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Begin with the End in Mind Habit 2, The 7 Habits of Highly Effective People Stephen R Covey What is the issue that you are dealing with? Fraud Misconduct Litigation Personal Injury Family Law Ultimately all


  1. “Begin with the End in Mind” Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

  2.  What is the issue that you are dealing with?  Fraud  Misconduct  Litigation  Personal Injury  Family Law

  3.  Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

  4.  “Begin with the end in mind” ~ Stephen R Covey  What is the end result that you wish to accomplish:  Can the issue be dealt with between the parties?  Will the matter go to Court?

  5.  What skills do you need to undertake your investigation / litigation?  Having an accounting degree does not mean you are a forensic accountant  Appropriate education, training and experience are needed  Not being held to be an expert forensic accountant could significantly damage your case.

  6.  Coordinating experts  In many litigations / investigations, different experts are required  The coordination of experts is important  Example - Investigations  More than 92% of all business documents are now created electronically  Many of these documents never become “hard copies”

  7.  A forensic accountant:  has significant knowledge of case law, legislation, standards and Court processes  Has an understanding of why and how people commit offences  For example:  Understanding the concept of dishonesty – Section 408C Qld Criminal Code

  8.  Is there a potential independence issue if a matter is dealt with internally or by the company’s external accountant or auditor?  APES215 Section 2 defines Member in Business:  “A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.”

  9.  A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES215 3.10).  If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer’s interest in the outcome, the member shall decline the engagement (APES215 5.2)

  10.  A forensic accountant should be retained as early as possible.  The assistance that a forensic accountant can provide early in the process can:  be significant in reducing the overall cost and maximising the benefit  Assist with the discovery of documents  Identify additional areas of damages / investigation  Provide preliminary assessment of damages.

  11. When to adopt a forensic accounting mindset “Begin with the End in Mind” Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

  12. When to adopt a forensic accounting mindset • What is the issue that you are dealing with? – Fraud – Misconduct – Litigation – Personal Injury – Family Law

  13. When to adopt a forensic accounting mindset • Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

  14. When to adopt a forensic accounting mindset • “Begin with the end in mind” ~ Stephen R Covey • What is the end result that you wish to accomplish: – Can the issue be dealt with between the parties? – Will the matter go to Court?

  15. Skills needed • What skills do you need to undertake your investigation / litigation? – Having an accounting degree does not mean you are a forensic accountant – Appropriate education, training and experience are needed – Not being held to be an expert forensic accountant could significantly damage your case.

  16. Coordinating experts • Coordinating experts – In many litigations / investigations, different experts are required – The coordination of experts is important • Example - Investigations – More than 92% of all business documents are now created electronically – Many of these documents never become “hard copies”

  17. Litigation / Investigation Knowledge • A forensic accountant: – has significant knowledge of case law, legislation, standards and Court processes – Has an understanding of why and how people commit offences • For example: – Understanding the concept of dishonesty – Section 408C Qld Criminal Code

  18. Independence • Is there a potential independence issue if a matter is dealt with internally or by the company’s external accountant or auditor? • APES215 Section 2 defines Member in Business: – “A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.”

  19. Independence • A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES215 3.10). • If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer’s interest in the outcome, the member shall decline the engagement (APES215 5.2)

  20. Engaging a forensic accountant early • A forensic accountant should be retained as early as possible. • The assistance that a forensic accountant can provide early in the process can: – be significant in reducing the overall cost and maximising the benefit – Assist with the discovery of documents – Identify additional areas of damages / investigation – Provide preliminary assessment of damages.

  21. “Begin with the End in Mind” Habit 2, The 7 Habits of Highly Effective People Stephen R Covey

  22.  What is the issue that you are dealing with?  Fraud  Misconduct  Litigation  Personal Injury  Family Law

  23.  Ultimately all matters for which you engage a forensic accountant, will involve money or value in some form

  24.  “Begin with the end in mind” ~ Stephen R Covey  What is the end result that you wish to accomplish:  Can the issue be dealt with between the parties?  Will the matter go to Court?

  25.  What skills do you need to undertake your investigation / litigation?  Having an accounting degree does not mean you are a forensic accountant  Appropriate education, training and experience are needed  Not being held to be an expert forensic accountant could significantly damage your case.

  26.  Coordinating experts  In many litigations / investigations, different experts are required  The coordination of experts is important  Example - Investigations  More than 92% of all business documents are now created electronically  Many of these documents never become “hard copies”

  27.  A forensic accountant:  has significant knowledge of case law, legislation, standards and Court processes  Has an understanding of why and how people commit offences  For example:  Understanding the concept of dishonesty – Section 408C Qld Criminal Code

  28.  Is there a potential independence issue if a matter is dealt with internally or by the company’s external accountant or auditor?  APES215 Section 2 defines Member in Business:  “A Member employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a Member contracted by such entities.”

  29.  A forensic accountant must provide information in their report to assist the Court to assess the degree of their independence (APES215 3.10).  If an employer has an interest in the outcome of the Proceedings, and a reasonable person would consider objectives of the forensic accounting service to impaired as a result of the employer’s interest in the outcome, the member shall decline the engagement (APES215 5.2)

  30.  A forensic accountant should be retained as early as possible.  The assistance that a forensic accountant can provide early in the process can:  be significant in reducing the overall cost and maximising the benefit  Assist with the discovery of documents  Identify additional areas of damages / investigation  Provide preliminary assessment of damages.

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