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Master Of Forensic Accounting
Why study Forensic Accounting?
Given the spate of corporate failures in Australia and the USA in recent times, there is a growing public awareness of the need for accounting and finance professionals, and those in oversight positions, to acquire the skills needed to identify and act upon indicators of poor corporate governance, mismanagement, fraud and other unethical behaviour. Traditional business-related education has tended to focus on management styles and techniques, financial management and how internal and external transactions are recorded and interpreted. It is now necessary to analyse the underlying characteristics of corporate activities, identifying governance issues, including potentially unethical or fraudulent behaviour, at all levels of the organisation.
Postgraduate studies in forensic examination and analysis—the Master of Forensic Accounting as offered by the School of Accounting and Finance at the University of Wollongong—provides for the acquisition of skills in fraud analysis and litigation support from an ethical and corporate governance perspective.
Focus of Programs
The Master of Forensic Accounting emphasises a forensic rather than a control-based or risk management approach to the analysis of corporate governance and the possibility of fraud, other forms of misconduct, abuse and corruption. Both courses build on the expertise acquired in undergraduate and post-graduate studies and/or business experience in the areas of corporate regulation, corporate governance and ethics, financial accounting and audit, finance and banking and management.
Students will be given a broad-based introduction to the nature and purpose of forensic accounting. The scope and content of all subjects extend well beyond a ‘legal’ focus and provide an opportunity to study and acquire skills in investigative techniques and the collection of data as well as the skills necessary to not only identify poor management but also unethical and fraudulent activities. The introductory subjects will adopt a domestic focus and form the basis for advanced subjects that will have a global/international focus and deal with specialised areas including banking, police, transnational fraud, financial terrorism and eCommerce. The advanced subjects will also incorporate advanced investigative processes and techniques and how to deal with the findings in the form of the preparation and presentation of independent accounting expert reports. The Master of Forensic Accounting further provides for the acquisition of independent accounting expert witness skills including preparation for court appearances and cross examination. A Research Project aimed at facilitating the pursuit of detailed examination of specific areas of interest and expertise are also features of the Master of Forensic Accounting study plan.
Who can/should study Forensic Accounting??
The Forensic Accounting program is not limited to accounting and accounting-related professionals. With particular emphasis in the areas of risk management and detection and prevention of corporate misconduct including fraud and other crimes, the courses are designed to enhance students’ career opportunities across a range of disciplines. The courses would particularly benefit professionals from law enforcement agencies and the private sector, including prosecutors, police, customs, anti-corruption, immigration, banking, finance, accounting and other institutions from Australia, the Asia-Pacific region and beyond.
Entry requirements
An undergraduate degree with an accounting major from a recognised university, or other academic or professional qualifications, and a minimum of five years full-time work experience approved by the Program Coordinator, Forensic Accounting Studies.
Method of Delivery
All subjects will be offered at the University of Wollongong campus using a flexible delivery format incorporating a web-based self-paced learning tool, eLearning, and a compulsory 2-3 day intensive program on campus per subject. On enrolment in any given subject, students will have access to the eLearning site for that subject. The site will provide, at a minimum, the subject outline providing a subject description, the objectives of the subject, contact details for the subject coordinator and other members of the teaching team, prescribed and recommended texts, assessment tasks, dates for the on-campus intensive and subject content.
Students must access relevant eLearning sites for the Master of Forensic Accounting subjects from the first week of session and throughout the duration of the course.
Teaching Team
The teaching team comprises:
Dr Kathie Cooper (Program Coordinator)
School of Accounting & Finance, Room 40.324
Ph: +61 2 4221 3392
Email: kathie@uow.edu.au
Dr Ted Watts
School of Accounting & Finance, Room 40.309
Ph. +61 2 4221 4005
Email: tedw@uow.edu.au
Ms Judith Marychurch
Faculty of Law, Room 67.203
Ph +61 2 4221 4653
Email: judithm@uow.edu.au
SUBJECTS
Awarding of the Master of Forensic Accounting requires completion of the following eight compulsory subjects:
ACCY950 Introductory Forensic Accounting# **
Subject runs in Autumn Session
This subject provides a broad based overview of investigative audits within a corporate governance and accountability framework and is designed for progression to more specific topics. Subject content will deal with Australia’s corporate regulatory framework including relevant legislation and accounting and audit standards. Students will also be introduced to the accounting and audit compliance framework, the nature and purpose of financial reports and financial statement analysis and interpretation. An integral part of the subject will be the audit risk model including the efficiency and effectiveness of internal controls, corporate governance issues such as corporate culture (setting the tone at the top and internal environment) and the environment in which an entity operates and the relevance of these matters in the planning and execution of an investigative audit.
ACCY951 Forensic and Litigation Framework**
Subject runs in Autumn Session
This subject will address the role of law in dealing with cases of fraud or misconduct, and the legal framework within which the forensic accounting process, from preliminary stages, to investigation and ultimately to prosecution or litigation. In particular, the subject will address the legal framework (at the state, national and international level) within which allegations of fraud are addressed; the concept of the corporation and the scope for abuse; the duties, roles and responsibilities of the key players in corporations and in the investigation of corporate misconduct; and the legal obligations of professionals such as auditors, and the implications of these for the forensic accountant.
