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Today's demanding marketplace expects auditors to take responsibility for fraud detection, and this expectation is buoyed by such legislation as the Sarbanes-Oxley Act and the Auditing Standard (SAS99), which requires increased performance on the part of the auditor to find material financial statement fraud.

Written by three of the best forensic accountants and auditors, Thomas W. Golden, Steven L. Skalak, and Mona M. Clayton, The Auditor's Guide to Forensic Accounting Investigation explores exactly what assurances auditors should provide and suggests alternatives to giving the capital markets more of what they are requiring-greater assurances that the financial statements they rely upon for investment decisions are free of material error, including fraud. It reveals the surprising complexity of fraud deterrence, detection, and investigation, and offers a step-by-step approach to understanding that complexity.

From basic techniques to intricate tests and technologies, The Auditor's Guide to Forensic Accounting Investigation is a rich, multifaceted, and fascinating answer to the need for wiser, savvier, better-trained financial statement and internal auditors who are thoroughly familiar with fraud detection techniques and the intricate, demanding work of forensic accounting specialists.

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• Preface(p. xv)
• Acknowledgments(p. xix)
• 1 Fraud: An Introduction(p. 1)
• Fraud: What Is It?(p. 2)
• Fraud: Prevalence, Impact, and Form(p. 3)
• Fraud in Historical Perspective(p. 4)
• Types of Fraud(p. 5)
• Root Causes of Fraud(p. 6)
• A Historical Account of the Auditor's Role(p. 7)
• Auditing: Ancient History(p. 7)
• Growth of the Auditing Profession in the Nineteenth Century(p. 8)
• Federal and State Securities Regulation before 1934(p. 9)
• Current Environment(p. 10)
• Auditors Are Not Alone(p. 12)
• Deterrence, Auditing, and Investigation(p. 13)
• Conceptual Overview of the Fraud Deterrence Cycle(p. 14)
• Corporate Governance(p. 15)
• Transaction-Level Controls(p. 16)
• Retrospective Examination(p. 16)
• Investigation and Remediation(p. 16)
• First Look Inside the Fraud Deterrence Cycle(p. 17)
• Corporate Governance(p. 17)
• Transaction-Level Controls(p. 18)
• Auditing and Investigation(p. 20)
• 2 The Roles of the Auditor and the Forensic Accounting Investigator(p. 21)
• The Patrolman and the Detective(p. 22)
• Complexity and Change(p. 25)
• Auditor Roles in Perspective(p. 28)
• Not All Good People(p. 29)
• Each Company Is Unique(p. 30)
• Role of Company Culture(p. 30)
• Estimates(p. 32)
• Choices(p. 33)
• What Auditors Do(p. 35)
• Fraud versus Error(p. 35)
• Reasonable Assurance(p. 36)
• Materiality(p. 38)
• Bedrock of an Effective Audit(p. 40)
• Professional Skepticism(p. 40)
• Knowledge and Experience(p. 40)
• Independence and Objectivity(p. 41)
• SPADE(p. 42)
• Auditing Standards Take a Risk-Based Approach to Fraud(p. 42)
• Management Override(p. 44)
• Regulatory Reaction to Fraud(p. 45)
• Financial Benefits of Effective Fraud Management(p. 46)
• Conclusion(p. 46)
• 3 Psychology of the Fraudster(p. 47)
• Calculating Criminals(p. 48)
• Case 1 "It Can't Be Bob"(p. 49)
• Situation-Dependent Criminals(p. 49)
• Power Brokers(p. 50)
• Fraudsters Do Not Intend to Harm(p. 51)
• Case 2 "For the Good of the Company"(p. 51)
• Case 3 Personal Catastrophes(p. 51)
• Case 4 An Educated, Upstanding Citizen(p. 52)
• Kinds of Rationalization(p. 55)
• Auditors' Need to Understand the Mind of the Fraudster(p. 55)
• Conclusion(p. 57)
• 4 Financial Reporting Fraud and the Capital Markets(p. 59)
• Targets of Capital Market Fraud(p. 60)
• Securities Investment Model(p. 61)
• Overview of Financial Information and the Requirement to Present Fairly(p. 62)
