss the difference between weight versus admissibility with respect to Daubert challenges.
What is a hold-harmless provision?
What is the Frye standard?
What is the Daubert standard?
Can accountants acting as expert witnesses be advocates for their client? Is advocacy possible for accountants who serve as consultants?
On what types of evidence may expert witnesses rely? Give examples.
Can accountants acting as expert witnesses base an opinion on confidential client information?
What is an expert report? What should the report contain?
Can the accountant state his or her opinion about the law in an expert report?
Can the attorney who hires the forensic accountant as an expert witness help in drafting an expert report?
Can the opposing side see the forensic accountant's working papers if he or she is acting as a consultant? Is access by opposing counsel possible if the accountant is acting as an expert witness?
Can the forensic accountant refer to the expert report when he or she testifies at a deposition or trial?
What is the difference between direct examination and cross-examination?
When testifying at a trial, should the forensic accountant use as much technical language as possible to impress listeners with his or her expertise?
If the expert witness does not understand a question, should he or she try to answer it anyway?
Can the client sue a forensic accountant if his or her testimony hurts the client's case?
What do lawyers dislike the most about expert witnesses?
Draft a sample agreement to perform litigation services for an attorney.
Draft the qualifications section of an expert report by you as an expert. You may make up credentials, or you may find Larry Crumbley's resume online and prepare the qualification section of an
What is wrong with this question in the courtroom during direct examination: "Didn't the defendant appear to you to be stealing money from the cash register?" Substitute better questions to cover
On the Internet find (a) cross-examination testimony and (b) recross-examination testimony.
On the Internet find information about Joe Nacchio (Qwest). What type of corporate corruption charges might be brought against him and other insiders?
Use the Internet to search for the "Federal Grand Jury" site by Susan Brenner. Read some of the FAQs. What is a "runaway" Grand Jury? See what a subpoena looks like. Read the federal grand jury
Research states that allow lawsuits against friendly experts.
Who bears the burden of proof in a criminal trial and what is it?
Explain the metaphor that a lawsuit is like a parachute jump.
Look on the Internet for definitions and illustrations of:a. mens reab. actus reus
Using the Internet determine the states that allow a friendly client to sue an expert witness. Which states protect an expert witness from lawsuits?
Using the Internet, determine the various types of lawsuits against accountants.
What does it take to prove negligence in a court of law?
What is meant by proximate cause? Use the Internet.
What is meant by restrictive privity in Pennsylvania? Near-privity approach? Reasonably forseeability approach?
Searching the Internet, find some red flags of risky clients.
You are preparing to testify as an expert witness for a fraud issue in an oil/gas industry dispute. Find Larry Crumbley's resume online and then prepare questions and answers for the friendly
What are Bates numbers? Find some examples on the Internet.
What are Audit Technique Guides? Find some on the IRS Internet site. How may an expert use them?
Explain the following:a. Ambush; serve and volley.b. Complex Daubert challenge.c. Weight versus admissibility.d. Hold-harmless provisions.e. Side-taking.f. Motion to Compel.g. Impeachment.h. Subpoena
Here is a question to and answer from an expert during a fraud trial. Do you consider the answer to be appropriate? Defend your answer.Q. Professor, it is agreed that at least \(\$ 254,000\) was
Here is a question to and answer from an expert during a deposition for an accounting dispute. Do you consider the answer to be appropriate? Defend your answer.Q. Doctor, since this dispute involves
Locate Anthony v. Abbot Laboratories, 106 F.R.D. 461 (1985). What ten factors did this court use to determine a reasonable expert witness fee?
Locate Haarhuis v. Kunnan Enterprise, Ltd, 223 B.R. 252 (D.D.C. 1998). What was the expert entitled to charge as a fee per hour, portal to portal for travel time?
Divide large classes into groups or for small classes students may work alone. Have students or groups take pictures of the various internal controls they can observe. They may use digital, Polaroid,
Go online and search for types of retainers for forensic accountants. Bring one to the classroom. One example would be Presentation Dynamics.
Locate Judd Robbins' Internet site (www.computerforensic.net) and find his curriculum vitae. Prepare questions with answers to ask Mr. Robbins at trial for a forensic accounting dispute.
Go online and find some basic fees charged by forensic accountants (i.e., www.forensiceconomics.net/retainer).
Locate the National Litigation Support Services Association (NLSSA) on the Internet and determine what this group does.
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