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FORENSIC ACCOUNTING – NEW RULES AND OPPORTUNITIES
Conference Hilton Hotel, Sydney 11 March 2011 Chartered Accountants – Business Valuation and Forensic Accounting Special Interest Groups
The Hon. Michael Kirby AC CMG
CHARTERED ACCOUNTANTS BUSINESS VALUATION AND FORENSIC ACCOUNTING SPECIAL INTEREST GROUPS CONFERENCE, HILTON HOTEL, SYDNEY, 11 MARCH 2011
FORENSIC ACCOUNTING – NEW RULES AND OPPORTUNITIES
The Hon. Michael Kirby AC CMG
PRESENT WHEN THE TIDE RUNS OUT Forensic accounting is a comparatively new specialty within the old and distinguished world of accounting. Of course, there has always been a role for professional accountants in litigation of various kinds. Particularly so in contested taxation cases and in claims for damages, brought by companies or individuals, who needed to rely on accountants to demonstrate the likely losses or defaults occasioned by a breach of statute or a civil wrong.
Still, the role of forensic accountants has enlarged in recent decades because of a number of factors. One is the far greater ease with which fraud can be perpetrated in the digitised world. explained it1: “The main difference between [the 1930s] and our own time is that digitisation of the cash flow in a business has made it easier to move money from one place to another with a few clicks of the
As Allan Watt has
Justice of the High Court of Australia (1996-2009); President of the Institute of Arbitrators & Mediators Australia (2009-10); Board Member, Australian Centre for International Commercial Arbitration (2010-); Member, Arbitration Panel, International Committee for Settlement of Investment Disputes (World Bank) (2010-). 1 Allan Watt, “Digital Crumbs Show the Trail”, National Accountant (April/May 2010), 25.
1
mouse. From behind a computer screen or another electronic device, many users feel a sense of anonymity. Communication is faceless, indiscretions can be swept under the rug and onto a USB thumb-drive, documents are
FORENSIC ACCOUNTING – NEW RULES AND OPPORTUNITIES
Conference Hilton Hotel, Sydney 11 March 2011 Chartered Accountants – Business Valuation and Forensic Accounting Special Interest Groups
The Hon. Michael Kirby AC CMG
CHARTERED ACCOUNTANTS BUSINESS VALUATION AND FORENSIC ACCOUNTING SPECIAL INTEREST GROUPS CONFERENCE, HILTON HOTEL, SYDNEY, 11 MARCH 2011
FORENSIC ACCOUNTING – NEW RULES AND OPPORTUNITIES
The Hon. Michael Kirby AC CMG
PRESENT WHEN THE TIDE RUNS OUT Forensic accounting is a comparatively new specialty within the old and distinguished world of accounting. Of course, there has always been a role for professional accountants in litigation of various kinds. Particularly so in contested taxation cases and in claims for damages, brought by companies or individuals, who needed to rely on accountants to demonstrate the likely losses or defaults occasioned by a breach of statute or a civil wrong.
Still, the role of forensic accountants has enlarged in recent decades because of a number of factors. One is the far greater ease with which fraud can be perpetrated in the digitised world. explained it1: “The main difference between [the 1930s] and our own time is that digitisation of the cash flow in a business has made it easier to move money from one place to another with a few clicks of the
As Allan Watt has
Justice of the High Court of Australia (1996-2009); President of the Institute of Arbitrators & Mediators Australia (2009-10); Board Member, Australian Centre for International Commercial Arbitration (2010-); Member, Arbitration Panel, International Committee for Settlement of Investment Disputes (World Bank) (2010-). 1 Allan Watt, “Digital Crumbs Show the Trail”, National Accountant (April/May 2010), 25.
1
mouse. From behind a computer screen or another electronic device, many users feel a sense of anonymity. Communication is faceless, indiscretions can be swept under the rug and onto a USB thumb-drive, documents are