• Overview of Fraud in Financial Statements(p. 64)
• Accounting Irregularities as an Element of Financial Fraud(p. 68)
• Some Observations on Financial Fraud(p. 71)
• Fraud from Within(p. 71)
• Summary(p. 72)
• 5 Auditor Responsibilities and the Law(p. 75)
• 6 Independence, Objectivity, Skepticism(p. 87)
• SEC Final Rules for Strengthening Auditor Independence(p. 88)
• SEC Regulation of Forensic Accounting Services(p. 88)
• Consulting versus Attest Services(p. 92)
• Integrity and Objectivity(p. 93)
• Independence Standards for Nonattest Services(p. 94)
• Professional Skepticism(p. 95)
• Trust but Verify: A Case Study(p. 96)
• Trust but Verify: Exploring Further(p. 99)
• Loose-Thread Theory of Auditing(p. 103)
• Further Thoughts on the Loose-Thread Theory(p. 106)
• 7 Forensic Investigations and Financial Audits: Compare and Contrast(p. 109)
• 8 Potential Red Flags and Fraud Detection Techniques(p. 119)
• Types of Fraud Revisited(p. 120)
• Fraud Detection: Overview(p. 121)
• Laying a Foundation for Detection(p. 124)
• Assessing the Risk of Fraud(p. 125)
• Fraud Risk Factors(p. 125)
• A Word on Information Technology(p. 126)
• Interpreting Potential Red Flags(p. 127)
• Importance of Professional Skepticism(p. 129)
• Revisiting the Fraud Triangle(p. 132)
• Incentive and Pressure(p. 132)
• Opportunity(p. 134)
• Rationalization and Attitude(p. 135)
• Identifying and Evaluating Risk Factors(p. 137)
• Discussion among Audit Team Members(p. 138)
• Information Gathering(p. 140)
• Other Sources(p. 143)
• Analytic Procedures(p. 144)
• Current Company Data versus Company Data from Prior Periods(p. 147)
• Company Data versus Company Budgets, Forecasts, or Projections(p. 147)
• Company Data versus Industry Data and/or Comparable Company Data(p. 147)
• Company Financial Data versus Company Operational Data(p. 148)
• Company Data versus Auditor-Determined Expected Results(p. 148)
• Analytic Techniques(p. 148)
• Assessing the Potential Impact of Fraud Risk Factors(p. 150)
• Evaluating Controls(p. 152)
• Addressing the Identified Fraud Risks(p. 153)
• Unpredictable Audit Tests(p. 154)
• Observation and Inspection(p. 155)
• Financial Statement Fraud: Detection Techniques(p. 157)
• Revenue Recognition(p. 157)
• Corruption(p. 158)
• Summary(p. 160)
• 9 Internal Audit: The Second Line of Defense(p. 161)
• What Do Internal Auditors Do?(p. 162)
• Internal Audit Scope of Services(p. 164)
• The Handoff to Forensic Accounting Investigators and Legal Counsel(p. 166)
• Perception Problem(p. 167)
• Complex Corporate Fraud and the Internal Audit(p. 168)
• WorldCom and the Thornburgh Report(p. 169)
• Case Studies: The Internal Auditor Addresses Fraud(p. 170)
• No Segregation of Duties-and a Very Nice Car(p. 170)
• Odd Transportation System(p. 171)
• A Tragic Circumstance(p. 172)
• How Many Lunches Can You Buy?(p. 173)
• Making the Numbers Look Right(p. 173)
• How Not to Earn a Bonus(p. 174)
• A Classic Purchasing Fraud(p. 175)
• The Loneliness of the Internal Auditor(p. 176)
• Hitting the Jackpot in the Gaming Industry(p. 177)
• Reporting Relationships: A Key to Empowering Fraud Detection(p. 178)
• Tomorrow's Internal Auditor, Tomorrow's Management and Board(p. 180)
• 10 Financial Statement Fraud: Revenue and Receivables(p. 183)
• Improper Revenue Recognition(p. 185)
• Timing(p. 186)
• Revenue Recognition Detection Techniques(p. 188)
• Side Agreements(p. 191)
• Liberal Return, Refund, or Exchange Rights(p. 192)
• Channel Stuffing(p. 195)
• Bill-and-Hold Transactions(p. 196)
• Early Delivery of Product(p. 198)
• Partial Shipments(p. 199)
• Contracts with Multiple Deliverables(p. 200)
• Improper Allocation of Value in Multiple-Element Revenue Arrangements(p. 201)
• Up-Front Fees(p. 202)
