Detailed tools and techniques for developing efficiency and effectiveness in forensic accounting. Using Analytics to Detect Possible Fraud: Tools and Techniques is a practical overview of the first stage of forensic accounting, providing a common source of analytical techniques used for both efficiency and effectiveness in forensic accounting investigations. The book is written clearly so that those who do not have advanced mathematical skills will be able to understand the analytical tests and use the tests in a forensic accounting setting. It also includes case studies and visual techniques providing practical application of the analytical tests discussed. It shows how to develop both efficiency and effectiveness in forensic accounting. It provides information in such a way that non-practitioners can easily understand. It is written in plain language: advanced mathematical skills are not required. It features actual case studies using analytical tests. Essential reading for every investor who wants to prevent financial fraud, Using Analytics to Detect Possible Fraud allows practitioners to focus on areas that require further investigative techniques and to unearth deceptive financial reporting before it's too late.
Preface xi Acknowledgments xv Chapter 1: Overview of the Companies 1 The Four Companies 2 Company 1 2 Company 2 5 Company 3 8 Company 4 10 Summary 16 Chapter 2: The "Norm" and the "Forensic" Preliminary Analytics: Basics Everyone Should Know 19 Liquidity Ratios 20 Working Capital 21 Working Capital Index 21 Working Capital Turnover 22 Current Ratio 22 Case Studies: Liquidity Ratios 22 Profitability Ratios 25 Gross Profit 26 Gross Profit Margin 26 Stock Sales 26 Return on Equity 27 Case Studies: Profitability Ratios 27 Company 1 31 Horizontal Analysis 36 Company 1 36 Company 2 43 Company 3 50 Company 4 61 Vertical Analysis 66 Company 1 66 Company 2 70 Company 3 73 Company 4 79 Summary 79 Chapter 3: The Importance of Cash Flows and Cash Flow Statements 83 Cash Flows and Net Income 85 Company 1 87 Company 2 89 Company 3 92 Company 4 97 Other Cash Flow Techniques 100 Company 1 101 Company 2 104 Company 3 107 Company 4 114 Summary 117 Chapter 4: The Beneish M-Score Model 119 Company 1 124 Company 2 133 Company 3 143 Indices of the Primary Government 145 Indices of the Governmental Funds 151 Company 4 158 Summary 166 Notes 170 Chapter 5: The Accruals 171 Dechow--Dichev Accrual Quality 173 The Four Companies: Dechow--Dichev Model 175 Sloan's Accruals 184 The Four Companies: Sloan's Model 185 Jones Nondiscretionary Accruals 191 The Four Companies: Jones Model 192 Summary 196 Notes 198 Chapter 6: Analysis Techniques Using Historical Financial Statements and Other Company Information 199 The Piotroski F-Score Model 200 Company 1 203 Company 2 205 Company 3 207 Company 4 212 Lev--Thiagarajan's 12 Signals 215 Company 1 220 Company 2 222 Company 3 225 Company 4 230 Summary 233 Notes 235 Chapter 7: Benford's Law, and Yes--Even Statistics 237 Benford's Law 239 Company 1 243 Company 2 249 Company 3 255 Company 4 267 Simple Statistics 272 Company 1 277 Company 2 281 Company 3 284 Company 4 289 Summary 290 Note 292 Chapter 8: Grading the Four Companies 293 Company 1 294 Company 2 302 Company 3 310 Company 4 320 Summary 326 Bibliography 329 About the Author 331 Index 333
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