Course Introduction

FSP 302: Forensic Accounting

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February Batch 2024

Last Date to Register : 25th February 2024

The Forensic Accounting Online Course by SIFS India is created specifically for you to excel as a financial detective investigating and solving financial fraud cases and white collar crimes.

As a forensic accountant, you will gain skills and knowledge to inspect financial records, identify fraudulent activities, and present compelling evidence for legal proceedings.

You will have access to self-paced, pre-recorded sessions by skilled forensic accountants upon enrolment on our portal, which you can watch anytime.

This course comprises three levels: Level 1 (certificate), Level 2 (diploma), and Level 3 (Post Graduate Diploma), and the entire curriculum is divided among these levels.

A few of the topics you will learn about are: history of forensic accounting, types and root causes of frauds, investigating processes for different types of frauds, evidence collection, analysis, and admissibility; types and classification of digital frauds, fraud risk management, financial reporting, forensic fraud auditing techniques, types of witness, interrogation techniques, cyber and IP theft, strategies to fight against fraud, expert testimony, and the legal framework for forensic accountants.

So enroll now to begin your journey to safeguard financial integrity and make valuable contributions to solving corporate financial crimes.

Course Benefits

Enrolling in this course will equip you with highly sought-after specialized forensic finance skills. You will learn the techniques to detect financial irregularities, detect money laundering, analyze complex financial data, conduct tax evasion examinations, and provide expert testimony. With this knowledge, you can have access to diverse career opportunities, from forensic auditing and fraud examination to working with legal and investigative agencies, ensuring financial transparency and accountability.

Course Outcome

Upon successful completion of this course, you will gain expertise to conduct in-depth financial investigations, reveal fraud, and analyze financial documents. You will have a strong understanding of the tools and techniques to do financial statement analysis, forensic auditing, and expert reporting. With your expertise, you can provide valuable insights during legal proceedings and corporate investigations.

Course Highlights

- Pre-recorded sessions with practical insights about forensic accounting tools and software

- Expert instructors with extensive backgrounds in forensic finance and fraud examination

- Industry-specific and comprehensive study material and reference books

- A vibrant community of forensic accountants and financial investigators

- Increased job prospects through professional networking

  • Level I : Forensic Accounting

    MODULE 1 – FORENSIC ACCOUNTING

    In this module, you will learn about forensic accounting, its historical evolution, the auditor’s mindset, the distinction between conventional accountants and forensic accountants, and the principles of forensic accounting. This module focuses on the specialized knowledge and skills required in this field and will make your foundation strong to further explore the multifaceted domain of forensic accounting.

    MODULE 2 – FRAUD

    This module covers the concept of fraud, its historical perspective, characteristics and root causes of fraud, types of fraud (employee embezzlement, investment scam, investment fraud, vendor and customer fraud, white collar fraud, consumer fraud), along with several other types of fraud like duplicate payment fraud, multiple payment fraud, shell fraud, defective fraud, and defective shipment fraud.

    You will also learn about corporate fraud, fraud against organizations, fraud for organizations, financial fraud, diverse techniques employed by fraudsters, and the psychology underlying fraudulent activities.

    MODULE 3 – FRAUD INVESTIGATION

    This module focuses on investigating different types of fraud, including corporate fraud and corporate fraud detection, which focuses on critical point auditing, scrutinizing purchases and payments, auditing, and other functions. You will then learn about essential aspects of corporate fraud investigation, like identifying the opportunities for fraud, ways to uncover corporate fraud, red flags in employee and management conduct, and how to apply fraud auditing standards.

    The module also covers the concept of fraud detection and investigation, which includes guidelines for investigating fraud and conducting internal corporate investigations, financial fraud and its analysis, including ratios, revenue, inventory, related financial statement fraud (liability and asset), inadequate disclosure fraud, and fraud prevention techniques.

    MODULE 4 – EVIDENCE COLLECTION, ANALYSIS AND ADMISSIBILITY

    In this module, you will learn about defined evidence, the Principle of CIA (Conformity, Integrity, and Availability), various types of evidence, meticulous processes of collecting, preserving, and analyzing forensically sound evidence, and evidence handling.

