Authors: Edwin Mashayanye Bsc pss; Stewart Masimirembwa; Clara Gombakomba (BSc)




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ZIMBABWE INSTITUTE OF

LEGAL STUDIES


Dominion House, 211 Herbert Chitepo Avenue, Harare, Zimbabwe

P.O.Box CY 1288, Causeway, Harare

Phone: 710564

Email: info@zils.ac.zw


DEPARTMENT OF FORENSIC ACCOUNTING AND CRIME INVESTIGATION


DIPLOMA IN FORENSIC ACCOUNTING AND CRIME INVESTIGATIONS


MODULE TITLE: LEGAL FRAMEWORK FOR FORENSIC ACCOUNTING


CODE: FSCI 202


TUTORS: Mr Edwin Mashayanye Bsc (PSS)

Mrs Clara Gombakomba (BSc)


zils-logo


ZIMBABWE INSTITUTE OF

LEGAL STUDIES


Dominion House, 211 Herbert Chitepo Avenue, Harare, Zimbabwe

P.O.Box CY 1288, Causeway, Harare

Phone: 710564

Email: info@zils.ac.zw


Contact Details of Tutors:


Name

Mobile Phone Numbers

E-mail address

Edwin Mashayanye

263 772 956284

mashayanyee@gmail.com




























Clara Gombakomba

263 773 436 636

clarabtg@gmail.com


AUTHORS: Edwin Mashayanye Bsc PSS; Stewart Masimirembwa; Clara Gombakomba (BSc).


Disclaimer:

While every care has been exercised in compiling and publishing the data contained in this Module, the Authors and ZILS accept no responsibility for any omissions to the information contained herein. The Authors and ZILS do not intend to provide users of this Module with legal advice regarding the application of Forensic Science. This information is intended for academic purposes only. Any independent interpretation of this Module outside that understood by the Authors and ZILS will not have the effect of altering or changing the academic value and validity of this Module.


Copyright:

All rights reserved. No part of this module maybe be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without the prior written consent of the Authors and ZILS.

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ZIMBABWE INSTITUTE OF LEGAL STUDIES


MODULE TITLE: LEGAL FRAMEWORK FOR FORENSIC ACCOUNTING


ESSENTIAL AND OTHER RECOMMENDED READING MATERIAL


ESSENTIAL

  1. Material provided in this module

  2. Ernst and Young Chartered Accountants (2006): Fraud , Forensic Accounting and the Investigator; Ernst and Young Publication

  3. Lendemen R (2003): Implications for Investigations and Forensic Auditor: Boston Beacon Press; New York.

RECOMMENDED

  1. Albrecht C and Albrecht U (2004): Strategic Fraud Detection : Technology-Based Model; Longman ;New York

  2. Albrecht etal (2001): ‘Can Auditors Detect Fraud’: A Review of the Research Evidence: Journal of Forensic Accounting: Vol. II pp1-12

  3. Cunningham L.A. (2005): Law and Accounting: American Casebook Press: Thomsen West, New York

  4. Farrid B and Franco J (1999): The Role of the Auditor in the Prevention and Detection of Business Fraud: Butterworth, South Africa

  5. Farouk C. H. (ed) (2012): Contemporary Company Law: Juta; South Africa

  6. Hassibi D (2000): Detecting Payment Fraud with New Neural Network: Longman, Singapore.

  7. Levi M (2001) : Prevention of Fraud: Crime Prevention Paper 17: London

  8. Levanti T (2006): Litigation Sacs Committee: New York S.S.C.P.

  9. Nigrini M (2006): Forensic Procedure and Spreadsheets: Useful Tools and Technique: http: antifraud. Aica.org.

  10. Singleton J, Singleton A.T. and Balogna G.J. (2006): Fraud, Auditing and Forensic Accounting: McGraw Hill, London

  11. Oberholzer C (2002) : Quality Management in Forensic Accounting; Gordon Institute of Business Science: University of Pretoria, South Africa



  12. Association of Fraud Examiners Report (1999)

  13. Sarbanes and Oxley Act (2002)



KEY ABBREVIATION:


Table of Contents


  1. INTRODUCTION

    1. Aims

    2. Objectives

    3. Purpose

    4. Duration

    5. Structure

    6. Assessment Scheme




  1. INTRODUCTION TO FORENSIC ACCOUNTING




    1. History of Forensic Accounting

    2. Objectives and Characteristics of forensic accounting

    3. Forensic accounting concepts

    4. Duties and Responsibilities of forensic accountants

    5. Differences between forensic accounting and internal auditing




  1. OVERVIEW OF ZIMBABWE LEGAL SYSTEM

    1. Purpose and functions of law

    2. Sources of law in Zimbabwe

    3. Structure of Courts

    4. Role of Courts in Case Determination




  1. REGULATORY FRAMEWORK FOR FORENSIC ACCOUNTING

  2. FORENSIC ACCOUNTING AND FRAUD

  3. FORENSIC PROCEDURES

  4. COURT PROCESS



  1. PRACTICAL EXERCISES

    1. Report writing

    2. Evidence presentation




  1. INTRODUCTION

    1. Aims

    • To provide the historical basis of forensic accounting

    • To introduce students to the basic principles of forensic accounting

    • To develop practical-oriented and scientifically sound problem solving skills in students