• Improper Accounting for Construction Contracts(p. 202)
• Related-Party Transactions(p. 204)
• Revenue and Receivable Misappropriation(p. 206)
• Revenues(p. 207)
• Receivables(p. 208)
• Fictitious Sales(p. 209)
• Lapping(p. 210)
• Redating(p. 211)
• Inflating the Value of Receivables(p. 211)
• Extended Procedures(p. 212)
• Round-Tripping(p. 215)
• Improperly Holding Open the Books(p. 216)
• Consignments and Demonstration Goods(p. 217)
• Summary(p. 218)
• 11 Financial Statement Fraud: Other Schemes and Misappropriations(p. 219)
• Asset Misstatements(p. 219)
• Inventory Schemes(p. 219)
• Investment Schemes(p. 224)
• Recording Unrealized Declines in Fair Market Value(p. 226)
• Recording Fictitious Fixed Assets(p. 226)
• Depreciation and Amortization(p. 226)
• Hanging the Debit(p. 227)
• Software Development Costs(p. 227)
• Research and Development Costs(p. 228)
• Start-Up Costs(p. 228)
• Interest Costs(p. 228)
• Advertising Costs(p. 229)
• Understatement of Liabilities and Expenses(p. 229)
• Off-Balance-Sheet Transactions(p. 230)
• Two Basic Accounting Models(p. 231)
• Cookie Jar Reserves(p. 233)
• Improper and Inadequate Disclosures(p. 234)
• Materiality(p. 235)
• Disbursement Schemes(p. 236)
• Invoice Schemes(p. 236)
• Check Tampering(p. 239)
• Expense Reimbursement Schemes(p. 240)
• Payroll Schemes(p. 242)
• 12 When and Why to Call In Forensic Accounting Investigators(p. 243)
• Today's Auditors Are Not Forensic Accounting Investigators(p. 244)
• Auditors Are Not Authenticators(p. 244)
• Auditors Have Limited Exposure to Fraud(p. 245)
• Auditors Are Not Guarantors(p. 246)
• Historically, Audits May Have Been Predictable(p. 247)
• Potential Trigger Points of Fraud(p. 248)
• Reliance on Others(p. 255)
• Conclusion(p. 257)
• 13 Teaming with Forensic Accounting Investigators(p. 259)
• Forensic Accounting Investigators' Cooperation with Internal Auditors(p. 261)
• Internal Audit's Position and Function(p. 261)
• Resource Models(p. 262)
• Working Together(p. 263)
• Forensic Accounting Investigators' Cooperation with External Auditors(p. 264)
• Client History(p. 264)
• The External Auditor in Today's Environment(p. 265)
• Objectives of All Interested Parties(p. 266)
• Forensic Accounting Investigators' Objectives(p. 266)
• Objectives of Other Parties to the Investigation(p. 267)
• How Should the Investigation Objectives Be Defined?(p. 269)
• Who Should Direct the Investigation and Why?(p. 270)
• Ready When Needed(p. 271)
• Where to Find Skilled Forensic Accounting Investigators(p. 272)
• Internal Audit(p. 272)
• Engaging External Forensic Accounting Investigators(p. 273)
• Accounting and Auditing Firms(p. 273)
• 14 Potential Missteps: Considerations When Fraud Is Suspected(p. 277)
• Confronting Suspects(p. 277)
• Dismissing the Target(p. 281)
• Assumptions(p. 281)
• The Small Stuff Could Be Important(p. 286)
• Materiality: More on a Key Topic(p. 287)
• Addressing Allegations(p. 288)
• The Case of the Central American General Manager(p. 289)
• Exercising Skepticism(p. 293)
• Case Outcomes(p. 294)
• 15 Investigative Techniques(p. 295)
• Timing(p. 295)
• Communication(p. 296)
• Early Administrative Matters(p. 296)
• Predication(p. 297)
• What Should You Know before You Start?(p. 299)
• Gaining an Understanding(p. 299)
• Gathering and Securing Information(p. 300)
• Coordination(p. 303)
• Other(p. 303)
• A Word about Insurance(p. 304)
• Exceptions and Other Considerations(p. 305)
• Document Review(p. 306)
• ComQuest(p. 306)
• CPA Services(p. 308)
• How to Read a Check(p. 308)
• Airline Tickets(p. 310)
• Conclusion(p. 311)
• 16 Anonymous Communications(p. 313)
• Typical Characteristics of Anonymous Tips(p. 314)
• Federal Statutes Related to Anonymous Reporting and Whistle-Blower Protections(p. 315)
