A Framework of Forensic Accounting Analytics and Pension Fund Administration in Selected Administrations in Liberia

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Samora P.Z. Wolokolie

By Samora P.Z. Wolokolie, MBA, MSc., CFE, CA, CPA, CFIP, FCFIP, CTP, Ph.D.

Abstract:

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

22 COMMENTS

  1. You are a complete fraud, Samora! No damn doctor. You harass us to get our government checks every time. You’ve amassed wealth, built a fat account, constructed a swimming pool in your tight arse yard and sponsored multiple girlfriends.

    You guys go to these in-the-bag universities ans expect to compete with others in the field of auditing and accounting. You are a complete rogue at MoFA and Weah will know soon.

    • I don’t even know you. Every credential of mine listed here are earned and can be independently verified. Go to the substantives. Critique the paper. Don’t divert from the real issue of the content of the paper. Write your critique!

    • Mr. Wolokollie, did you get your CPA from USA, or Liberia? Lest you forget that Liberian CPA is circumscribed to the Liberian job market only. It is a cosmetic CPA! Also, you are not on the Ghana registry of CAs (chartered Accountants). And to get an MBA from Cuttington these days? You must be better than that…to be attaching a Cuttington MBA to your laurels. I wish you well with these accolades that were earned locally for a show-off. This the paper “aimed” at??? Give me a break! Young man!

      • I am a chartered Accountant from the Institute of Chartered Accountants, Ghana (ICAG), A Certified Public Accountant from the Liberian Institute of Certified Public Accountants (LICPA) several other certifications. Please go and read my profile. I wish I could attach all my certifications here. Please provide your email; I shall send you all the copies of my credentials. Hope you do not have an issue with me. I don’t know you! I am a Professional; I don’t lie on my credentials as it is criminal to do so….

    • This chap is an irredeemable sham. He is disgracing his father who is better educated than him. Wolokollie Sr is a great writer and an eloquent speaker. This kid is fooling himself. If you truly earned CA (chartered accountant license from UK and CPA from United States, I challenge you to post these certificates online. And to be proud of an MBA from Cuttington whose graduates barely write a fitting research paper, you ought to be ashamed of yourself, to be flaunting with a sophomore and an adulterated MBA.

      • “Jackson Neal” do you think by wrongly and very stupidly attempting to disparage this young man while deceptively extolling his father, people will take you serious? No, my friend.

        You are simply jealous and envious after using your own boys children for ritual for the sole purpose of more rebels joining your rebel group in the 90ś.

        And because your erstwhile “comradeś” boy-child, and those of others excelling, you must try to pull them down. And why are you also actually stooping so low? Because your friendś son is a stalwart of a coalition and party which, through their popularity, at home and abroad, have made you a political trash.

  2. A university located on Turks and Caicos Island? Are these boys that desperate for validation that they can gladly put all kinds of bogus schools on their CVs and be proud of it?

    • Samora, why are you responding to these people? What matters is that you are a pride of the Republic of Liberia! And the political struggles of your father were not in vain!
      Today, Liberia can boast of a young and professional public finance erudite and practitioner!!!

      I knew your grandfather. He was a socially intelligent and a politically hard hitting labor rights advocate and campaigner in the mines of Mano and Bomi in the 50s 60s, and 70s! His tribesman and working colleagues used to “chew his bones” by saying: ” just because this small book that this man knows, he does not take bullshit from these white people – his bosses.” Today that his grandson knows “big book”, we as a people, are highly elated!

      Again, Samora, do not respond to these uncalled for and enviously-driven responses which in toto are fundamentally nincompoopish!!

  3. Charisma University is registered in Turks and Caicos Islands in the Caribbean but operated by a Nigerian dude resident in California USA. It was previously registered in the Philippines.

    Holding a degree from this school doesn’t demonstrate good judgment for a public official. Today, a lot of those who were proud of their degrees from Columbus University are today embarrassed to have that university of their CV. Charisma seem to be the latest reincarnation of diploma mills like Columbus.

    Many recognized universities now offer online programs. In fact, one can do a PhD largely off campus. I do not see why in this day and age anyone with brains will pay huge sums of money to get worthless papers from these bogus online schools?

    The interesting thing is he could have submitted this same paper for a PhD to a reputable university and it could have been accepted. He could ave paid less at a recognized university. So why put in all this work and end up with a degree with this so-called Charisma University?

    • Because he wants to impress his masters. And I bet anyone my neck, he didn’t pay for this fraud from his pockets. Any taker?

      • I paid every dime pertaining to this program from my pocket my friend. Please do not assume here, just ask, I will answer you appropriately.

        • Samora, why are you responding to these people? What matters is that you are a pride of the Republic of Liberia! And the political struggles of your father ( Dusty L. Wolokolie) were not in vain! We are not surprised of your academic excellence! Your father Dusty, on top of his athletic stardom, and progressive politickings asserted such excellence in school! And on the basketball court – where he was a master-star! Today, Liberia can boast of a young and professional public finance erudite and practitioner!!!

          I knew your grandfather. He was a socially intelligent and a politically hard hitting labor rights advocate and campaigner in the mines of Mano and Bomi in the 50s 60s, and 70s! His tribesman and working colleagues used to “chew his bones” by saying: ” just because this small book that this man knows, he does not take bullshit from these white people – his bosses.” Today that his grandson knows “big book”, we as a people, are highly elated!