    1. Objectives

On completion of this module the students must be able to;

  • Provide clear definitions of key aspects of legal framework to forensic accounting

  • Identify civil and criminal situations which could benefit from forensic accounting

  • Cite a broad range of case studies where forensic accounting has assisted in the delivery of justice

    1. Purpose

This module, FSCI 208, is the first of twelve modules leading to a Diploma in Forensic Accounting and Crime Investigations qualification. This is one of the three first semester modules required for progression to semester two.

    1. Duration2

To be completed over a six month period. Students are expected to spend 10-15 hours a week working on the module material as indicated in the module schedule.

    1. Structure

This module will introduce the operational and legal framework that guides forensic accounting and show how they are being used in assisting crime investigation and delivery of justice. The module is composed of eight (8) topics (Table 1). Each topic is composed of variable number and length of Power-point slides accompanied with lecture notes. These are to be studied over a 10 week period at an average of 5 lectures a week. The topics have different weighting depending on the amount and complexity of material covered as indicated in Table 1.


Table 1: Weighting of the 8 topics of the Forensic Accounting module

OBJECTIVE NO.

TOPIC

WEIGHTING %



INTRODUCTION TO FORENSIC ACCOUNTING

15



INTRODUCTION TO COURTS OF LAW

7



LEGAL FRAMEWORK FOR FORENSIC ACCOUNTING

20



FRAUD MANAGEMENT

25



FORENSIC ACCOUNTING PROCEDURES

8



COURT PROCEDURES AND RULES OF EVIDENCE

10



PRACTICAL EXERCISES


15




TOTAL

100



    1. Assessment Scheme

At the end of each topic (commonly a 30-40 slide presentation) will be followed by self assessment questions. Half way through the semester, the student will be required to submit set assignments. Marks to these submitted assignments will contribute, 30%, to the final end of semester examination mark. At the end of the semester, students will write an examination covering all the material of that semester. The three hour examination will contribute 70% of the semester mark.


LEGAL FRAMEWORK FOR FORENSIC ACCOUNTING

Objectives:

By the end of the Unit, students should be able to:

  • Define forensic accounting

  • Explore the historical background of forensic accounting

  • Identify duties and responsibilities of a forensic accountant

  • Differentiate forensic accounting and internal auditing

Introduction

The recent corporate financial scandals that rocked the United States which saw the debacle of Enron, World .Com, Tyco, and in the Middle East that saw the folding of Bank of Credit and Commerce and in Zimbabwe that evidenced the collapse of several banks and other financial services sector was at wake –up call for the need to engage the services of forensic accountants/forensic auditors. The wave of financial crisis primarily caused by corporate malfeasance and fraudulent financial activities eroded public trust and investor confidence in financial reports and audit services and need was felt to look beyond the conventional accounting function which only fulfilled the compliance requirements. In the United States about $652 billion dollars are siphoned out of the organisation per year. A survey that was conducted by KPMG an international accounting firm, concluded that business lose an average US $116000 per fraud incident and 4% of such incidents are discovered during external audit review (Albrecht,2001). In 2003 , the United States Securities and Exchange Commission (SEC) because of unethical behaviour of Anderson and Company (external auditors) decided to seek for a third force designed to protect the organisation’s assets. The Commission engaged Huron Consulting Group LLC to undertake the onerous responsibility to research and make recommendations for such oversight body. Thus the role of forensic auditors come into being which according to Levi,2001 is “ to evaluate the work of the existing auditor, the condition of the company’s internal controls, the company accounts and reporting practices”.

In Zimbabwe the shocking inadequacy of risk management systems, diversion of the core business of speculative behaviour contrary to the dictates of the sections 32, 34 and 35 of the Banking Act (Chapter 24:20) and regulations thereto, creative accounting which seriously increased the audit risk, overstatement of capital adequacy (window dressing), high levels of non-performing inside loans and chronic liquidity were the harbingers of the need to create fire proof strategies to counter fraud. After siphoning millions of dollars, the following escaped the arm of the law, Julius Makoni, James Mushore and Otto Chekeche of National Merchant Bank, Mthuli Ncube of Barbican bank and John Muponda of ENG asset management and later Shame Mandara who stole a record US$ 4,5 million.(Reserve Bank of Zimbabwe Reports; 2004; 2008 : Herald 2007). The need to engage forensic accountants came into being.
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