By Samora P.Z. Wolokolie, MBA, MSc., CFE, CA, CPA, CFIP, FCFIP, CTP, Ph.D.
The peril of fraud, corruption, and misfeasance are commonplace and are at the increase globally and, indeed, in Liberia. Thus, forensic accounting or forensic auditing has emerged as a result of the surge in fraud. Accordingly, the aim of this conceptual dissertation/thesis paper is three-fold.
First, this paper sought to absorb the art of forensic thinking among auditors; second, it aimed at stimulating and promoting the understanding of basic forensic skills; and third, it aimed at expanding the stock of literature in forensic accounting and audit. Given this broad spectrum of objectives of this paper, characteristics of a forensic auditor were examined and skills, as well as objectives of a forensic audit, were discussed.
In the discussion of the application of forensic audit, both reactive and proactive accountings were examined. This is followed by a highlight on the distinction between statutory audit and forensic audit. Detection techniques and steps in conducting forensic audits are also discussed. We shall also conclude that forensic audit practice can reduce the incidence of fraud even in the Pension Fund.
This paper is part of my Ph.D. requirements at Charisma University, SCHOOL OF BUSINESS AND PUBLIC POLICY. I wish to record my thanks and indebtedness to Prof. Ndedi Alain, and Prof. Simon Akinteye whose inspiration, dedication, and helping nature provided me the kind of guidance necessary to this project.
Dr. Linus EnobiAkepe, your immense wealth of knowledge was an inspiration to me to write this piece of work.
The paper is a 180-page document, but you can follow this link to read the summary.
About the Author:
Dr. Wolokolie has a Ph.D. and MSc. in Forensic Accounting & Audit from Charisma University in the Turks & Caicos Islands, United Kingdom. He also holds an MBA in Accounting from Cuttington University in Liberia. He is currently the Deputy Minister for Fiscal Affairs of the Ministry of Finance and Development Planning, Republic of Liberia and is currently a third-year student at the Louis Arthur Grimes School of Law at the University of Liberia.
He is a Chartered Accountant (CA) of the Institute of Chartered Accountants (Ghana) (ICAG), a Certified Public Accountant (CPA) of the Liberian Institute of Certified Public Accountants (LICPA), a Certified Fraud Examiner (CFE) of the Association of Certified Fraud Examiners (ACFE), USA and Fellow Certified Forensic Investigation Professional (FCFIP) of the International Institute of Certified Forensic Investigation Professionals (IICFIP) of Kenya and USA and a Certified Tax Practitioner CTP) of the Liberian Institute of Tax Practitioners (LITP).
Additionally, he’s a member of the Liberian Institute of Certified Public Accountants (LICPA) and holds membership with several international public accountants’ associations including the Institute of Chartered Accountants of Ghana (ICAG), Association of Certified Fraud Examiner (ACFE), Institute of Internal Auditors (IIA) and International Institute of Certified Forensic Investigation Professionals (IICFIP).
Dr. Wolokolie serves as an adjunct lecturer of Auditing, Taxation and Accounting at the Arthur Barclay Business College of the Stella Maris Polytechnic and the Financial Management Training Program (FMTP), graduate school, of the University of Liberia and financed by the Ministry of Finance and Development Planning through a World Bank-funded project and Cuttington University Graduate School. He has spoken at various professional gatherings and forums in several workshops and seminars in and out of Liberia.
His ability to blend core technical expertise, broad managerial competencies, and varied work-experiences with his relationship-building (interpersonal) and leadership skills has underpinned his successful professional spanning over a decade and a half.
He has worked in important auditing roles with USAID projects in Liberia, overseen large, multi-site audit and consulting engagements for entities with complex organizational structures and managed accounting systems in both the public and private sectors.
As an audit partner, he participates in the planning of audits and reviews, discusses audit progress with Audit Manager, and provides technical expertise when difficult audit matters arise. He performs primary and overriding reviews of the working papers and client reports.
He can be contacted on Email: [email protected] +231886519925; +231775236812