    The module also covers special investigation cases like investment scams, money laundering, tax fraud, resolution of fraud cases, auditing of excess bank charges, racketeering, labor racketeering, loan sharking, bank frauds, larceny, and counterfeiting currency.

    MODULE 5- CYBER AND IP THEFT

    In this module, you will learn about the intricate details of the largest credit heist in history, an examination of how technological advancements provide a strong base for fraudsters to exploit emerging opportunities, the complexities of intellectual property theft, and a subsequent exploration of the relevant IP laws. This module equips you with knowledge and skills to handle the multifaceted challenges posed by sophisticated fraud in the contemporary world.

  • Level II : Forensic Accounting

    MODULE 1 – FORENSIC ACCOUNTING

    In this module, you will learn about forensic accounting, its historical evolution, the auditor’s mindset, the distinction between conventional accountants and forensic accountants, and the principles of forensic accounting. This module focuses on the specialized knowledge and skills required in this field and will make your foundation strong to further explore the multifaceted domain of forensic accounting.

    MODULE 2 – FRAUD

    This module covers the concept of fraud, its historical perspective, characteristics and root causes of fraud, types of fraud (employee embezzlement, investment scam, investment fraud, vendor and customer fraud, white collar fraud, consumer fraud), along with several other types of fraud like duplicate payment fraud, multiple payment fraud, shell fraud, defective fraud, and defective shipment fraud.

    You will also learn about corporate fraud, fraud against organizations, fraud for organizations, financial fraud, diverse techniques employed by fraudsters, and the psychology underlying fraudulent activities.

    MODULE 3 – FRAUD INVESTIGATION

    This module focuses on investigating different types of fraud, including corporate fraud and corporate fraud detection, which focuses on critical point auditing, scrutinizing purchases and payments, auditing, and other functions. You will then learn about essential aspects of corporate fraud investigation, like identifying the opportunities for fraud, ways to uncover corporate fraud, red flags in employee and management conduct, and how to apply fraud auditing standards.

    The module also covers the concept of fraud detection and investigation, which includes guidelines for investigating fraud and conducting internal corporate investigations, financial fraud and its analysis, including ratios, revenue, inventory, related financial statement fraud (liability and asset), inadequate disclosure fraud, and fraud prevention techniques.

    MODULE 4 – EVIDENCE COLLECTION, ANALYSIS AND ADMISSIBILITY

    In this module, you will learn about defined evidence, the Principle of CIA (Conformity, Integrity, and Availability), various types of evidence, meticulous processes of collecting, preserving, and analyzing forensically sound evidence, and evidence handling.

    The module also covers special investigation cases like investment scams, money laundering, tax fraud, resolution of fraud cases, auditing of excess bank charges, racketeering, labor racketeering, loan sharking, bank frauds, larceny, and counterfeiting currency.

    MODULE 5 – FRAUD RISK MANAGEMENT

    This module explores risk management within the context of fraud prevention, multifaceted dimensions of risk, including financial reporting, misappropriation of assets, and corruption, the risk management cycle, the systematic process of identifying areas of risk, establishing dedicated risk management groups, and setting strategic goals. You will gain insights about the fraud risk management program, the crucial roles and responsibilities of financial risk managers, the identification of red flags and available resources, fraud prevention through continuous monitoring, and the effective implementation of this vigilant strategy.

    MODULE 6 – FORENSIC FRAUD AUDITING TECHNIQUES

    This module covers the concept of auditing and the differences between internal and external audits while exploring various auditing techniques. You will learn about various auditing methods like the "Tiger Team Test," "Application of Bedford's Theorem," "Use of Barium Test," "Data Analysis for Fraud Investigation," "Application of Inverse Logic," and "Use of Space-Time Dimension in Data Evaluation". Each method includes traditional and innovative approaches, ensuring a robust and multifaceted audit process.

    MODULE 7- CYBER AND IP THEFT

    In this module, you will learn about the intricate details of the largest credit heist in history, an examination of how technological advancements provide a strong base for fraudsters to exploit emerging opportunities, the complexities of intellectual property theft, and a subsequent exploration of the relevant IP laws. This module equips you with knowledge and skills to handle the multifaceted challenges posed by sophisticated fraud in the contemporary world.