• Receipt of an Anonymous Communication(p. 318)
• Initial Understanding of Allegations(p. 320)
• Determine Whether Any Allegation Requires Immediate Remedial Action(p. 320)
• Development and Implementation of the Investigative Strategy(p. 321)
• The Investigation Team(p. 321)
• Disclosure Decisions(p. 322)
• Prioritize the Allegations(p. 323)
• Interviewing Employees(p. 325)
• Follow-Up Tip(p. 329)
• Conclusion(p. 330)
• 17 Background Investigations(p. 331)
• Commercial Media Databases(p. 332)
• Other Public Records(p. 335)
• Commercial Database Providers(p. 339)
• Other Sources(p. 342)
• Unique Internet Sources(p. 342)
• Other Government Agencies(p. 345)
• International Investigations(p. 346)
• Conclusion(p. 346)
• 18 The Art of the Interview(p. 349)
• Difficulty and Value of Obtaining an Admission(p. 350)
• Planning for the Interview(p. 351)
• Types of Interviews(p. 353)
• The Information-Seeking Interview(p. 353)
• The Admission-Seeking Interview(p. 354)
• Others May Wish to Attend Interviews(p. 358)
• Interview Process(p. 358)
• Documenting the Interview(p. 364)
• Summary(p. 364)
• 19 Analyzing Financial Statements(p. 365)
• Developing Effective Analytic Procedures(p. 366)
• Vertical Analysis(p. 368)
• Horizontal Analysis(p. 369)
• Ratio Analysis(p. 369)
• Reasonableness Testing(p. 369)
• Data-Mining Analysis(p. 370)
• Using Financial Ratios as Measures of Risk or Indications of Fraud(p. 371)
• Identifying Other Relationships That Might Indicate Fraud(p. 375)
• Margin Analysis(p. 376)
• Focus on Disparity of Net Income to Cash Balances(p. 377)
• Evaluate Increases in Accounts Receivable in Relation to Sales Increases(p. 377)
• Evaluate Interim Results and Seasonality(p. 377)
• Common Analytic Pitfalls(p. 377)
• Identifying Signs of Earnings Management(p. 378)
• The Beneish Research(p. 378)
• 20 Data Mining: Computer-Aided Forensic Accounting Investigation Techniques(p. 385)
• Benefits and Pitfalls(p. 386)
• Benefits(p. 387)
• Other Considerations(p. 387)
• Nearly Every Investigation Can Benefit from Forensic Technology(p. 388)
• Effective Data Mining(p. 389)
• What Relevant Data Might Be Available?(p. 389)
• Audit Trails (Traffic Data)(p. 390)
• Faster/Better/Cheaper(p. 390)
• Access to Relevant Data(p. 390)
• Assessing Data Quality and Format(p. 392)
• Scope of Available Data(p. 393)
• Quality of Available Data(p. 394)
• Time Required and Data Requests(p. 394)
• Data Cleaning(p. 398)
• Eliminating Duplicate Information(p. 399)
• Testing the Data for Completeness and Accuracy(p. 400)
• Understated Amounts(p. 401)
• Overstated Amounts(p. 402)
• Incomplete Responses(p. 402)
• Incomplete Data Sets(p. 402)
• Skills of the Forensic Technologist(p. 402)
• Technical Skills(p. 403)
• Communication Skills(p. 403)
• Effective Use of Data Analysis Results(p. 404)
• Role of Data Analysis in the Investigation(p. 404)
• Data Mining in Action(p. 405)
• Check Disbursement File(p. 405)
• Examining the Vendor Master File and Payments History(p. 410)
• General Ledger Searches(p. 411)
• Keyword Searches(p. 412)
• Deleted/Slack/Unallocated Space(p. 414)
• Data Sorting(p. 415)
• Choice of Tools(p. 418)
• Presenting Results(p. 419)
• Reviewing the Essentials(p. 420)
• Conclusion(p. 420)
• 21 Building a Case: Gathering and Documenting Evidence(p. 423)
• Critical Steps in Gathering Evidence(p. 424)
• Considerations at the Time of Retention(p. 424)
• Document Retention Considerations(p. 425)
• Planning Considerations(p. 425)
• Creating a Chain of Custody(p. 427)
• Whose Evidence Is It?(p. 430)
• Evidence Created by the Forensic Accounting Investigator(p. 431)
• Working Papers(p. 431)
• Reports(p. 432)
• What Evidence Should Be Gathered?(p. 433)
• Investigations of Vendors(p. 433)
• Investigations of Foreign Corrupt Practices Act Violations(p. 434)