          Again, Samora, do not respond to these uncalled for and enviously-driven responses which in toto are fundamentally nincompoopish!!

    • The substance of my work matters more than the school/ University I attend! Critique the substance of my work. Does it make a good paper? Go and do further research on me. I am a seasoned professional Accountant with more than 15 years of practical experience locally and internationally.

      • Mr. Wolokollie, that should not be your argument. Papers are written these days by ghost or hired mercenaries. Stop fooling yourself!

      • “Anything other than this is deems as empty talk!” You are a shame to Wolokollie, Sr! To be faking degrees and certificates and obtaining degrees from the air from a University run by a Nigerian crook, is a disgrace to the good old man Dusty Wolokollie. You need to set your butt down and immersed yourself in a cultivated learning. As it stands now, your education is localized marred in sham and circumscribed to Liberia. A truly rounded education has no boundaries.

        I am not going to read the paper you claimed you wrote because I am not sure who wrote the paper for you. Amara Konneh had someone from Fourabay College (Sierra Leone) write his thesis for him from Harvard.

        So, Samora, have put yourself on the radar; you now need to prove more of you than ever before. You were better off thriving in obscurity with your cosmetic academic laurels.You now have some of us to contend with. We have strive for a better Liberia, not strive for a 419 country.

        • Jackson Neal, most of the time you reason very poorly! What proof have you that someone wrote this manś paper or Amara Konnehś paper? None! Absolutely no proof! But because you have a keyboard, you have the audacity to write nonsense!

          The two men have professionally demonstrated on the national stage as seasoned professionals of public finance and public policy! This manś (Samora Wolokolieś) academic credentials and qualifications are all accredited by the appropriate and relevantly competent regional accrediting authorities and institutions which is the sine qua non of the legitimacy and authority of a degree in higher education! And then you come here to “talk trash”!

          Most of you half-baked, and pathetic political flunkies, still living in the 70ś and backwards, are so uninformed and uneducated to the conventions on the recognition of higher education accreditation that one wants to throwout when seeing you display your ignorance on matters within the scope of higher education accreditation.

          Before coming here to display your empty head on matters you have absolutely no knowledge about, you should go and ask questions; since research proper is a no go area for you half-baked and political flunkies still living in the 70ś and backwards.

          • Do respond to me I am a fool. I have no clue what I am talking about. I am simply writing to support Samora as a friend of mine.

        • Hahaha…. Jackson Neal, what is your real point here? I am not going to dignify you and your trash here. Unless you go to the substantive of my paper, I will not engage you any further. I don’t know who you are? You might just be a ghost too. Lol….

          • Well, all I am telling you is that you are faking. I am done with my research. I checked the Ghana CA registry, you are not listed. And going the old way of the older folks like Sam Mambo, Francis Johnson, Raliegh Seekie who awarded themselves CPAs amid their own frustration of not passing the actual CPA exam abroad is laughable. You are too young to begin masking academic competence; why not begin studying for the actual CPA instead of fooling yourself with one issued by the so-called LICPA. Attending seminars and workshops with certificates of attendance do not qualify one for those laurels that require arduous study. But in Liberia, everyone of high government standing is a PhD holder these days.

            James Kollie got one while in Liberia from Warden; Samuel Tweah who was denied admission by the University of Minnesota Economics department wounded up with a claim that he graduated from George Town University, a school he never attended–all Fake Degrees. Your president whom you all are impressing simply sat home and earned all of his degrees by proxy. Edwin Snowe who flunked all his classes at a community college in Florida during the days of Taylor and ended up being rejected by the school found his way to Liberia. And guess what? Snowe enrolled at the university of Liberia and graduated with Summa Cum Laude when he could not pass a single community college course in the United States. Shame you guys in Weah’s government. All of you are bunch of crooks–the worst form of crooks is the academic crooks–which is criminal in nature.

            You are urging me to read your paper—which paper? The few responses you are putting up are discouraging for me to read your paper. Most papers these days are overly edited by hired editors and often authored by mercenary writers. So, why waste my time? The two masters degrees and a PhD you claimed you have now are quite disturbing for a young man. Two from the Nigerian-man-university and the other one from Cuttington? It is shameful Samora. To bear Simora Michelle’s name which your father named you, and begin doing this is a shaming. with determination, it is not too difficult to learn and study; why are you taking shortcuts?

            Call me a ghost but that will not dissuade me from calling you a charlatan. I want to provoke you to return to school. The days are coming soon when you guys will no longer be able to operate as shams…. This government days are numbered. Liberia will be redeemed through the democratic process comes 2023. we have been laughing at you all day at home; you are our COVID-19 funky guy for the day. Imagine three persons together researching your credentials from Ghana… Quit the lies!

          • Do respond to me I am a fool. I have no clue what I am talking about. I am simply writing to disparage Samora, because I am jealous and envious, after I used for ritual my two boys children by my Freetown wife.

  4. And does a certificate for every seminar or workshop ever attended by this chap now equal to a degree, or some form of academic designation in his warped mind? Master Wolokolie ought to not only be ashamed, but embarrassed by these fraudulent academic claims. What else could this young man be doing at the MOFDP, with this brazen impersonation as a symptom? The height of grandiosity.

    • You need to research me properly. All my certifications are from recognized professional bodies around the world. I worked so hard to earn those. You don’t even same to understand the importance and strength of these certifications. Again I challenge all of you to go and critique my paper in writing and publish here. Anything other than this is deems as empty talk!

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