Total Credits: 8 including 8 Auditing- Technical
Fraud Happens; and it can happen to your organization. The public expects accountability professionals to be the first line of defense against fraud. To meet this expectation, accountants, internal auditors, external auditors, and risk management professionals need to develop the skills needed to prevent, detect, and deter fraud.
According to the Association of Certified Fraud Examiners (ACFE), the typical organization loses about 5% of its revenues each year due to fraud. So, an organization with $10,000,000 in revenue would lose about $500,000 in revenue—and profit, because the lost revenue goes right to the organization’s bottom line. If that organization had a profit rate of 15%, it would need to generate about $3,333,000 in additional revenue to recover those lost profits. The impact of fraud is almost always devastating, and can be catastrophic.
Why do organizations continue to be so vulnerable to fraud? One reason is that most organizations simply do not think fraud can happen to them. They think that fraud only happens to other, not-as-well-managed organizations. So, such organizations do not focus on fraud, fraud prevention, fraud detection, and fraud deterrence. Then, when fraud happens to them, senior management and those responsible for governance immediately try to find someone to blame besides themselves. The scapegoat is often the very accountability professionals—accountants, internal auditors, external auditors, risk management professionals—who tried to warn them about fraud vulnerabilities and the importance of proactive fraud risk management. The accountability professional needs to (a) remain at the cutting edge of knowledge about fraud and (b) constantly warn management and those charged with governance about fraud risks.
The 2021 Business Fraud Update is another fast-moving seminar that will provide a comprehensive look at the latest developments about fraud from the technical, legal, and operational perspectives and update participants on the most recent legal and regulatory developments in this important area of professional responsibility. The Update will cover:
• What’s New in Terms of Accounting, Auditing, and Fraud?
• COVID-19 and Related Health Care Fraud.
• Data Analytics—A Key to Proactive Fraud Prevention and Detection.
• ACFE COVID Benchmarking Reports and the ACFE Report to the Nations.
• The legal landscape.
Our panel of legal experts (prosecutors and white-collar defense lawyers) will weigh in on these emerging issues from their special points of view. Participants will learn and master new skills for meeting their professional, legal and ethical responsibilities to make reasonable efforts to deter, prevent, and detect fraud.
Once again, our panel of experts will re-enact a fraud role-play scenario designed to illustrate what happens and what can happen when an organization is victimized by fraud.
Business fraud happens. This program will help accountability professionals manage the risk of fraud effectively and proactively, and give them the tools they need to keep senior management and governance officials apprised of the importance of constant vigilance regarding fraud risks and the need for proactively managing fraud risk.
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Dave Cotton is chairman of Cotton & Company LLP, Certified Public Accountants, headquartered in Alexandria, Virginia. Cotton & Company has performed grant and contract, indirect cost rate, financial statement, financial related, and performance audits for more than two dozen Federal inspectors general as well as numerous other Federal and State agencies and programs.
Dave received a BS in mechanical engineering (1971) and an MBA in management science and labor relations (1972) from Lehigh University in Bethlehem, PA. He also pursued graduate studies in accounting and auditing at the University of Chicago Graduate School of Business (1977 to 1978).
Dave served on the Advisory Council on Government Auditing Standards (the Council advises the United States Comptroller General on promulgation of Government Auditing Standards—GAO’s yellow book) from 2006 to 2009. He served on the Institute of Internal Auditors (IIA) Anti-Fraud Programs and Controls Task Force and co-authored Managing the Business Risk of Fraud: A Practical Guide. He served on the American Institute of CPAs Anti-Fraud Task Force and co-authored Management Override: The Achilles Heel of Fraud Prevention. Dave is the past-chair of the AICPA Federal Accounting and Auditing Subcommittee and has served on the AICPA Governmental Accounting and Auditing Committee and the Government Technical Standards Subcommittee of the AICPA Professional Ethics Executive Committee. Dave chaired the Fraud Risk Management Task Force, sponsored by COSO and ACFE and is a principal author of the COSO-ACFE Fraud Risk Management Guide.
Dave has testified as an expert in governmental accounting, auditing, and fraud issues before the United States Court of Federal Claims and other administrative and judicial bodies. He has been an instructor for the George Washington University masters of accountancy program (Fraud Examination and Forensic Accounting), and has instructed for the George Mason University Small Business Development Center (Fundamentals of Accounting for Government Contracts).
