Maymester 2016 Instructor: Carol Sullivan, cpa, cia, cfe, cma office



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The University of Texas of the Permian Basin

SYLLABUS: ACCOUNTING 4389 (Section 071) – Selected TOPICS IN FORENSIC ACCOUNTING and FRAUD EXAMINATION

Maymester 2016
Instructor: Carol Sullivan, CPA, CIA, CFE, CMA
Office: MB 2236
Class hours: Monday- Thursday 5:30 – 9:30 PM
Office hours: Monday – Thursday 4:00-5:00pm

Call or e-mail to set up other meeting times


Office Phone: 432-552-2179
E-Mail: Sullivan_c@utpb.edu


Course Description: A conceptual approach to forensic accounting/fraud examination. Topics include legal environment for forensic accountants, professional and engagement responsibilities, gathering evidence, analysis of financial statements, business valuation, and white-collar crime cases.
Course Prerequisites: ACCT 3301, 3302, and 3305
Course Learning

Objectives: In this course, you will be:

  • Introduced to the world of forensic accounting and fraud examination

  • More knowledgeable about the legal environment as it related to forensic accounting

  • Able to frame a case, research it, and set up engagements

  • More understanding of how to gather evidence, interview people, and observe situations for possibilities of fraud

  • Able to analyze financial statements as a way of detecting irregularities or possible financial statement fraud

  • Introduced to the ways to conduct an entire fraud investigation

  • Responsible for upholding the professional standards in this area of accounting

  • Introduced to Business Valuation as it related to both fraud and legal damages caused by fraud


Required Text: Forensic Accounting by Rufus, Miller, and Hahn 1st Edition, Pearson Publishing

ISBN-13: 978-0-13-305047-9

ISBN-10: 0-13-305047-5



Grading: The course grade will be determined from the following items and their respective weights:
Quizzes (4) 100

Case Research Project 50

Exams # 1 and #2 200

Comprehensive Final Exam 150

Total Possible Points 500

Students with 90% of the above points will be assigned an A, with 80% of the possible points will receive at least a B, students with 70% of the possible points will receive at least a C and students with 60% of the possible points will receive at least a D. Points accumulated below 60% will receive an F.


Quizzes: Quizzes will be given to make sure that you have the basic knowledge of forensic accounting and fraud examination concepts before the exams.

Case Research Project:

You will be assigned to a team to research an interesting fraud case not found in the textbook. Your research will be presented in a 10-15 minute PowerPoint presentation made to the class. Detailed information will be found in the assignment packet distributed.


Exams:

Exams will consist of short essay questions that demonstrate your understanding of the topics included in the exam. Additionally, multiple choice questions will be similar to the quizzes.


Exams will cover assigned readings from the text and issues gleaned from class notes/discussions. There will be no makeup examinations given, unless specific arrangements have been made with the Instructor/College of Business & Engineering. Only in case of extenuating circumstances, alternate arrangements may be scheduled for those students by the Instructor, especially when the Instructor is informed well before the scheduled dates. Such makeup examinations, if any, will usually be scheduled about a day or two before the scheduled examination.
If a student must miss an examination because of a reasonable, documented reason (such as illness evidenced by a note from a doctor or a student health service, etc.), he/she must inform the Instructor no later than the day of the examination, or at the next earliest opportunity. This might enable the Instructor to make suitable arrangements (such as "re-weighting" other course requirements). Failure to inform the Instructor or the College of Business & Engineering (such as the Administrative Assistant, in room MB 2202, or by phone at 432-552-2170), may automatically result in a grade of zero for the examination in question. Please remember that the "comprehensive" final exam will cover the essence of previous chapters and will usually be used for missed exams.
EXTRA CREDIT: A total of 9 points (3 points for each activity) can be earned by: 1) watching 3 different episodes of American Greed and writing a summary, 2) conducting an informational interview with either a CPA or CFE, and 3) “Bring a Guest” night for the presentations.
Attendance: Attending class is necessary for learning the content of this course. If you are absent, you are still expected

to meet all deadlines and take all tests as scheduled. E-mailed materials received on the due dates are

considered on time. If there are extraordinary circumstances that delay completion of work, it is the

student’s responsibility to communicate with the instructor ahead of any deadlines.


Class Participation: Students will be expected to respond in class as questions are directed and comments are invited. If you

have questions or work experiences to share which are related to the discussion, do not hesitate to

participate. In order to effectively be a part of class discussion, students are expected to read each case

thoroughly before the material is covered in class.


