Read Online The Forensic Accounting Deskbook A Practical Guide to Financial Investigation and Analysis for Family Lawyers Miles Mason Sr 9781614380634 Books
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Making complex accounting terminology easy to understand, this book provides an introduction to the core financial concepts in divorce, such as asset identification, classification and valuation, income determination, and expenses. In clear, accessible language, this book offers step-by-step guidance while also exploring strategic concerns appropriate for high-asset and high-conflict cases. It connects the dots among the interrelated topics of subpoena practice, accounting, depositions, methodology, financial statements, tax returns, testimony, expert reports, and how to effectively use financial data obtained in discovery.
Read Online The Forensic Accounting Deskbook A Practical Guide to Financial Investigation and Analysis for Family Lawyers Miles Mason Sr 9781614380634 Books
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The Forensic Accounting Deskbook A Practical Guide to Financial Investigation and Analysis for Family Lawyers Miles Mason Sr 9781614380634 Books Reviews :
The Forensic Accounting Deskbook A Practical Guide to Financial Investigation and Analysis for Family Lawyers Miles Mason Sr 9781614380634 Books Reviews
- This really is a practical guide. A good read for the family lawyer. Full of wisdom mixed with humor, plenty of examples. Mason took what can be fairly dry material and made it purposeful and digestible. Money well spent. After reading cover-to-cover, I've gone back to it many times for direction and issue-spotting. Excellent resource, everything you need to know in one book.
- This book is excellent. It provides plenty of detailed information about the role of the forensic accountant in family law, without overwhelming the reader. It is "chock" full of practical advice and background about forensic accountants. I wish I had time to write more. I am thorougly impressed, and have already benefitted in my discussions with retained accounting experts. A "Must Add" for your practice library!
- Really great book for a Certified Divorce Financial Analyst with a Forensic bent
- Great resource for attorneys.
- Very helpful.
- I am a family law attorney in Palm Springs, California, who endeavors to combine mindfulness tactics with best practice's wisdom in reaching holistic outcomes for my clients. This is a tall order within the divorce arena, where the issues involve either money or kids. One instinctual reaction of people who've learned, or decided, that their marital relationship is over is a deep concern over their exposure to child and spousal support awards, or what they might be charged to buy the other spouse out of a business that was acquired during marriage, or even owned before. Fueled by high emotions, this creates a situation that is potentially rife with financial fraud.
Good lawyers are highly intuitive quick studies, but we cannot hold it all in our heads. Lawyers are not trained to be CPAs. We must therefore rely upon financial experts to not only assist us in our analyses, but also to point the way in getting what we need to help our clients. And in understanding that material.
I bumped into Mr. Mason's book and knew from the title that it would have useful information, and would be handy to have around.
I've now had a opportunity to read some chapters and skim the rest. I'm excited. The book is user-friendly, and its intelligently written and thorough. There's a CD I don't find helpful (and it is awkward to navigate) but that doesn't detract from my delight with the rest. Mason's book is filled with CPA type pragmatics, in the sense that if you were solving a valuation problem and thinking about what you should pinpoint in discovery or cross-exam, a quick flip to the Contents or fingernails scanning the pages will generate solid ideas.
Even if you are a whiz at this stuff (I've met all of two or three attorneys that were), it would only trigger a deeper recognition of what to do next. - The Forensic Accounting Deskbook by Memphis divorce attorney Miles Mason is billed as a guide to financial investigations for family lawyers. This designation sells the book short. The book is an outstanding guide to financial analysis and forensic accounting not only for attorneys, but also for accountants and fraud investigators. Professionals at any level - - from beginner to seasoned expert witness - - can learn much from this book.
The book is exceptionally well organized, with numerous guides and examples that can be used as templates or guides for your current cases. The Forensic Accounting Deskbook begins with an introduction to forensic accounting and engaging the right CPA for your case. It then moves into accounting for lawyers, which is an excellent overview. Many of the common accounting buzzwords and catch phrases are defined, and knowing what these mean will be invaluable to the attorney. The more you know about the financial issues, the better you can advocate for your client.