ACCY952 Fraud and Failure**
Subject runs in Autumn Session
The focus of this subject is on the application of theories of criminology to past corporate and regulatory failures. The purpose is to use the past to identify the drivers of fraud, other forms of management and employee abuse, financial statement manipulation and corruption. The subject also examines other forms of fraud and abuse including ponzi and pyramid schemes, identity theft and credit card fraud, money laundering and tax evasion and the factors that have contributed to the commission of such activities. These drivers are in turn used to help develop strategies for the detection, investigation and prevention of misconduct at all levels of corporate, government and not-for-profit entities. This material will be used to develop the skills necessary to identify and analyse suspicious or irregular activities, development of a fraud hypothesis and planning of an investigation to prove or refute allegations or suspicions of misconduct. The subject matter will take a global approach and include an analysis of corporate governance and best practice issues emanating from Australian and international regulators and advisory bodies such as the Financial Action Task Force, the OECD, Transparency International and the United Nations.
ACCY953 Investigative Processes**
Subject runs in Autumn Session
This subject adopts an interdisciplinary approach to introduce the investigative processes used by forensic accountants to identify, examine and prevent fraudulent financial activity. Students are provided with the opportunity to learn the specific elements involved in a financial investigation from the moment of predication through to case profiling and the investigation processes, including the process of setting, testing, adjusting and eliminating the case hypothesis. The subject focuses on both qualitative and quantitative investigative procedures including investigative interviewing and data mining techniques. In addition, students are exposed to forensic accounting issues beyond financial statement and employee fraud, to also understand and appreciate the roles and responsibilities of a forensic accountant when investigating a case and working along side members of various regulatory bodies, including the legal ability and limitations faced by a forensic accountant.
ACCY954 Advanced Investigative Techniques
Subject runs in Spring Session
This subject explores complex qualitative investigation techniques utilised by a forensic accountant to further gather evidence in order to adequately and appropriately detect and investigate the existence of financial crime. Students will learn how to apply sophisticated investigation techniques to complex investigations of both domestic and off–shore financial crimes. Advanced study of investigative interviewing and human behaviour analysis is undertaken to correctly detect deception and understand a subject’s motives and rationalisation for committing financial crime utilising this knowledge in the overall financial investigation. In consideration of evidence gathering and custodial issues students will be taught how to undertake the use of electronic discovery, a crucial component to any forensic accounting investigation complimented by the forensic accountant’s responsibility throughout the investigation to issues of privacy and confidentiality.
ACCY957 Independent Accounting Expert Reports
Subject runs in Spring Session
This subject draws on professional guidelines, judicial reviews and documented experiences and outcomes of the preparation and defence of independent expert reports in a wide range of litigation and dispute resolution matters. The subject material will deal specifically with acceptance of engagement as an independent expert especially issues of appropriateness of expertise, training and independence, professional guidelines dealing with conducting an investigation, documentation of the investigation and the product of the investigation in the form of the independent expert report. Attention will also be given to the experiences of practitioners in the defence of expert reports in a court of law or similar forum. Common mistakes and pitfalls of acceptance of an independent expert engagement, investigation and preparation of an expert report and appearance as an expert witness will also be addressed. Materials will specifically draw on judicial and similar reviews of the appropriate role, duties and obligations of the independent expert.
ACCY958 Evidence & the Forensic Accountant
Subject runs in Spring Session
This subject will focus on the law of evidence as it applies to the forensic accountant and investigator, from the inception of an investigation through to presentation of evidence in court, including expert evidence. Students will explore the implications of law for the identification of sources of evidence, collection of evidence and presentation of evidence in a manner most suitable for the purposes of their investigation and/or role in the litigation of a relevant matter. Adducing evidence, admissibility of evidence and specific issues of expert evidence will be considered. Communication issues will be an underlying theme throughout, specifically accountant – lawyer communication.
ACCY959 Research Project
Subject runs in Autumn and Spring Session
The purpose of this subject is to provide students with an opportunity to undertake independent research in a specialised area of interest to the student. The topic is to be selected in consultation with the subject coordinator but must have a global or transnational focus drawn from subject areas such as financial crime, regulatory issues and corruption. While this is an independent research project, students will be required to consult on a regular basis with their supervisor throughout the session of enrolment. Research Projects are to be 12000 words in length.
# Professional Recognition: Members of CPA Australia and the Institute of Chartered Accountants Australia who have completed the CPA Australia or Institute Professional Program will receive advanced standing for 1 subject as indicated. The Master of Forensic Accounting also has endorsement of the Institute of Forensic Accountants of Australia.
** Early exit option of Graduate Certificate of Forensic Accounting after the completion of these four units.
CONTACT
Dr Kathie Cooper
Program Coordinator, Forensic Studies, School of Accounting and Finance
Phone: +61 2 4221 3392
Email: kathie_cooper@uow.edu.au
FURTHER INFORMATION
Enrolment and other information about studying at University of Wollongong can be found at the University Homepage:
www.uow.edu.au
NOTICE BOARD
> Standard Assignment Cover
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Click on the image to download the Focus on Commerce Annual Report as a PDF document (1.8 MB).
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Faculty of Commerce project, "Acknowledgement of Dharawal Country" (a film), receives one of the University’s 2009 Community Engagement Grants. Further information and contact details here
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