ACC351 Forensic Accounting SUSS Assignment Sample Singapore

ACC351 Forensic Accounting is a course designed to provide students with an understanding of the advanced techniques needed to detect and investigate financial fraud. With this knowledge, the student is better prepared to identify any fraudulent activity that may occur in their career as an accounting professional. This course will cover topics such as forensic data analysis, investigative interviewing and fraud prevention.

Students will explore how to use proper evidence collection procedures properly, analyze case studies related to investigations, practice creative problem solving and get extensive exposure to industry best practices. By taking this course, you equip yourself with the skills essential for succeeding in a rapidly changing global economy.

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In the following section, we will be reviewing various assignment activities. These include:

Assignment Activity 1: Assess white-collar crimes and understand the building blocks of financial forensics and fraud examination.

White-collar crime is a major problem and an important area of concern for companies and organizations. Understanding the building blocks of financial forensics and fraud examination can help decision-makers improve their processes and better protect their resources. In order to assess white-collar crimes effectively, it’s important to understand the elements of fraud such as typology, behavior, motivation, evidence collection, and forensic accounting.

By utilizing various data sources and investigative techniques such as document sourcing, customer profiling and linking analysis, a thorough assessment will be possible. Companies need to be proactive in their approach to tackling white-collar crimes in order to prevent them from occurring in the first place. Only through sound policies, compliance procedures and continual education can organizations truly protect themselves from financial crime.

Assignment Activity 2: Compare and contrast theories of crime causation and discuss the essence of organized crime.

Theories of crime causation are varied yet share a common thread in the recognition of the complexity of understanding what drives criminal behavior. The ecological approach points to an interplay between environmental influencers, with biological and psychological theories both emphasizing reducing individuals’ choices in the face of certain life climates.

Of these various approaches, the notion of organizational crime stands out as an umbrella concept that seeks to offer insight into actions infringing on laws from a group or corporate outlook. At its core, organizational crime looks beyond any one individual and instead seeks to pinpoint responsibility for unlawful acts at larger arenas where multiple actors may be involved, thus recognizing a multi-dimensional nature to crime causation that warrants further exploration.

Assignment Activity 3: Describe “following the money” and “tracing the money”, and how fraudsters conceal and convert illegal money.

Following the money and tracing the money are two investigative techniques used to pinpoint illegal activities. It involves detailed scrutiny of financial records to uncover any evidence of wrongdoing. Fraudsters often use clever techniques–such as false shell companies, off-shore accounts, and trading in different currency types–to avoid detection and move illegal funds around the globe. In some cases, laundered money is integrated into legitimate business activities or deposited into an innocuous bank account to make it look like legally earned income.

As fraudsters become increasingly sophisticated, investigators must rely on advanced technology and use multiple sources of data to track suspicious transactions and uncover criminal activities before it’s too late.

Assignment Activity 4: Outline the types of economic damages related to computer crimes.

Computer crimes can cause serious economic damages, including financial losses and damage to businesses’ reputations and public image. Financial losses resulting from computer crimes may include lost income as a result of system outages, recovery costs for stolen or hijacked data, funds spent on the investigation, and costs associated with compliance with legal regulations.

Additionally, stolen corporate data can be used to inflict reputational damage on organizations by sharing sensitive information with the public which could lead to market destabilization. Moreover, successful cyber attacks often result in expensive penalties and fines imposed by regulatory agencies in addition to recovery costs. Finally, computer crime victims are often required to pay damages due to third-party negligence or copyright infringement. It is important for organizations today to take measures to reduce the risks associated with computer crimes and protect their valuable resources.

Assignment Activity 5: Discuss the different approaches used by investigators to obtain documents and evidence under the law.

Modern investigators must remain well-versed in the ever-shifting legal landscape when it comes to obtaining evidence. To this end, they routinely employ two main techniques: legal process and investigative techniques. The legal process is a formal procedure under the law allowing investigators to obtain documents and evidence through court orders and subpoenas.

By contrast, investigative techniques don’t rely on court orders; rather, they use other methods such as interviews and surveillance to uncover information. Ultimately, a successful investigator must be comfortable blending both approaches in order to ensure all applicable laws are being followed while finding the necessary evidence for success.

Assignment Activity 6: Evaluate red flags for fraud and identify behavioral red flags and discuss the components that frame the fraud risk assessment process.

Fraud remains a critical concern for many companies and organizations, with its scope and scale of it continuing to elevate. Therefore, it is important to evaluate red flags that might point to fraudulent activity, such as behavioral red flags–evidence of suspicious activities that could suggest potentially fraudulent transactions taking place. The fraud risk assessment process involves several components, including identifying internal and external factors within an organization that indicates a possible fraud risk; reviewing procedures for detecting red flags, and developing an anticorruption program.

Ensuring the proper monitoring and recognition of any possible red flags is an essential step for effective risk management. By properly evaluating red flags, organizations can significantly reduce the possibility of fraud being perpetrated on their businesses.

Assignment Activity 7: Apply the investigation methodology using interview and interrogation techniques.

Interview and interrogation techniques are important tool for gathering evidence during the investigative process. Careful application of both of these methods can provide valuable information that can be used to determine the nature of a case, as well as identify potential suspects or persons of interest.

Knowing when and how to properly conduct such interactions is essential in ensuring accuracy, reliability and utility in the final results. It is important to follow established guidelines and protocols when utilizing interview and interrogation techniques as part of an investigation in order to faithfully assess their necessity, effectiveness, and ultimately their value in uncovering the truth.

Assignment Activity 8: Analyse and apply IT forensics and IT and social media tracing.

With the proliferation of information technology, IT forensics and IT and social media tracing have become essential aspects of any forensics team. By combining methods such as keyword searches, reverse image searching and cross-referencing with other databases, this advanced form of data acquisition and analysis can help identify potential perpetrators or suspicious activities.

Along with its use in criminal investigations, the ability to rapidly analyse Big Data is essential for detecting insider theft or computer misuse. In some cases, a forensic analysis may allow investigators to build a complete profile of an individual’s online activity in order to uncover evidence. It is important for any professional forensics team to keep abreast of evolving technology as well as best practices in order to ensure their investigative techniques are accurate and up-to-date.

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