    MODULE 8 – FORENSIC ACCOUNTANT AS AN EXPERT WITNESS

    In this module, you will learn about the role played by forensic accountants as expert witnesses in court, the essential qualifications needed to become an expert witness during legal proceedings in this field, the admissibility of accounting evidence focusing on criteria to make the evidence acceptable in the legal context, knowledge about various formats of forensic reports, and approaches for the development of forensic reports.

  • Level III : Forensic Accounting

    MODULE 1 - FORENSIC ACCOUNTING

    In this module, you will learn about forensic accounting, its historical evolution, the auditor’s mindset, the distinction between conventional accountants and forensic accountants, and the principles of forensic accounting. This module focuses on the specialized knowledge and skills required in this field and will make your foundation strong to further explore the multifaceted domain of forensic accounting.

    MODULE 2 - FRAUD

    This module covers the concept of fraud, its historical perspective, characteristics and root causes of fraud, types of fraud (employee embezzlement, investment scam, investment fraud, vendor and customer fraud, white collar fraud, consumer fraud), along with several other types of fraud like duplicate payment fraud, multiple payment fraud, shell fraud, defective fraud, and defective shipment fraud.

    You will also learn about corporate fraud, fraud against organizations, fraud for organizations, financial fraud, diverse techniques employed by fraudsters, and the psychology underlying fraudulent activities.

    MODULE 3 - FRAUD INVESTIGATION

    This module focuses on investigating different types of fraud, including corporate fraud and corporate fraud detection, which focuses on critical point auditing, scrutinizing purchases and payments, auditing, and other functions. You will then learn about essential aspects of corporate fraud investigation, like identifying the opportunities for fraud, ways to uncover corporate fraud, red flags in employee and management conduct, and how to apply fraud auditing standards.

    The module also covers the concept of fraud detection and investigation, which includes guidelines for investigating fraud and conducting internal corporate investigations, financial fraud and its analysis, including ratios, revenue, inventory, related financial statement fraud (liability and asset), inadequate disclosure fraud, and fraud prevention techniques.

    MODULE 4 - EVIDENCE COLLECTION, ANALYSIS, AND ADMISSIBILITY

    In this module, you will learn about defined evidence, the Principle of CIA (Conformity, Integrity, and Availability), various types of evidence, meticulous processes of collecting, preserving, and analyzing forensically sound evidence, and evidence handling.

    The module also covers special investigation cases like investment scams, money laundering, tax fraud, resolution of fraud cases, auditing of excess bank charges, racketeering, labor racketeering, loan sharking, bank frauds, larceny, and counterfeiting currency.

    MODULE 5 - DIGITAL FRAUD

    This module explores the domain of digital fraud and the types and classification of digital fraud, with a special focus on e-commerce. You will gain insights about the signs of e-commerce fraud, like first-time shoppers, larger-than-average orders, big-ticket orders, orders with overnight delivery, orders from internet addresses at free email services, international shipping addresses, similar account numbers, and multiple shipping addresses.

    You will then explore the fraud within e-commerce, including credit card fraud, ATM scams, online transaction fraud, bank fraud, insurance and capital market fraud, friendly fraud, clean fraud, affiliate fraud, triangulation fraud, merchant fraud, international fraud, and devices used for fraud by digital criminals.

    You will learn the prevention mechanisms and the importance of constituting a robust investigating team to effectively tackle the challenges posed by digital crimes, acknowledging and overcoming potential impediments in the investigative process.

    MODULE 6 - FRAUD RISK MANAGEMENT

    This module explores risk management within the context of fraud prevention, multifaceted dimensions of risk, including financial reporting, misappropriation of assets, and corruption, the risk management cycle, the systematic process of identifying areas of risk, establishing dedicated risk management groups, and setting strategic goals. You will gain insights about the fraud risk management program, the crucial roles and responsibilities of financial risk managers, the identification of red flags and available resources, fraud prevention through continuous monitoring, and the effective implementation of this vigilant strategy.

