Assignment 1: Case Study You have been hired to work as a forensic accountant in a divorce case. Your client believes her husband might be hiding assets that should be included in the marital estate. Both parties have filed a list of assets and liabilities with the court. The husband owns his own business, and the client is an executive at a local bank. They were married out of high school, and neither had any significant assets at the time of the marriage. They have been married for 20 years and hold both individual and joint bank accounts, investment accounts, and retirement accounts. The husband has had his business bookkeeper file their personal taxes along with the business tax returns on an annual basis, and all returns have been filed. They own their primary residence and two rental properties. Because they both live in Arizona, which is a community property state, she would like you to investigate to determine if there are any assets that have not been properly reported to the court. Additional facts of the case: 1. The husband initiated the divorce proceedings six months ago 2. The husband owns his own retail business. Revenues have declined, expenses have increased over the last year, and the business has declined in value. 3. There were several five-figure transfers out of the couple's bank account that the client believes are suspicious because she cannot remember what the transfers were for 4. Repairs and improvements were conducted on the rental properties during the last year. 5. Prior to the separation the husband made several week-long business trips to San Diego, California and a trip with his friends to the Bahamas. 6. Liens were placed on the rental properties for second mortgages. On one lien the husband's parents are the lien holder, and on the other, his brother is the lien holder Additional Information - Part 1 - From Social Network Search Findings After doing addition Additional Information - Part 1 - From Social Network Search Findings After doing addition research relating to your investigation, you discover the below "additional information" as follows: 1. A search of Facebook found several pictures of the husband in a new sports car. 2. The husband posted that he had won $1000 in an online tournament. 3. Several of the husband's friends mentioned a fishing vacation they had taken on his boat, including pictures of the fish they caught. Additional Information - Part 2 - From Further Evidence Gathering 1. A review of purchases indicates the husband made multiple purchases of jewelry as well as gold and silver coins. 2. A review of the couple's checking account indicates that multiple payments were made on the husband's credit cards for the last several months. 3. A review of the husband's credit card transactions showed meals and a hotel in Las Vegas. 4. A review of professional licenses issued by the government shows the husband has a real estate broker's license and a private pilot's license. 5. A review of the Secretary of State's business database indicates several business names registered to the husband. Based on additional information part 1 and part 2, what are some additional opportunities for finding hidden assets? Assignment 1: Case Study You have been hired to work as a forensic accountant in a divorce case. Your client believes her husband might be hiding assets that should be included in the marital estate. Both parties have filed a list of assets and liabilities with the court. The husband owns his own business, and the client is an executive at a local bank. They were married out of high school, and neither had any significant assets at the time of the marriage. They have been married for 20 years and hold both individual and joint bank accounts, investment accounts, and retirement accounts. The husband has had his business bookkeeper file their personal taxes along with the business tax returns on an annual basis, and all returns have been filed. They own their primary residence and two rental properties. Because they both live in Arizona, which is a community property state, she would like you to investigate to determine if there are any assets that have not been properly reported to the court. Additional facts of the case: 1. The husband initiated the divorce proceedings six months ago 2. The husband owns his own retail business. Revenues have declined, expenses have increased over the last year, and the business has declined in value. 3. There were several five-figure transfers out of the couple's bank account that the client believes are suspicious because she cannot remember what the transfers were for 4. Repairs and improvements were conducted on the rental properties during the last year. 5. Prior to the separation the husband made several week-long business trips to San Diego, California and a trip with his friends to the Bahamas. 6. Liens were placed on the rental properties for second mortgages. On one lien the husband's parents are the lien holder, and on the other, his brother is the lien holder Additional Information - Part 1 - From Social Network Search Findings After doing addition Additional Information - Part 1 - From Social Network Search Findings After doing addition research relating to your investigation, you discover the below "additional information" as follows: 1. A search of Facebook found several pictures of the husband in a new sports car. 2. The husband posted that he had won $1000 in an online tournament. 3. Several of the husband's friends mentioned a fishing vacation they had taken on his boat, including pictures of the fish they caught. Additional Information - Part 2 - From Further Evidence Gathering 1. A review of purchases indicates the husband made multiple purchases of jewelry as well as gold and silver coins. 2. A review of the couple's checking account indicates that multiple payments were made on the husband's credit cards for the last several months. 3. A review of the husband's credit card transactions showed meals and a hotel in Las Vegas. 4. A review of professional licenses issued by the government shows the husband has a real estate broker's license and a private pilot's license. 5. A review of the Secretary of State's business database indicates several business names registered to the husband. Based on additional information part 1 and part 2, what are some additional opportunities for finding hidden assets