Dave was the recipient of the ACFE 2018 Certified Fraud Examiner of the Year Award (“presented to a CFE who has demonstrated outstanding achievement in the field of fraud examination … based on their contributions to the ACFE, to the profession, and to the community”).
Margie Reinhart, CPA, CFF, CFE
Director, Forensic Investigative and Dispute Services
Margie Reinhart is a Director in Grant Thornton LLP’s Forensic, Investigative and Dispute Services practice in Dallas, Texas.
Experience: Margie has devoted her 19 year career to be highly skilled in the multi-facets of forensic investigation, expert services, forensic data analytics, fraud consulting and white collar investigations. She spent over eleven years at a big four accounting firm and over two years running boutiques forensic investigation firms.
Ms. Reinhart works closely with law firms, government agencies and corporate executives practicing in both the United States and Canada. An accountant, Margie has extensive knowledge of a variety of white-collar civil and criminal matters, including internal corporate and financial fraud investigations. She has conducted and coordinated multifaceted investigations involving retail, manufacturing, fraud against the government, real estate and many other industries. She has testified as a fact and expert
· Analyzed and calculated damages for numerous types of litigation matters involving complex accounting and business aspects. Written expert reports and testified in these types of matters.
· Engaged by the Federal Trade Commission, Ms. Reinhart assisted in writing the expert report opining on policies, procedures and
practices that businesses should use to detect fraud and abuse. The work performed by Ms. Reinhart was used to testify that a lack of adequate procedures allowed the practice of billing over $30 million in bogus charges by a large aggregator. Resulted in settlement of a large fine.
· Hired to provide forensic consulting services to a federal task force from the Department of Labor, Inspector General’s Office of
Labor Racketeering and Fraud Investigations. Successfully conducted and completed this work and provided recommendations, advice, and support to investigators concerning the financial aspect of this investigation.
· Analyzed millions of procurement, employee and payroll records over a two year period uncovering payroll overpayment, false and
2 © Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd abusive payments to related vendors and numerous other improper payments, waste and abuse.
· Served as financial expert witness for a healthcare provider defending a $50+ million Department of Justice charge accusing the
provider of false Medicare claims. Electronically analyzed over a million lines of payroll and human resource records for an eight year period. Jointly prepared an expert report supporting the Medicare claim. Settled in hospital’s favor.
· Retained by a Bermudian financial institution to investigate suspicious transactions. Reviewed customer investment account statements and identified lapping scheme concealing the use of customer investment accounts for personal stock trades by an
Professional qualifications and memberships:
· Certified Public Accountant
· Certified in Financial Forensics
· Certified Fraud Examiner
· Member of the Association of Certified Fraud Examiners
· Member of the American Institute of Certified Public Accountants
Ryerson Polytechnic University, Toronto, Canada
Bachelor of Business Management
Sandra Johnigan is a CPA, Certified in Financial Forensics, and a Certified Fraud Examiner. She currently serves as an Editorial Advisor to the Journal of Accountancy. She served a four-year term, completed in 2016, as a member of the Auditing Standards Board of the American Institute of CPAs (AICPA). She is also one of the principal authors of the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) Fraud Risk Management Guide. The Guide is intended to serve as best practices guidance for organizations when implementing the COSO fraud risk assessment principle.
Ms. Johnigan is engaged by public companies in civil litigation involving internal controls, disclosures, fraud and accounting issues in SEC filings. Engagements by accounting firms have included the application of auditing standards and accounting principles to a wide variety of issues, including internal controls, allowance for loan losses, financial instruments, revenue recognition and detection of fraud. She has also been engaged by the Department of Justice and the Securities and Exchange Commission. Prior to her current consulting, Ms. Johnigan was an audit partner with EY, where she served as the National Office Chair of both the Thrift Industry Group and Real Estate Industry Group, and Co-Chair of the Financial Services Group. She previously was chair of the AICPA Forensic & Litigation Services Committee and served on the AICPA Council and the AICPA Forensic and Valuation Services Executive Committee.
Paul Coggins, JD, is a partner at Locke Lord LLP, where he co-chairs the firm’s national White Collar Criminal Defense and Internal Investigations practice. Paul served as the U.S. Attorney for the Northern District of Texas from 1993 to 2001. He received his B.A. in Political Science from Yale University and both a B.A. and a Diploma in Law from Oxford University as a Rhodes Scholar, before graduating from Harvard Law School. Paul is a former radio host, a published author, a frequent speaker, and is involved in numerous public service organizations.
