[SMULA] Detecting, Investigating and Proving Financial Statement Fraud

Most large-scale frauds, such as the Madoff Ponzi scheme, would have been quickly detected if the entities connected with the scheme correctly reported their financial transactions and position. To avoid detection, fraudsters are often compelled to manipulate financial statements and conceal their activities. In some cases, manipulation of the financial statements and deception of shareholders or other interested parties is key to the fraud itself, such as where management inflates performance in order to meet targets or trigger additional remuneration for themselves.

The first half of this F2F Masterclass will provide attendees with a practical understanding of the financial and accounting issues relevant to financial statement fraud, as well as the assurance frameworks that exist and the extent to which stakeholders should place reliance on them. Common financial statement fraud schemes will be explored through case studies so that attendees can see the underlying technical concepts applied in context.

The second half of the Masterclass will focus on fraud investigation, information gathering and reporting. The session will, through further case studies and discussions, look at the types of factual and expert evidence that is often produced in the course of internal investigations or in support of legal proceedings, both in Singapore and other jurisdictions.

Part 1 - Financial Reporting, Assurance and Fraud Detection

• Financial reporting frameworks
• Standard assurance engagements and the role of auditors
• Financial statement fraud schemes
• Fraud detection

Part 2 - Investigating and Reporting

• Fraud examination fundamentals
• Reporting
• Documentary evidence
• Financial expert evidence  

 

SPEAKERS

Iain Potter
Iain is regularly retained by clients to provide expert opinions on accounting and finance issues, including the true nature of financial transactions and whether financial statements accurately reflect those transactions. Qualified as a Chartered Accountant in both the UK and Singapore and with experience spanning Europe, the US and Asia Pacific, Iain has testified as to the correct application of various jurisdictions’ financial reporting standards, with his opinions being accepted by the Singapore High Court (Wang v Goh [2019] SGHC 284) and Court of Appeal (JTrust v Group Lease Holdings [2020] SGCA 95).

J.S. Held is a global consulting firm with over 100 offices worldwide providing specialized technical, scientific, financial, and advisory services. Iain leads J.S. Held’s Economic Damages and Valuations practice in Singapore, having previously led the regional litigation and arbitration practice for a forensic accounting firm.

In addition to his expert witness work through J.S. Held, Iain is undertaking a number of research projects, including a review of the impact of accounting irregularities on the share price of Singapore-listed companies and, from January 2022, he will be lecturing on forensic accounting at NUS Business School.  

Meredith Cheong
Meredith specializes in forensic accounting and the analysis of economic damages. She has experience in both litigation support and business interruption cases and has been involved in fraud investigation and fidelity claims. Her experience spans across multiple industries including manufacturing, hospitality, retail, and financial institutions. Meredith has also assisted in the preparation of expert reports for Singapore court proceedings and arbitrations (under SIAC rules). Meredith has a bachelor’s degree in accountancy and is in the process of qualifying as a Chartered Global Management Accountant.

Meredith is a part of the Forensic Accounting and Economics team which provides specialized expertise in the quantification of damages related to business interruption claims and loss of profit disputes. She analyses and verifies financial records to formulate loss projections and provides litigation support for matrimonial disputes and asset tracing exercises.

 

FEES

a. Early Bird Price (registration by 16 February 2022)
Registration fee of S$481.50* (inclusive of GST) applies. 

 

b. Regular Price (registration after 16 February 2022)
Registration fee of S$535* (inclusive of GST) applies. 

 

*Please note that there will be no refund of any fees should the participant cancel the registration/ fail to attend the event. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email: smulawacademy@smu.edu.sg, by 23 February 2022.

SMU Law Academy reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.
 

 

The SMU Law Academy (previously known as CLE) has an established track record of providing the legal profession with high quality seminars and other opportunities to remain fully informed about contemporary legal developments in Singapore and beyond. Its carefully curated listing of seminars is developed with the profession’s multi-faceted needs in mind and meets the requirements of the CPD scheme. The Academy also administers the Auditing Scheme which enables members of the legal profession to consolidate and upgrade their understanding of the law by auditing courses in the School’s LL.B., J.D. and LL.M. programmes. For an overview of upcoming SMU Law Academy events, please click here.

This programme is an Accredited CPD Activity under the SILE’s CPD Scheme. Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.silecpdcentre.sg for more information.

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