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| Forensic Corner |  |  |
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- Family accuses executors of bilking heiress of her fortune
The family of Huguette Clark is battling in court to win the right to the heiress' estate, worth an estimated $400 million. Family members are asking a judge to annul a will that benefits Clark's attorney and accountant and excludes the family. The document, executed when Clark was 98 years old, replaced a will that was drafted six weeks before that left the bulk of the fortune to family members. MSNBC/Open Channel blog
(11/28)     
- SEC focuses on data analysis in hunt for fraud
The Securities and Exchange Commission is turning to data analysis to uncover fraud. Investigators compare firms' returns against factors such as assets, regulatory history and peer performance to uncover signs of suspicious activity. The approach recently resulted in cases against three hedge funds and several individuals. Bloomberg Businessweek
(12/8)
- 5 more questions for former MF Global chief Corzine
Jon Corzine, former CEO of MF Global Holdings, appeared before the House Agriculture Committee to answer questions about the firm's collapse. Forbes suggests five questions that lawmakers should have asked to learn more. Among them: Why did Corzine quit so quickly, and who was responsible for handling MF Global's funds? Forbes
(12/9)
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Lawmaker expects forensic accountants to find customer funds: An investigation into the collapse of MF Global Holdings and customer funds that are missing probably will be 80% forensic accounting, said Rep. Michael Grimm, R-N.Y., a member of the House Oversight and Investigations Subcommittee and a former special agent with the FBI. Grimm, whose FBI work focused on financial fraud, said accountants likely will "come close to finding every penny" of customer funds, but they might not be able to recover all of it. CNBC/NetNet blog
(12/14)
- Authorized users leave telltale signs of data theft, analysis shows
Stochastic forensics is a technique that can uncover data theft by corporate insiders. Investigators can pick up signs of theft by analyzing the frequency with which users access computer files. The technique works because most files are rarely accessed, so unusual behavior such as copying files stands out, a digital forensic expert said. InformationWeek
(12/13)
| Valuation Corner | | |
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- Financial firms benefit as investors forget risk premiums
Investors might be overlooking the riskiness of certain companies, including financial firms, according to an analysis of stock prices. Some companies are paying relatively little to access capital despite running a risky business model. The findings contradict a basic assumption about investing. Minyanville.com
(12/5)
- Why Required Yield Theory offers better stock valuation
Seeking Alpha examines how the Required Yield Theory produces better stock market valuation than traditional models. The key to stock valuation is the relationship between after-tax returns and long-term gross domestic product growth. The model explains the reason the divergence between stock and bond yields is appropriate based on the market's weak expectations for long-term growth. Seeking Alpha
(12/8)
- Business valuation and estate planning go hand in hand
Temporary exemptions make it a good time for business owners to incorporate their companies into gifting plans, estate-planning experts said. Owners should also take the opportunity to get a business valuation, even if they aren't planning to sell, because the valuation can show where a business could improve to become worth more in the future. Smart Business online
(12/1)
- Startups tap into secondary markets online
Online secondary markets are giving startups a way to access capital without going through an initial public offering. The markets connect small companies with institutional and sophisticated investors and even let firms conduct a virtual road show. Reuters
(11/29)
| AICPA FVS News | | |
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Registration is open for 2012 CFF and ABV exams
The AICPA's Certified in Financial Forensics and Accredited in Business Valuation credentials are designations for CPAs who specialize in forensic accounting and business valuation. Only CPAs can attain the credentials, making them the most exclusive forensic and valuation credentials available. Distinguish yourself by registering for the CFF exam and ABV exam. The spring exam window is open from June 1 to 30. The fall exam window is open from Nov. 5 through Dec. 8. To learn more about these exams, visit AICPA.org/CFF and AICPA.org/ABV.
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Working drafts of AICPA accounting and valuation guides are released
The AICPA is seeking comments on a working draft of accounting and valuation guide Testing Goodwill for Impairment, which provides non-authoritative guidance and illustrations for valuation specialists, preparers of financial statements and independent auditors regarding goodwill-impairment testing. Access the Testing Goodwill for Impairment working draft and comment by March 15.
The AICPA is also seeking comments on a working draft of accounting and valuation guide Assets Acquired to be Used in Research and Development Activities, which provides guidance and illustrations for valuation specialists, preparers of financial statements and independent auditors regarding initial and subsequent accounting for, disclosure of and valuation of acquired in-process research and development assets. Access the Assets Acquired to be Used in Research and Development Activities working draft and comment by March 15.
| AICPA FVS Events | | |
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FVS calendar of live Web seminars
Register for:
Stay up to date with FVS-hosted education opportunities by visiting FVS CPE & Events.
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AICPA National Forensic Accounting Conference and AICPA National Business Valuation Conference will be co-located in November
The AICPA Forensic & Valuation Services Conference will combine the AICPA National Forensic Accounting Conference and the AICPA National Business Valuation Conference. Professionals in forensic accounting and business valuation can attend sessions from either, closely related discipline. Attendees will learn how to apply complex analytical techniques, scrutinize online consumer transactions, explore public databases, conduct advanced interviews, face video depositions, analyze written statements and receive updates on fair value, cost of capital, goodwill and size premium. Register to receive super-early-bird savings!
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 | Give me the liberty to know, to utter and to argue freely according to conscience, above all liberties."
--John Milton,
British poet
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| AICPA FVS Section Resources |
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| About the FVS Section |
The Forensic and Valuation Services specialty area is designed to provide CPAs with a vast array of resources, tools and information about forensic and valuation services.
The FVS section serves CPAs who hold the Accredited in Business Valuation and Certified in Financial Forensics specialty credentials, members of the FVS Section,
AICPA members and others.
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| About the ABV Credential |
The Accredited in Business Valuation program provides specialized access to information, education, tools and support that enhance credential holders' ability to make a genuine difference for their clients
and employers. ABV credential holders may brand or position themselves as premier business valuation service providers who differentiate themselves by going beyond the core service of reaching
a conclusion of value and creating value for clients through the strategic application of this analysis.
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| About the CFF Credential |
The Certified in Financial Forensics credential combines specialized forensic accounting expertise with the core knowledge and skills that make CPAs among the most
trusted experts. The CFF credential encompasses fundamental and specialized forensic accounting skills that CPA practitioners apply in a variety of service areas, including:
bankruptcy and insolvency; computer forensics; economic damages; family law; fraud investigations; litigation support; stakeholder disputes and valuations. To qualify, a CPA
must be an AICPA member in good standing, have at least five years of experience in practicing accounting, and meet minimum requirements in relevant business experience
and continuing professional education.
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| | Recent Forensic & Valuation Reporter Issues:
- Tuesday, November 15, 2011
- Tuesday, October 18, 2011
- Tuesday, September 20, 2011
- Tuesday, August 16, 2011
- Tuesday, July 19, 2011
| | | Lead Editor: Ashley Fletcher Frampton
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