Expert Fraud Investigation: A Step-by-Step Guide [Hardcover]

Tracy Coenen (Author)

Book Description

ISBN-10: 0470387963 | ISBN-13: 978-0470387962 | Publication Date: February 9, 2009 | Edition: 1

A fraud investigation is aimed at examining evidence to determine if a fraud occurred, how it happened, who was involved, and how much money was lost. Investigations occur in cases ranging from embezzlement, to falsification of financial statements, to suspicious insurance claims. Expert Fraud Investigation: A Step-by-Step Guide provides all the tools to conduct a fraud investigation, detailing when and how to investigate. This guide takes the professional from the point of opening an investigation, selecting a team, gathering data, and through the entire investigation process. Business executives, auditors, and security professionals will benefit from this book, and companies will find this a useful tool for fighting fraud within their own organizations.

Editorial Reviews

From the Inside Flap

Expert Fraud Investigation

A Step-by-Step Guide

A sharp, savvy examination of financial fraud, Expert Fraud Investigation: A Step-by-Step Guide is one of the few books to take the leap from theoretical discussion to the actual nuts and bolts of performing an investigation. Fraud expert Tracy Coenen offers an insider look at many of the most common types of fraud cases and points out some of the best methods for analyzing the books and records to search for proof of fraud.

An invaluable tool to help professionals understand how financial fraud occurs in an organization and what to do when it is found or suspected, all the guidance needed to uncover corporate fraud is here, from the point of opening an investigation, selecting a team, through the entire investigative process, including:

• The most common fraud schemes

• The difference between audits and investigations

• Effectively managing the investigation

• Looking for fraud in little things

• Using public and private records in investigations

• Getting creative as a fraud investigator

• Uncovering asset misappropriation schemes, financial statement fraud, corruption schemes, and external fraud schemes

• How to prevent fraud from happening in the first place

Does your organization need to conduct a fraud investigation? Who needs to be involved? Expert Fraud Investigation gives you access to all the necessary background on fraud, the various types of fraud investigations, as well as the legalities involved. Making a difficult undertaking more manageable, this essential book arms you with the tools to take your organization step by step through the process of an effective fraud investigation.

From the Back Cover

Praise for Expert Fraud Investigation

"Fraud is a constant evil that attacks businesses, consumers, and government. The financial and reputational impact of fraud can be devastating, but education and awareness are key weapons in the war on this crime. With this new book, Tracy Coenen delivers an excellent primer on the many fraud schemes as well as practical investigative techniques to detect and prevent fraud."
—Martin T. Biegelman, Director of Financial Integrity, Microsoft Corporation

"The lack of effective fraud training by auditors made my job easier as the criminal CFO of Crazy Eddie. I was lucky, since Tracy Coenen was too young to be a forensic accountant back in my criminal days. Acclaimed forensic accountant Tracy Coenen's fraud investigation book will cause many criminals to take early involuntary retirement or be forced out of business."
—Sam E. Antar, WhiteCollarFraud.com

"In Expert Fraud Investigation, Tracy Coenen does an excellent job of educating the reader on a wide variety of fraud schemes and providing a step-by-step process on how to conduct a fraud investigation. This is a must-read for anyone who wants to learn more about the basics of how to prevent, detect, and investigate fraud."
—Cynthia Cooper, Author of Extraordinary Circumstances: The Journey of a Corporate Whistleblower

See all Editorial Reviews

Product Details

• Hardcover: 240 pages
• Publisher: Wiley; 1 edition (February 9, 2009)
• Language: English
• ISBN-10: 0470387963
• ISBN-13: 978-0470387962
• Product Dimensions: 6.4 x 0.9 x 9 inches
• Shipping Weight: 13.6 ounces (View shipping rates and policies)
• Average Customer Review: 3.5 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #675,377 in Books (See Top 100 in Books)

More About the Author

Tracy has personally investigated hundreds of fraud schemes in a wide variety of industries, including cases of embezzlement, financial statement fraud, investment fraud, and insurance fraud. She has served as an expert witness in numerous cases in state and federal courts involving damage calculations, commercial contract disputes, shareholder disputes and criminal defense.

She's a Certified Public Accountant (CPA) and is Certified in Financial Forensics (CFF). As an expert witness, Tracy continuously demonstrates her expertise, not only on paper, but also in the courtroom. She is a skilled witness who connects with judges and juries to help them understand complex financial matters.

In 2010, Tracy was a Marquette University Alumni National Awards winner, receiving the Entrepreneurial Award from the College of Business Administration. Tracy was also the 2007 winner of the Hubbard Award, given by the Association of Certified Fraud Examiners.

