Fraud Investigation Report Questionnaire

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Fraud Investigation The Interview Process

Q1. Using private industry as a potential background for developing your fraud prevention and detection strategy, what type of external resource(s) would you recommend be established as soon as possible and included in the company’s marketing brochures as a value-added differentiating service with regards to reporting potential fraud that may be occurring in the asset disposition process? Keep in mind, this is not a SEC or a Securities Act situation.

One important source of value differentiation from other fraud investigative organizations can be the approach used by the emerging company. One such an approach is the SPEC (scope, plan, execute, close) model (Parulkar, 2010). The beginning of this method involves first determining the scope, or ascertaining the resources needed to complete actual job. This is followed by planning the investigation, executing the fact-finding exploration, and finally closing the investigation (Parulkar, 2010). While the sequential process may seem a simple one, marketing this method as a systematic approach may be useful. It is also useful to have a highly diversified fraud investigation team. Members of the team may include legal staff to determine what compliance measures are needed; forensic accountants; IT experts; and field investigators (Parulkar, 2010).

Particularly in today’s online-dominated world, where more and more legal documents and procedures are now performed online, having personnel who can evaluate online evidence to be credible or dubious in value is key. Having a diversified team is also useful as a way of connecting the organization to diverse external contacts outside the organization which may be helpful in researching various types of fraudulent practices. Given the rise of online technology, methods of fraud are continually changing and, sadly, growing more difficult to detect. It is very important for a private organization to stay one step ahead of the most common techniques being used. While this is challenging for a small investigative organization, having external contacts in the industry and engaging in regular environmental scanning is one way to do so.

Providing customers with assurance that evidence will be secured and stored in a secure and credible fashion is also a critical component of fraud investigation.

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“Depending on the case, investigators must ensure that they obtain copies of credit statements, emails, bank accounts, phone records, social media posts, etc. The crime scene is often virtual” (Giacalone, 2015, par.10). For example, conducting research online is one way to check the fair market value of assets in an objective fashion .Clients of the investigating firm should be assured of the competence of all personnel in researching fraud using online tools. Members of the firm should also be in contact with clients, keeping them abreast of developments, through the use of online technology.

Q2. Assume after implementing the external resource described in #1 above, it comes to your attention that Bob, a member of the Jones’ family, may be improperly benefitting from the disposition of his late Dad’s assets by selling certain assets for significantly less than fair market value before the formal auction of tangible assets. Per other family members, Bob has been acting very strange since his Dad’s passing. Large bags have appeared under his eyes, Bob has been very short and flown off the handle in just about every discussion or phone call with the other family members, and Bob is suddenly driving a brand-new Porsche after driving an old used Toyota for the last 15 years.

The interview process should begin not with Bob, but with his family members who might have insight into his financial situation, his ethics, and other pertinent information. Ideally,….....

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