    MODULE 7 - FORENSIC FRAUD AUDITING TECHNIQUES

    This module covers the concept of auditing and the differences between internal and external audits while exploring various auditing techniques. You will learn about various auditing methods like the "Tiger Team Test," "Application of Bedford's Theorem," "Use of Barium Test," "Data Analysis for Fraud Investigation," "Application of Inverse Logic," and "Use of Space-Time Dimension in Data Evaluation". Each method includes traditional and innovative approaches, ensuring a robust and multifaceted audit process.

    MODULE 8 - FORENSIC INTERVIEWING AND INTERROGATION

    In this module, you will learn the art and science of conducting effective interviews, the purposes of interviews, the essential characteristics of a good interviewer, and the planning and execution of interviews, focusing on the interviewer's demeanor, language nuances, question typology, conversational elements, and potential inhibitors of communication.

    The module also covers the significance of the interview room environment, the utilization of video and audio recording while interviewing, types of witnesses (cooperative, neutral, and hostile), and creating interview strategies based on witness types.

    MODULE 9 - CYBER AND IP THEFT

    In this module, you will learn about the intricate details of the largest credit heist in history, an examination of how technological advancements provide a strong base for fraudsters to exploit emerging opportunities, the complexities of intellectual property theft, and a subsequent exploration of the relevant IP laws. This module equips you with knowledge and skills to handle the multifaceted challenges posed by sophisticated fraud in the contemporary world.

    MODULE 10 - COMBAT FRAUDS

    This module covers strategies to combat fraud within a company, focusing on the essentiality of understanding employees, including strategies such as hiring experts, establishing robust hiring procedures, creating employee awareness, implementing internal controls, and monitoring vacation balances. You will also learn about building an anti-fraud action program emphasizing the involvement of experts, training audit teams in fraud prevention, and incorporating proactive fraud audits into regular business practices.

    MODULE 11 - FORENSIC ACCOUNTANTS AS AN EXPERT WITNESS

    In this module, you will learn about the role played by forensic accountants as expert witnesses in court, the essential qualifications needed to become an expert witness during legal proceedings in this field, the admissibility of accounting evidence focusing on criteria to make the evidence acceptable in the legal context, knowledge about various formats of forensic reports, and approaches for the development of forensic reports.

    MODULE 12 - LEGAL SYSTEM

    This module covers an introduction to law enforcement, including state, federal, and foreign entities; the difference between misdemeanors and felonies, legal classification of offences, the role of the grand jury, pretrial procedures and trials, sentencing and punishment, with insights into the legal framework outlined in the Evidence Act 2011 (U.S.) and CBN guidelines, and the process of gathering evidence, which includes rules of evidence collection, hearsay exceptions, and several other rules related to evidence collection.

  • What steps should I follow to enroll in this online course?

    To enroll, click on the “Register for Course” option available on the right side of the screen, followed by the provided instructions and payment procedure.

  • Can I pay directly to the bank account of SIFS India?

    Yes, you have the option to make a direct payment to the bank account of SIFS India;, all you have to do is write an email at education@sifs.in requesting the bank details. 

  • Which documents I have to upload at the time of enrollment?

    Academic Qualification Documents, Professional Qualification Certificates, and National ID Proof or Passport Copy are required at the time of enrollment.

  • What if I am unable to upload my documents?

    Kindly send your necessary documents with proof of payment to admission@sifs.in.

  • How will I receive confirmation once I have completed the payment procedure?

    An Admission Confirmation email will be sent with your portal credentials once the proof of payment and application form with all the necessary documents are received at admission@sifs.in.

  • How do I login to the portal for my online course?

    To login, visit the portal at the given link: https://www.sifs.in/student and enter your login credentials, i.e., your username and password shared via email. 

  • What study material access will I have after logging into the portal?

    After logging into the portal, you will have access to reading material, reference eBooks, and e-research papers.

  • Will I receive any assignments during my course duration?

    Yes, all your assignments, projects, case studies and practice tests will be assigned to you through your portal as per the level you will be enrolled in.

  • What technical prerequisites are necessary for an online course?

    You can easily access our online course on mobile / tablet devices. We highly recommend that you use your desktop or laptop and a reliable internet connection for a better view.