Customer Reviews

Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

4.0 out of 5 stars Good, but..., December 27, 2009

By 

cmyth "cmyth007" (Albany, Oregon United States) - See all my reviews

This review is from: Expert Fraud Investigation: A Step-by-Step Guide (Hardcover)

This is a well written book, but not quite what I expected. Although the information contained is certainly informative and helpful, there really isn't enough of it. Many subjects get little more than a page in the book. For someone not trained in accounting, this would be a great book, but for someone with the education and some experience, it really didn't give me enough to justify the fairly steep price tag. If it had fleshed out more of the concepts and was another 100-200 pages longer, it would be a fantatic book, but it just not quite enough of what I neeeded. Her writing is excellent considering the technical nature of the subject matter, so I will certainly look into other titles by the author.

6 of 7 people found the following review helpful:

5.0 out of 5 stars A good read for both beginners and experienced fraud investigators, November 22, 2009

By 

Michael Goldman - See all my reviews
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Amazon Verified Purchase

This review is from: Expert Fraud Investigation: A Step-by-Step Guide (Hardcover)

I really like this book. I am a certified fraud examiner, and have been a sole practitioner practicing in this area since 1996. I read a few books and many articles on fraud every year. This is one of the best.

In a logically structured presentation, Coenen walks through all of the major types of fraud and discusses the thought process that an investigator should use when trying to detect each of them. The discussions of each thought process is typically aided by five to fifteen bullet points--not excessive lists by any means--that the investigator should make sure to consider.

She maintains an engaging, conversational tone throughout the book, with just enough detail and war stories to illustrate the procedures and techniques that she presents. Coenen's book reeks of actual, real-life experience. You can feel the depth and breadth of her fraud investigation experience as you read this book.

Expert Fraud Investigation starts out with three chapters describing the beginning of the cycle: finding fraud, beginning the investigation, and managing the case. These are useful not only for the investigator; attorneys or corporate managers hiring a fraud investigator will also benefit from the delineation of the thought processes and approaches that the investigator should be taking.

Chapters four through six provide a general overview of how to conduct a fraud investigation: searching for fraud, sources of information, and investigative techniques. These chapters give a good overview and some discussion of the thought processes to use.

Chapters seven through ten discuss specific types of fraud and specific investigative steps usually taken to detect them. They cover asset misappropriation schemes, financial statement frauds, corruption schemes, and external frauds such as Ponzi schemes and insurance fraud. The book then concludes with chapters on reporting and litigation, and other issues such as how to market a fraud investigation practice.

Expert Fraud Investigation presents its topic comprehensively, but without redundancy or overkill: Coenen hits each idea once and moves on. There is no new information that I didn't already know, but this book is a great summary of most of the things I need to know to do my work. It is probably a book I will pick up and read a few more times when I need a refresher or am stumped on a fraud investigation.

This book is a good read for fraud investigators with all levels of experience, for judges and lawyers who deal with expert witnesses or consultants in fraud cases, and for corporate managers fearful that they may need a fraud investigation at their own company.

5 of 6 people found the following review helpful:

5.0 out of 5 stars Learn From an Expert Who's Been There, Done That!, July 2, 2009

By 

Toby Bishop (Chicago, IL United States) - See all my reviews
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This review is from: Expert Fraud Investigation: A Step-by-Step Guide (Hardcover)

Tracy Coenen's previous book, Essentials of Corporate Fraud, provides a great introduction to contemporary fraud issues that is an excellent starting point for people learning about fraud. This book, Expert Fraud Investigation: A Step-by-Step Guide, focuses on the nuts and bolts of investigating alleged, suspected or admitted frauds, providing insights every step of the way. As Tracy shows, it is a sensitive matter that can be a minefield for the inexperienced and unwary.

Drawing on her extensive experience as a certified fraud examiner (CFE) who has worked many cases, Tracy sets out the issues that she addresses at each stage of the fraud investigation process. It is a window into the thought processes of an experienced fraud investigator and a fascinating one at that. While there cannot be a cookie-cutter approach to fraud investigations or a rigid work program, Tracy identifies many considerations that could easily be missed by someone who does not do this type of work all the time. That could help you to avoid having a fraud investigation blow up in your face.

Tracy's conversational writing style makes Expert Fraud Investigation: A Step-by-Step Guide a quick and easy read. She provides many tips that seem to stem directly from her experiences in particular cases. You can just imagine her working these cases and dealing with the issues as they come up. This book, more than any other I have seen, gives you the feel of being with an expert as you work through the fraud investigation process together. You get to learn from her experience not only about the immediate issues at hand but also about preparing yourself for what may come next.

Expert Fraud Investigations: A Step-by-Step Guide would be particularly valuable to internal auditors who are called upon to look into potential frauds, managers wanting to understand traps to avoid when launching fraud investigations in their business units, and people developing their career in fraud examination and investigation. Experienced fraud investigators may be familiar with much of the material, but will likely find useful nuggets of information that they can put to good use.

Kudos to Tracy for demystifying the fraud investigation process and helping others learn from her experience.