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Holding Accountants Accountable: How Professional Standards Can Lead to Personal Liability

Holding Accountants Accountable: How Professional Standards Can Lead to Personal Liability

Author: Jeffrey G. Matthews
Publisher: John Wiley & Sons
ISBN: 9781119597698
Published In: November 2019
Format: Hardback , 240 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

HKD 600.00

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An essential guide for practitioners on avoiding unethical situations in a fraud investigation—provides tips, techniques, and real-life examples

Credentialed accountants, auditors, and fraud examiners who fail to identify fraud and misconduct may be in violation of their professional standards. Among these standards are requirements to exercise professional and moral judgment, act in the best interest of the public, maintain integrity, objectivity, and independence, render opinions based on evidence and documentation, and exercise due care in planning and discharging professional activities. Failing to adhere to professional standards and ethical codes have serious consequences for CPAs, CFEs, and CIAs engaged in fraud investigations. Fraud helps readers avoid unethical situations in fraud investigations and stay within the boundaries of professional guidelines and standards.

Author Jeffrey Matthews combines real-world techniques and practical advice with personal insights from his experience as a forensic accountant. Detailing how he faced death threats, retaliation, and family hardships during actual fraud investigations, the author shares how despite serious challenges, he never deviated from professional standards. The author demonstrates how accountants can avoid being caught in unethical practices and examines the common tendencies that hinder the ability to detect, deter, and prevent fraud and misconduct. This fascinating, highly-relevant book will help practitioners:

Recognize current and emerging trends to identify new areas of weakness
Address time and budget constraints with effective delegation and supervision of lower-level staff
Maintain a healthy dose of skepticism by ‘testing not accepting’
Understand the effort and expertise required to perform an investigation before accepting engagements
Avoid establishing biases and pre-determining outcomes before accepting assignments

A full-featured resource, complete with PowerPoint slides and a test bank, Fraud is invaluable for auditors, accountants, and other certified fraud examiners.

Preface vii

Introduction xi

Statement on Standards for Consulting Services xx

Discussion Points xxvii

Chapter 1: F – Forgetting the Present and the Past 1

Fraud in the Present and Past 1

Management 6

External Auditors 11

Internal Auditors 17

Ethical Standards around the World 18

Audit versus Fraud Investigation 32

Summary 40

Recommendations 40

Chapter 2: R – Relying on Others 45

Introduction 45

Management 46

External Auditors 55

Internal Auditors 69

Expert Witnesses 71

Additional Considerations 74

Summary 75

Recommendations 75

Discussion Questions 76

Chapter 3: A – Accepting, Not Verifying 81

Introduction 81

Sufficient Evidential Matter 84

Management 89

External Auditors 96

Others: Expert Witnesses 100

Summary 106

Recommendations 106

Chapter 4: U – Underestimating the Effort 109

Introduction 109

External Auditors 111

Expert Witnesses, Fraud Examiners, and Consulting Experts 118

Management and Internal Audit 136

Summary 137

Recommendations 138

Chapter 5: D – Determining the Outcome Before the Work 141

Introduction 141

Objectivity 145

Objectivity in Other Areas 152

Due Professional Care and Skepticism 154

Summary 164

Recommendations 164

Chapter 6: Overcoming Barriers to Reporting Fraud and Misconduct 167

Introduction 167

Barriers 168

Summary 189

Recommendations 190

About the Author 195

Acknowledgments 197

Index 203

JEFFREY G. MATTHEWS, CPA, CFE, is a partner at StoneTurn, a global advisory firm with offices throughout the U.S., U.K. and in Germany, Brazil, and South Africa. Jeff opened StoneTurn's office in the DFW market. Matthews is an active member and past president of the Dallas Chapter of the Association of Certified Fraud Examiners. He teaches Forensic Accounting and Fraud Investigations at the University of Texas, Arlington for the Master of Business Administration degree program, a class he created. Matthews was the 2013 Certified Fraud Examiner of the Year and has been recognized for his client service, professional collaboration, and thought leadership throughout his career.