  • Will there be any exams after completing the course?

    Yes, there will be an online exam after completing the course.

  • Will I receive any certificates after completing the online course?

    Yes, upon successful completion of the course, you will receive a certificate and marksheet, which can be a valuable addition to your resume and may enhance your career prospects in the field.

  • Where to contact in case of any queries or technical support?

    Write to us at admission@sifs.in, call: +91-1147074263, or WhatsApp: +91-7303913002.

Satyam Computers Scam

The Satyam Computer Services scandal is one of the most famous accounting scam cases solved using the expertise of forensic accountants in 2009.

One of the major IT companies in India, once known as the crown jewel of the Indian IT industry, overstated its revenue and profits in a misleading way over the years.

Several top executives, along with the company’s founder and chairman, Ramalinga Raju, were arrested and convicted.

The company's financial records and transactions were carefully examined by forensic accountants to detect discrepancies. This scam tarnished India’s image in the international market and caused huge harm to its investors.


Satyam Scam Story

The Satyam scam did not happen overnight; it was properly planned to deceive stakeholders.

Its owner, Ramalinga Raju, along with a group of assistants, demonstrated false financial achievements by exaggerating sales, earnings, and cash inflow.

Fake invoices, forged bank statements, and increased customer numbers were all included in the list of fraudulent activities. Auditors appointed to safeguard the interests of the shareholders failed to detect anomalies.

After being detained, Raju was left with no choice but to accept his crime.

On January 7, 2009, he accepted in a letter to Satyam's Board of Directors and authorities that he exaggerated the company’s assets by a whopping Rs. 7800 crore, which covered almost 94% of the company’s total assets.

He also accepted overstating Satyam's revenues by Rs. 5,040 crores, which accounted for about 75% of the company's revenue.

He said it was all done independently by him, and none of the board members or auditors were aware of this illegal activity.

The Serious Fraud Inquiry Office (SFIO), the Securities and Exchange Board of India (SEBI), and the Central Bureau of Investigation (CBI) conducted an in-depth investigation to verify his statement.

Raju and his associates were caught. They were found guilty of various offenses like forgery, insider trading, money laundering, trust violation, account deception, and criminal conspiracy.

The Satyam scam was exposed by an unidentified informer who sent emails to Krishna Palepu, one of the company’s directors, telling him about the fraud.

Palepu forwarded the emails to another director and S. Gopalakrishnan, a partner at PwC, the auditor of Satyam.

The informer alerted the SEBI and the media to the scam. The emails triggered the regulators and the auditors to carry out investigations that ultimately led to Raju’s confession and arrest.

This scam exhibited a failure of corporate governance processes, and the results of this scam were overwhelming, like:

- Share prices fell, causing huge losses to investors.

- The future of thousands of workers became uncertain.

- Damaged faith of national and international investors

- Doubts arose about India's business sector’s transparency and ethical standards.

This is when the Indian government stepped in to safeguard stakeholders' interests and prevent Satyam's collapse. The firm was purchased by Tech Mahindra.

This scam highlighted the need to upgrade accounting methods, audit rules, corporate governance, ethical behavior, and regulatory supervision to promote companies’ integrity and the confidence of workers, investors, consumers, and other stakeholders in the company.

India is an emerging market that requires strict regulations and needs to develop a financial crime investigation methodology to minimize the occurrence of any such future incident.

Priya Mary Thomas

4

The course was real good and was very informative which will be useful for further studies and practice in the field of Forensic accounting. 

Anamika Kumari

4

The course was very much interesting and knowledgeable. Especially different types of content made this course more interesting.

Manishankar

5

It's a very grateful online course program for students

Deena Joe K A

5

Very Informative Course and hoping to take part in others too. Thank you so much for providing this even at online platform. 

Fulmita Deb

5

The course was very informative and useful. My best wishes to the whole team.

 

Instructors

Afreen Tarannum

Afreen Tarannum

Senior Scientific Officer
Dr. Ranjeet Singh

Dr. Ranjeet Singh

Managing Director
Geetha A Rubasundram

Geetha A Rubasundram

Chartered Accountant

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