• Investigations of Improper Related-Party Activity(p. 434)
• Investigations of Employee Misappropriations(p. 434)
• Investigations of Specific Allegations(p. 435)
• Investigations of Financial Statement Errors(p. 435)
• Important Considerations regarding Documents and Working Papers(p. 435)
• Conclusion(p. 438)
• 22 Supporting a Criminal Prosecution(p. 439)
• Key Considerations(p. 440)
• Deterrent Effect of Appropriate Response(p. 440)
• U.S. Sentencing Commission Guidelines(p. 440)
• Expense and Possible Outcomes(p. 442)
• Referrals for Prosecution May Attract Public Attention(p. 442)
• Referral Considerations(p. 443)
• Refer the Matter to State, Local, or Federal Prosecutors?(p. 444)
• Prosecutors Must Prioritize Cases(p. 445)
• Forensic Accounting Investigator May Increase the Success of a Referral(p. 446)
• Reputational Benefits(p. 446)
• Plea Agreements(p. 447)
• Filing a Civil Lawsuit(p. 447)
• 23 Report of Investigation(p. 449)
• Types of Reports(p. 450)
• Importance of Adequate Preparation(p. 450)
• Standards of Reporting(p. 451)
• AICPA Consulting Standards(p. 451)
• ACFE Standards(p. 453)
• The Written Report of Investigation(p. 455)
• Basic Elements to Consider for Inclusion in a Report of Investigation(p. 455)
• Summarizing Your Findings(p. 457)
• Written Report of Expert Witness Opining for the Plaintiff on a Civil Fraud Claim(p. 458)
• Affidavits(p. 460)
• Informal Reports(p. 461)
• Giving a Deposition(p. 462)
• Be Prepared(p. 463)
• It's Your Deposition(p. 463)
• Objectives of a Deposition in Civil Litigation(p. 464)
• You Are Being Measured(p. 464)
• Reviewing Your Deposition Transcript(p. 465)
• Other Considerations(p. 465)
• Mistakes to Avoid in Reporting(p. 466)
• Avoid Overstatement(p. 467)
• Avoid Opinion(p. 467)
• Identify Control Issues Separately from Investigative Findings of Fact(p. 467)
• Use Simple, Straightforward Language Focused on the Facts(p. 467)
• Avoid Subjective Comments(p. 468)
• Working Papers(p. 469)
• Signed Engagement Letter(p. 469)
• Relationship Review(p. 471)
• Substantive Working Papers(p. 471)
• Each Working Paper Should Stand on Its Own(p. 471)
• Testimony Binder(p. 473)
• Interview Memorandums(p. 473)
• 24 Working with Attorneys(p. 475)
• In the Company of Lawyers(p. 475)
• Confidentiality Requirements(p. 477)
• Forming the Investigative Team(p. 477)
• Documentation(p. 483)
• Civil Litigation(p. 485)
• Interviewing(p. 485)
• External Audit Firm(p. 486)
• Working for or Interacting with Law Enforcement or Government Agencies(p. 489)
• Disagreements with Counsel(p. 490)
• Conclusion(p. 491)
• 25 Conducting Global Investigations(p. 493)
• On International Assignment(p. 494)
• Getting Started(p. 495)
• Coordinating the Engagement(p. 496)
• Logistics(p. 497)
• Work Plan(p. 497)
• Preliminary Work Plan Example(p. 498)
• Foreign Corrupt Practices Act(p. 501)
• Internal-Accounting-Control Provisions(p. 502)
• Antibribery Provisions(p. 502)
• Record-Keeping Provisions(p. 502)
• Additional Considerations(p. 503)
• Planning the Engagement(p. 503)
• Accounting Issues(p. 503)
• Knowledge of Corporate Personnel(p. 504)
• Understand Company Policy(p. 504)
• Understand the Company's Network(p. 504)
• Local Licenses(p. 505)
• Schemes and Other Matters(p. 505)
• Personal Considerations(p. 507)
• 26 Money Laundering(p. 509)
• Relationship between Fraud and Money Laundering(p. 510)
• Placement(p. 511)
• Layering(p. 511)
• Integration(p. 511)
• Varying Impact of Money Laundering on Companies(p. 512)
• The Five-Point Program for AML-Regulated Businesses(p. 514)
• Written Compliance Program(p. 514)
• Minimum Standards of Customer Due Diligence(p. 514)
• Activity Monitoring and Reporting(p. 514)
• Training(p. 515)
• Record Keeping(p. 515)