Paul’s most recent novel (Sting Like a Butterfly) was released in March 2020, and a sequel (The Eye of the Tigress) will be released in August of 2021.
John D. Gill, J.D., CFE, graduated from the University of Arkansas with a Bachelor’s Degree in English. In 1990, he received his J.D., with honors, from the University of Texas School of Law.
Prior to working for the ACFE, Mr. Gill was an attorney in the Austin, Texas office of the law firm of Bragg, Smithers and Curry, where he was involved with civil fraud, insurance, and deceptive trade practices cases. He was the editor of the DTPA Forms and Practice Guide, written by David Bragg and Michael Curry.
In 1995, Mr. Gill joined the ACFE and served as both its general counsel and the manager of the Research Department for nine years. When the Research Department expanded in 2003, he took on the role of Research Director where he oversaw the development of dozens of educational products. In 2009, he was promoted to Vice President – Education. In that capacity, he continues to assist in the production and development of books, manuals, self-study courses, seminars, and conferences produced by the ACFE.
He serves on the faculty of the ACFE and is a co-instructor of the CFE Exam Review class. He is a co-author of The Fraud Examiners Manual. He is the publisher of and a contributing author to Fraud Magazine.
Mr. Gill is a member of the Association of Certified Fraud Examiners, the Austin Chapter of ACFE, Phi Beta Kappa, and the State Bar of Texas.
Katherine Miller is an Assistant United States Attorney and Chief of the Economic Crimes and Public Corruption Section in the Dallas Office of the United States Attorney’s Office for the Northern District of Texas.
She has handled primarily criminal white collar matters for over seventeen years as a federal prosecutor. She previously served as an Assistant District Attorney in North Texas following several years of private practice at a Dallas firm. She earned her undergraduate degrees from Southern Methodist University and her law degree from the University of Texas School of Law.
Kevin M. Rockecharlie is a Partner-IT Assurance Services at BKM Sowan Horan, LLP in Dallas, TX. Kevin has more than 19 years of experience providing professional IT audit and consulting services to a wide range of industries, including energy/oil and gas, financial services and insurance, real estate, retail, technology and telecommunications, and trusts. Kevin has worked with both public and private companies, and he also has extensive experience with SOX 404 compliance.
Kevin helps his clients understand how IT and accounting work together, and his clients appreciate his enthusiasm, energy and ability to solve technical problems. Prior to joining the firm, Kevin held industry positions at Accenture, Alcatel-Lucent and Dell Computer.
Vincent Walden is a Managing Director with Alvarez & Marsal’s Disputes and Investigations in New York. He specializes in forensic data analytics, continuous controls monitoring, information governance and legal discovery services. His primary area of concentration is in providing leading technology perspectives on both proactive compliance programs and reactive investigations.
With more than 25 years of investigative and legal technology experience, Mr. Walden has extensive experience in anti-fraud and surveillance analytics, anti-bribery and corruption compliance monitoring, sanctions and trade compliance monitoring, and anti-trust compliance monitoring. He also has deep insights in using leading technology approaches to artificial intelligence and proprietary anti-fraud behavioral algorithms.
Prior to joining A&M, Mr. Walden spent 14 years at Ernst & Young’s Forensic & Integrity Services Practice in Dallas, New York and Atlanta, where he most recently served as a Partner for the past eight years. Before EY, he worked at KPMG and Arthur Andersen. During his career, he also served as President and CFO of a privately-funded Internet company, which was subsequently sold to a Fortune 500 Company.
As an industry thought leader, Mr. Walden sits on Compliance Week’s Advisory Board and is featured in many publications including Internal Auditor Magazine, Compliance Week, Forbes, The Wall Street Journal, Harvard Business Review and The Economist. He is a regular columnist for FRAUD Magazine and writes about anti-fraud innovation. As part of COSO’s Anti-Fraud Task Force, Mr. Walden co-authored its “Fraud Risk Management Guide”, which was released in September 2016. He also hosts a bi-weekly podcast show, “The Walden Pond”, which focuses on compliance innovation.
Mr. Walden earned a bachelor’s degree in business administration from the University of Southern California. He completed the Harvard Leadership Program at Harvard Business School, and is also a Certified Public Accountant and a Certified Fraud Examiner. Mr. Walden volunteers as the President of The Association of Certified Fraud Examiner’s Education and Research Foundation, which provides academic scholarships to students and anti-fraud research to qualified recipients.
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