Financial Transactions & Fraud

Schemes

LPFA, 10 Juni 2014

Overview Fraud

Examination

Resolving allegations of fraud-from tips, complaints or accounting clues.

Obtain documentary evidence, interviewing witnesses and potential suspects, writing investigative reports, testifying to findings, assisting in detection and prevention of fraud

Can also be conducted by professionals in other fields: law enforcement official,etc

Fraud Examination

Methodology

Predication : sufficient reason to conduct a fraud examination

The Case Theory Approach:

Analyze available data

Create a hypothesis

Test the hypothesis

Refine and amend the hypothesis

What is forensic accounting ?

Forensic Accounting ?

Forensic : belonging to, used in or suitable to

courts of judicature or to public discussions and

debate (Webster’s Dictionary )

Penerapan dari keahlian finansial dan

kemampuan investigatif terhadap

permasalahan-permasalahan keuangan yang

belum terpecahkan dan dilakukan dalam

ketentuan bukti yang dapat diterima menurut

hukum

(William T. Thornhill)

Diagram Akuntansi Forensik (Theodorus Tuanakotta, 2007)

Jenis

Penugasan

Akuntansi Forensik

Fraud Audit

Akuntansi

- Ganti Rugi

- Kerugian

Keuangan

Negara

Hukum

- Pidana

- Perdata

- Administratif

- Arbitrase

dan Alternatif

Peneyelesaian

Sengketa

Proaktif Investigatif

Sumber

Informasi

Fraud

Risk

Assessment

Temuan

Audit

Tuduhan

Keluhan

Temuan Audit

Output

Indikasi

potensi fraud

Indikasi

awal

adanya

fraud

Bukti

ada/tidaknya

pelanggaran

Forensic Accounting

Fraud Investigation

Construction Claims

Environmental Claims

Estate/ Family

Valuation

Financial Contract Disputes

Government Contract Claims

Intellectual Property

Infringement Damages

Fraud Examination

Fraud

Prevention

Fraud Deterrence

Fraud Detection

Fraud Investigation

Fraud Loss & Costs

Recovery

Anti-fraud Controls

Remediation

Anti-fraud Education & Training

Forensic Accounting

Fraud Examination

Fraud

Prevention

Fraud Deterrence

Fraud Detection

Fraud Investigation

Fraud Loss & Costs

Recovery

Anti-fraud Controls

Remediation

Anti-fraud Education & Training

Construction Claims

Environmental Claims

Estate/ Family

Valuation

Financial Contract Disputes

Government Contract Claims

Intellectual Property

Infringement Damages

Who needs forensic accounting ?

Corporate investigations

Litigation support

Criminal matters

Insurance claims

Government

etc

What should a forensic accountant

know and be able to do ?

Ability to identify frauds with minimal information

Identification of financial issues

Knowledge of investigative techniques

Knowledge of evidence

Interpretation of financial information

Presentation of findings

Investigative skills

FRAUD

“ SEGALA SESUATU YANG DILAKUKAN DENGAN MENGGUNAKAN AKAL / KECERDIKANNYA UNTUK MENDAPATKAN KEUNTUNGAN DENGAN JALAN MENEKAN, MENIPU, ATAUPUN CARA-CARA LAIN YANG MEMPERDAYA SEHINGGA MERUGIKAN PIHAK LAIN”

(Black’s law dictionary)

Karakteristik Fraud ?

• Deception/trickery

• Hidden

• intentionally

• Damage

Actus Reus Mens Rea

FRAUD TRIANGLE

Fraud

Triangle

Perceived

Opportunity

Pressure Rationalization

Donald R. Cressey, others people money, A study in the social psychology of

Embezzlement.

Fraud Tree Classification System

©2008 by the Association of Certified Fraud Examiners, Inc.

©2008 by the Association of Certified Fraud Examiners, Inc.

Occupational Frauds by Category — Frequency

©2008 by the Association of Certified Fraud Examiners, Inc.

