Write 4-5 pages in response to the items listed for each of the four case studies included in this assessment.
Just when you probably thought there were no additional responsibilities for an investigative accountant and no other areas to which they could provide expertise, along come several more areas where an investigative accountant can apply the tools of the trade.
First are financial crimes, where the accountant can use investigative skills. Bankruptcy is not something readily associated with this type of accountant, but keep in mind that individuals and companies may hide property and engage in a host of other fraudulent activities in the bankruptcy process.
Then there are divorce fraud and identity theft, both ripe areas where the investigative accountant may be needed to settle disputes or track down identity thieves who use those identities to commit fraud.
Investigative accounting can be used to root out organized crime, terrorism, and money-laundering schemes. For each of these, the investigative accountant working in conjunction with law enforcement can analyze, trace, data mine, and identify guilty parties using the accountant’s computer skills.
For this assessment, you must analyze the four case studies and respond to the items listed for each case study. Reviewing the resources for this assessment will give you a good start toward preparation for the assessment.
Lisa Brown is the CEO of a software company. Ralph Benson has been preparing Lisa’s annual tax returns for several years, and he provides other consulting services for her company. He is a CPA. This year Lisa brought Ralph a large envelope filled with receipts and documents relating to her taxes. While reviewing the documents, Ralph came across something new. It was a deposit receipt in the amount of $72,000 from a foreign trust. The receipt was signed by an attorney and contained a note saying that the deposit was for a trust account for the benefit of Lisa Brown. Ralph asked Lisa to explain the origin of the receipt.
Lisa told Ralph to ignore the receipt and pretend he had never seen it. Ralph wonders if Lisa is trying to avoid reporting income from the trust and avoid paying taxes on the income. He also knows that the existence of a foreign trust must be reported on her tax return.
Write a response to the following:
Christina and Jose Garza are in the process of getting a divorce. Christina suspects that Jose is hiding assets to keep them from being considered in the divorce settlement. She has hired a forensic accountant, Rick Harris, to investigate the possibility of hidden assets.
Christina suspects that Jose owns a property in Mexico that he has kept secret from her. Jose has traveled to Mexico on business for years. Several months ago she received a phone call from a man in Mexico who claimed to be a property manager for a property she and Jose owned in Mexico. The man gave only his first name, Julio. Julio mentioned the location of the property, but it was not a place that was familiar to Christina. She has forgotten what it was. When Julio realized that Christina knew nothing about the property, he hung up.
Christina’s divorce attorney deposed Jose and asked detailed questions about the property in Mexico and the property manager, but Jose denied knowing anything about them.
During their marriage of 25 years, Jose has had high-level jobs with a multi-national corporation. Christina knew he made a lot of money, but she never knew exactly how much or about any details of the family’s finances. Now she feels unprepared to negotiate in the divorce proceedings because she knows so little about the important financial information.
Write responses to the following:
Patrick Edwards’ parents died recently in a freak accident. He is the executor of their estate. Provisions of their will divide the estate equally among his two brothers, Wesley and Mark, and himself with a few special provisions. The estate consists of cash and marketable securities worth $7.3 million and a duplex located on the beach on Padre Island.
One provision in the will allows the youngest brother, Mark, to keep the duplex as part of his share of the estate, and he wants to do that. This means that Patrick must come up with a market value for the duplex in order to determine what will be the equal division of the estate.
Valuing the duplex is not an easy proposition because of the unusual nature of the property. Part of the lot has a conservation easement, which means that it can never be sold to a developer for more dense development. In Patrick’s search of that entire area of the island, he did not find any other waterfront properties with a similar arrangement.
Patrick was able to find a few somewhat comparable properties in that area that had sold recently. All were considerably newer, and all properties had one more living unit than the estate property. The average selling price of these comparable properties was $1.2 million and average annual rental income was $36,000 per year per building after expenses.
The estimate for the replacement cost of the duplex in the estate is $650,000. The average estimated replacement cost for the comparable properties is $950,000.
As another factor, the owner of a neighboring property has always wanted more open space and would like to buy the property and tear down the duplex. He is willing to pay $1.3 million for the estate property.
Mark has a sentimental attachment to the duplex and does not want to sell it. He wants Patrick to value the property accordingly. Mark and Wesley have agreed to accept whatever valuation Patrick decides on.
Write responses to the following:
Cindy Williams is the owner of Williams Concrete Company. Her company fabricates and supplies pre-cast concrete slabs for home construction throughout the Omaha area. Dunn Construction, one of her highest volume customers recently discovered a problem with slabs supplied by Williams Concrete. Dunn is a major home builder that focuses on the upscale housing market. In most months, Williams Concrete supplies Dunn with hundreds of pre-cast slabs.
Because of an error in the fabrication process, the concrete slabs for 23 of Dunn’s new homes did not meet basic materials requirements. This was not discovered until after the homes were completed. It has been determined that none of these homes are safe for habitation. Homeowners must move out and the slabs must be replaced at a considerable cost and months of inconvenience for the homeowners. As a result, Dunns’ reputation has suffered.
The slab fabrication process is complex and the possibility of a problem like this was not unforeseen. For this reason, Williams’ sales contracts with all vendors make it the responsibility of the purchaser to test the quality of all slabs before installation.
Dunn contends that despite this provision in the contract, Williams could be reasonably expected to supply quality slabs and they should assume the liability for the current problems. Dunn is demanding that Williams pay $20 million to cover the damages.
Write responses to the following:
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.