Miles then goes on to list many common red flags of fraud in divorce cases - - warning signs that may indicate one spouse is hiding income or assets. Unless you know there is a problem, you can't do anything about it. So be aware of these common suspicious characteristics in divorce cases. The Forensic Accounting Deskbook also details many of the common ways money is concealed in a family law matter. Familiarize yourself with these so you can understand what your forensic accountant is talking about.
The chapter on discovery lays out a detailed list of items you may consider requesting from the other side, and explains why it is so important that the records produced be complete. One missing statement could contain the smoking gun, and you don't want to risk your client's case by overlooking it. There are also several examples of requests for production for specific parties who could be asked to produce documents, including the employer, the self-employed person, a mortgage broker, the brokerage firm or financial advisor, a CPA who has prepared income taxes or financial statements, banks, and credit card issuers.
The Forensic Accounting Deskbook then moves into the more hard-core financial analysis discussion. This section of the book will be especially helpful to forensic accountants who want to develop their skills, find new ideas for investigations, or discover some practice templates and checklists that may aid in their examinations.
Miles gives excellent explanations of how to perform the following in a financial investigation in a divorce case
* The eyeball and smell test - Do the financial documents and interrogatory responses make sense?
* Transaction detail listing and analysis - This is the sometimes painstaking process of recording every transaction for a period of time, categorizing each item, in order to analyze historical spending, "... impute income identify and classify assets, determine dissipation, identify commingling, argue transmutation, and calculate appreciation of separate property."
* Reconciling tax returns and financial statements
* Do a proof of cash
* Review Quicken or Quickbooks software
* Complete a vertical analysis - Show each expense item as a percentage of revenue, and look for unusual changes over time.
* Do ratio analysis - Analyze various financial statement items in conjunction with one another to identify unusual relationships, which could indicate fraud
* "SCORE" evaluation - Calculating items related to a company's suppliers, customers, owners, regulators, and employees to identify anomalies in the numbers reported
* Transaction sampling and testing - Items of interest are examined, often tracing amounts to source documents to determine the accuracy and completeness of accounting records
The book then discusses valuation of assets such as retirement accounts, brokerage accounts, and businesses, as well as using tax returns to uncover hidden assets. Although lawyers will typically not be doing valuations or evaluating the tax returns for hidden income (this is best done by a financial expert), this section offers valuable information that can help you understand the process.
The most useful chapters of the Forensic Accounting Deskbook deal with Determining Income and the Lifestyle Analysis. These two areas of financial analysis in divorce cases are the most commonly needed (especially in high net worth divorce), but often least understood. Even some forensic accountants who hold themselves out as experts in family law make frequent mistakes in these analyses.
These chapters describe the various methods for determining income, focusing on issues of hidden income and how it can be uncovered. The lifestyle analysis is critical to demonstrating the lifestyle of the family prior to the divorce, comparing and contrasting it to the income claimed to be earned by both parties after the separation. These calculations are critical in determining spousal support and child support amounts, as they will show historical spending and suggest future needs. In the case where one party has deliberately reduced his income or otherwise made it appear that income is not available for support, a lifestyle analysis can refute this.
The Forensic Accounting Deskbook closes with information on reports and testimony. Miles outlines a suggested format for reports, which is a useful checklist for any expert. More importantly, he details deposition and trial questions that should be used to establish the foundation for a forensic accounting expert's qualifications. The Appendix to the book includes several useful guides, including a deposition checklist for questioning an opposing forensic accountant. As with the rest of the book, this list of questions is incredibly thorough yet directed.
I recommend the Forensic Accounting Deskbook to any attorney or expert witness working in the area of family law. There is something to be learned for everyone, and the numerous checklists, samples and guides will be invaluable to your practice.