Occupational Frauds by Category — Median Loss

FRAUD TREE

Corruption

(3)

Asset

Misappropriation

(2)

Fraudulent

Statement

(1)

ASSET MISAPPROPRIATION

CASH Inventory and

All Other Assets

Larceny Skimming

Of Cash

On Hand

From

Deposit

Other

Sales Receivables Refunds

& Other

Un

Recorded

Under

Stated

Un

Concealed

Lapping

Schemes

Write off

Schemes

Fraudulent

Disbursement

Billing

Schemes

Register

Disbursement

Payroll

Schemes Exp. Reimbursement

Check

Tempering

Ghost Emp.

Commission

Worker

Compensation Falsified

Wages

Shell Co.

Personal

Purchase

Non Accomplice

Vendor

Mischaracterized

Overstated

Fictitious

Multiple

Reimburse

Forged

Maker Forged

Endorse Altered

Payee

Concealed

Checks

Authorized

Maker

False Void

False Refund

Misuse Larceny

Asset. Req

& Transfers

False Sales

& Shipping

Purchasing

& Receiving

Unconcealed

Larceny

Skimming

Pengambilan kas sblm tercatat dlm sistem

akuntansi termasuk off-book fraud

Terjadi saat dana masuk dlm sistem

akuntansi

Tidak meninggalkan jejak audit

Penjualan, teller

Deteksi : pengaduan pelanggan

Pencegahan : kehadiran pengawas secara

fisik, kamera video, collection procedures

Larceny

Pencurian uang yg sdh masuk dlm sistem

akuntansi

On-books fraud

Kasus Penempatan Deposito milik PT

Taspen di BM Kantor Kas Rawamangun

FINANCIAL STATEMENT FRAUD

“KECURANGAN / PENIPUAN YANG

SENGAJA DILAKUKAN OLEH

MANAJEMEN DENGAN CARA

PENYESATAN LAPORAN KEUANGAN

YANG MATERIAL SEHINGGA MERUGIKAN

INVESTOR DAN KREDITOR”

(Elliott and Willingham)

TUJUAN

Meningkatkan penjualan saham

Menunjukkan adanya kenaikan pendapatan

Menutupi ketidakmampuan manajemen

Menghilangkan persepsi pasar yang negatif

Memperoleh pendanaan

Meningkatkan nilai jual perusahaan

Memenuhi kesesuaian dalam perjanjian pembiayaan

Memenuhi tujuan dan sasaran perusahaan

Memperoleh bonus terkait dengan kinerja

Mengelabui kewajiban perpajakan

Fraudulent

Financial Statements

Asset/Revenue

Overstated

Asset/Revenue

Understated

Timing

Differences

Fictitious

Revenues

Concealed Liabilities

& Expenses

Improper

Disclosures

Improper Asset

Valuations

• fake or

phantom

Customer

• Sales with

conditions

• matching

revenue with

expensees

• premature

revenue

recognition :

long term

contract,

channel

stuffing

• recording

expenses

in the wrong

period

• liability/expense

omissions

• capitalized

expenses

• expensing capital

expenditures

• returns and

allowances and

warranties

• improper

omissions

• subsequent

events

• management

fraud

• related party

transactions

• accounting

changes

• inventory valuations

• accounts receivable

• business

combinations

• fixed assets

Fictitious Revenues

Penjualan fiktif pada customer palsu atau shell company, bisa jg customer yg legitimate

Penjualan dicatat tetapi persyaratan tdk dipenuhi, hak dan kepemilikan tidak berpindah ke pembeli

Red Flags

Kenaikan pendapatan yang sangat cepat atau tingkat keuntungan yang tidak wajar dibanding industri sejenis

Cash flow dr operasi negatif sementara melaporkan laba atau kenaikan laba yang signifikan

Transaksi yg signifikan dg related parties atau dg pihak yg tdk dlm lingkup bisnis

Penjualan yang signifikan dgn pihak yg tdk jelas keberadaannya

Timing Differences

Pencatatan revenue dan expenses yg tidak “match” dlm periode akuntansi yg sama

Premature Revenue Recognition :

• bukti arrangement belum ada,

• pengiriman blm dilakukan atau jasa blm diberikan,

• harga jual blm ditentukan/pasti,

• kolektibilitas di kemudian hari diragukan (resale of the product atau customer tdk mampu membayar)

Mudah terjadi pd Long term contract

Recording Expenses in the wrong Period :

pressure to meet budget projections n goals

Red Flags

Kenaikan pendapatan yang sangat cepat atau tingkat keuntungan yang tidak wajar dibanding industri sejenis