Policy on The integrity of a university degree depends on the integrity of the work done toward that degree by

Scholastic Dishonesty: each student. The University The integrity of a university degree depends on the integrity of the work done toward that degree and UTPB expects a student to maintain a high standard of individual honor in all scholastic work (Rules Regulations of the Board of Regents of UT System).
Scholastic dishonesty includes, but is not limited to cheating, plagiarism, collusion, submission for credit of any work or materials that are attributable in whole or in part to another person, any act designed to give unfair advantage to a student, or the attempt to commit such acts. Detailed information on scholastic dishonesty along with disciplinary procedures is outlined in the UT Permian Basin Handbook of Operating Procedures, Part 5, Section 1, and the Student Guide.
Student Classroom

Conduct: Classroom behavior should not interfere with the instructor’s ability to conduct the class or the ability of other students to learn from the instructional program (Code of Student Life). Unacceptable or disruptive behavior will not be tolerated. Students engaging in unacceptable behavior may be instructed to leave the classroom. Inappropriate behavior may result in disciplinary action or referral to the University Behavioral Intervention Team. This prohibition applies to all instructional forums, including electronic, classroom, lab, discussion groups, field trips, etc.
Use of cell phones, including text messaging, is disruptive to the class and may result in the cell phone being removed and/or held by the instructor during class. Phones should be silenced during class. During exams, cell phones must be out of sight and turned off unless special arrangements are made in advance for emergency reasons.
Disability Any student who feels that he or she may require assistance for any type of physical or learning disability

Accommodations: should consult with me during the first week of class. To request academic accommodations for a disability

contact the PASS Office in the Mesa Building Room 1160 or call 432-552-2631. Students are required to

provide documentation of disability to the PASS Office prior to receiving accommodations.

Important Dates: First scheduled day of this class: May 16, 2016

Last day to drop without creating an academic record: May 17, 2016

Last day to drop or withdraw: May 26, 2016

Final Exam date: June 2, 2016

Tentative Schedule
May 16 Introductions, Ch. 1 (Introduction to the World of Forensic Accounting)

17 Ch. 2 (Legal Environment of Forensic Accounting) and Ch. 3 (Screening and Staging Engagements)

18 Ch. 4 Gathering Evidence – Interviews and Observations); Quiz #1 (Ch. 1-4)

19 Exam #1 (Ch. 1-4); Form your teams and start working on the Case Project

23 Ch. 5 (Financial Statement Analysis – Reading Between the Lines) and Ch. 6 (Fraud and White-Collar Crime)

24 Ch. 7 (Conducting a Fraud Investigation) and Ch. 8 (Transforming Data into Evidence – Part 1)

25 Ch. 9 (Transforming Data into Evidence – Part 2); Quiz #2 (Ch. 5-9);

26 Exam #2 (Ch. 5-9); Continue working on the Case Project

30 Memorial Day … please stay safe and enjoy!

31 Case Study Presentations and “Bring a Guest Night” Quiz #3 is participation sheet; Report to the Nations;

Ch. 10 (Professional Responsibilities)



June 1 Ch. 11 (Fundamentals of Business Valuation) and Ch. 12 (Special Topics); Quiz #4 (Ch. 1-12)

2 Comprehensive Final Exam

Exam Essay Questions

Exam #1

1) Apart from fraud-related investigations, what other investigations are forensic accountants commonly engaged in?


2) Write a short note on career opportunities for forensic accountants in both the private and public sectors.
3) Rule 26(a)(2) of the Federal Rules of Civil Procedure requires the disclosure of all experts (such as forensic accountants) expected to testify at trial. The disclosure is generally accompanied by the expert's written report. List the elements that should be contained in the expert's written report.
4) What are the two most common forms of alternate dispute resolution?
5) What are the specific benefits of a scientific approach?
6) List the six basic components of the basic communication process.
7) Write a short note on observations.
Exam #2

1) Give examples and explain techniques of cash flow manipulations which may not constitute GAAP violations.


2) List any six characteristics of a typical white-collar fraudster.
3) Fraud is not an accounting problem - it is a social phenomenon. Explain.
4) Time is an objective measure, hence timeline data are always highly reliable. Examine the validity of this statement.
5) What is the purpose of data mining? Give examples of specific applications of data mining.
6) Describe 3 things that you learned from viewing the following videos:

a) Cooking the Books: What Every Accountant Should Know about Fraud


b) Beyond the Numbers: Professional Interviewing Techniques

New Essays for Final Exam

7) Seven consulting service standards are contained in Statement on Standards for Consulting Services No. 1, including the four general standards provided by Rule 201 of the AICPA's Rules of Professional Conduct. Briefly explain the other three standards.


8) Explain the two methods that are commonly considered under the market approach of valuation of the company.
9) "Uniformity of opinions among damages experts in a damages claim is not to be expected for three primary
10) Describe 3 things that you learned from viewing the following videos and ACFE Report:

a) Fundamentals of Computer Fraud


b) Report to the Nations ACFE Report

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