• Impact of Money Laundering on Financial Statements(p. 517)
• AML and Forensic Accounting Investigation(p. 518)
• At the Request of the Regulator(p. 518)
• At the Request of the Institution(p. 518)
• Review of Transactions and Records(p. 519)
• Decision Making(p. 519)
• The AML Reporting Process(p. 519)
• Corporate Culture and AML Corporate Governance(p. 520)
• Legal Arrangements Lending Themselves to Anonymity(p. 520)
• Potential Red Flags(p. 521)
• Auditing and Money Laundering(p. 522)
• Relationship between Fraud Investigation and AML(p. 523)
• 27 Other Dimensions of Forensic Accounting(p. 525)
• Construction(p. 526)
• Environmental Issues(p. 527)
• Intellectual Property(p. 528)
• Government Contracting(p. 529)
• Insurance and Business Interruption(p. 530)
• Marital Dissolution(p. 530)
• Shareholder Litigation(p. 531)
• Business Valuation(p. 532)
• Business Combinations(p. 532)
• Cybercrime(p. 533)
• 28 Looking Forward: The Future of Forensic Accounting Investigation(p. 535)
• Evolving Discipline(p. 536)
• New Tools(p. 538)
• Education and Training: To Better Support the New Discipline(p. 538)
• Regulation and Enforcement(p. 539)
• Changing Corporate Environment(p. 540)
• Internal Audit(p. 541)
• Corporate Judgment Calls(p. 542)
• Forensic Accounting Investigators Serving Individual Corporate Clients(p. 542)
• Nonfinancial Operating Data(p. 543)
• Responsibility for Disclosure and Validation of NFOD(p. 544)
• Other Legal and Stock Exchange Requirements(p. 545)
• Future of Forensic Accounting Investigation: Increasingly Global(p. 546)
• Index(p. 547)

Reseñas proporcionadas por Syndetics

CHOICE Review

This volume is one of the most comprehensive works to date on the subject of forensic accounting investigation. It includes no less than 28 chapters, many written by collaborating experts, and edited by the book's main authors, forensic accountants affiliated with PricewaterhouseCoopers. Chapters cover the entire spectrum of fraud-related subjects. This volume has several potential uses. While it could easily serve as a graduate-level text used in conjunction with cases, it is comprehensive enough to also serve as a useful library reference work. Individual chapters are well documented, and many chapters include short, illustrative cases. Extensive index. Summing Up: Highly recommended. Graduate, research, and professional library collections. F. A. Marino Assumption College

Notas de autor provistas por Syndetics

Thomas W. Golden, CPA, CFE. specializes in providing consulting and expert witness testimony in both civil and criminal matters with special expertise in forensic accounting, fraud investigation, and financial statement accounting.  He is a former Chairman of the Board of Regents for the Association of Certified Fraud Examiners and the current President of the Better Government Association, a citizen watchdog group in Chicago, IL.  Mr. Golden is an adjunct professor at DePaul University.

Steven L. Skalak, CPA, is the National Practice Leader for PwC Investigations & Forensic Services of PricewaterhouseCoopers LLP.  He has participated in a variety of corporate investigations relating to allegations that the Securities and Exchange Acts were violated, and of accounting or auditing improprieties.  Steve has represented Audit Committees, Directors, Officers, Auditors, and Companies in class action litigation with shareholders and SEC investigations.

Mona M. Clayton, CPA, CFE, specializes in international fraud investigations with particular emphasis in Latin America where she has conducted investigations.  She has designed investigative practice aids providing for consistent methodologies to be incorporated across common scheme investigations. Ms Clayton is an adjunct professor at DePaul University.