Cash flow operasi negatif sementara melaporkan laba atau kenaikan laba yang signifikan

Transaksi yg signifikan & kompleks terutama menjelang akhir periode pelaporan

Kenaikan “margin” yg tdk biasa atau dibanding industri sejenis

Concealed Liabilities and

Expenses

Liability/Expenses Omissions :

manipulasi dg tdk mencatat hutang/biaya yg sebenarnya, tdk dicatat sama sekali transaksi dibiayai dr sumber pendapatan lain

Capitalized Expenses vs expensing capital expenditures

Improper return and allowances liabilities (menyangkut kebijakan retur barang)

Red Flags

Cash flow dr operasi negatif sementara melaporkan laba atau kenaikan laba yang signifikan

Assets, liabilities, revenues or expenses based on significant estimates that involve subjective judgments or uncertainties that are difficult to corroborate.

Keterlibatan manajemen yg berlebihan dlm “mengatur” prinsip akuntansi

Improper Disclosures

Laporan Keuangan dan Catatan atas Laporan Keuangan seharusnya jg mendisclose segala informasi yg dpt mempengaruhi pembaca lap keu, improper disclosure yg kerap terjadi :

Liability omissions ( adanya contingent liability)

Subsequent Events

Management Fraud

Related-party Transactions

Accounting changes

Red Flags

Dominasi manajemen atau pihak tertentu dalam manajemen

Komite audit kurang berperan

Kenaikan “margin” yg tdk biasa atau dibanding industri sejenis

Significant related party transactions

Pembatasan akses tertentu bagi auditor intern maupun ekstern

Improper Asset Valuation

Fraudulent overstatement of assets :

inventory valuation : manipulasi fisik

persediaan, penggelembungan unit

price

account receivable : fiktif, write-off

Business combinations

Fixed assets

CORRUPTION Conflict

Of

Interest Bribery

Illegal

Gratuities

Economic

Extortion

Purchase

Schemes

Sales

Schemes

Other Other

Bid

Rigging

Invoices

Kickbacks

Conflict of Interest

Benturan kepentingan

Bisnis dengan kelompok tertentu

Kontrak-kontrak jangka panjang

Nilai kontrak relatif mahal

Nepotisme

Terjadi di purchase scheme atau sales scheme

BRIBERY AND KICKBACKS • Menggunakan kewenangan sebagai pejabat publik untuk

kepentingan pribadi atau kelompok tertentu

• Memberikan perlakuan khusus atau keistimewaan pada

perusahaan atau individu tertentu

Kickback or Bribery or

Extortion?

Kickback : penjual “mengikhlaskan” sebagian hasil penjualannya

Bribery : tidak selalu dalam konteks “transaksi jual-beli” , penyuap mengharapkan keputusan tertentu

Economic Extortion : Ancaman/pemerasan terselubung

Illegal gratuities : hadiah yg merupakan bentuk terselubung dari penyuapan

Victim Organizations

©2008 by the Association of Certified Fraud Examiners, Inc.

Pasal 362 Pencurian

Pasal 368 Pemerasan dan Pengancaman

Pasal 372 Penggelapan

Pasal 378 Perbuatan Curang

Pasal 396 Merugikan pemberi piutang dalam keadaan

pailit

Pasal 406 Menghancurkan atau merusakkan barang

Ps 209,210,387,388 dst yg scr khusus diatur dlm UU

Tastipikor

Fraud dalam KUHP

30 Jenis TPK (UU No.31/1999 jo UU 20/2001 Ttg

Tastipikor )

13 jenis TP bidang Perbankan (UUNo.7/1992 jo UU

No.10/1998 ttg Perbankan)

TP bidang pasar modal (UU No.8/1995 ttg Pasar Modal)

TP Bidang Perpajakan (UU No.6/1983 sbgmn diubah

terakhir dg UU No.28/2007 ttg Ketentuan Umum dan

Tata Cara Perpajakan)

Tindak Pidana Pencucian Uang (UU 15/2002 jo UU

No.23/2003 ttg Tindak Pidana Pencucian Uang

Dll……

Fraud dalam UU khusus