PROFILE OF DR.

SHAFFICK HOSEIN

POSITIONS

a) Academic:
Lecturer SFTI, UWI, ABTC and other institutions
Curriculum Consultant
Former Head of Business Education & Management - Costatt/University of
Trinidad and Tobago San Fernando Technical Institute Campus
Author Taxation, Accounting, Marketing, Banking and Economics
Director Training & Development
Academic Supervisor
Consultant/Lecturer Arthur Lok Jack Graduate School of Business, UWI
Consultant/Lecturer Penco International Iran

b) Executive:
Chief Accountant
Financial Controller
Chief Executive Officer

c) Professional:
Chartered Accountant in Public Practice
Public Auditor
Certified Financial Consultant
Qualifications

Holds:-

Bsc. (Hons) in Industrial Management Major in Accounting and Management

FBS Fellow in Business Administration

MBA (General Management)
MBA (Finance) Deans Honor List
PhD in Business Administration
LLM (Masters in Corporate and Commercial Law)
FCCA Fellow of the Chartered Association of Certified Accountants
CA Chartered Accountant
Diploma in Financial Consulting

Membership :

Holds:-

FCCA Fellow of the Chartered Association of Certified Accountants

CA Member of the Institute of Chartered Accountants of Trinidad & Tobago
CAM Member of the Canadian Institute of Certified Administrative Managers
IFC Member of the Canadian Institute of Financial Consultants
MBIM Member of the British Institute of Management
AMITD Member of the British Institute of Training and Development
Member International Whos who of Professional
Member American Biographical Institute.
AGENDA

Day 1

Preamble
Objectives
The International Business Environment
What is Fraud & Types of Financial Fraud Schemes
Key Issues which Prove the Frauds of the 21st century
The Organizational Planning Framework
The Role of Effective Financial Reporting
The Role Prudent Financial Investors
What is Forensic Accounting
Forensic Accounting vs Forensic Auditing
Forensic Accounting & Auditing in India
Developing the Litigation Support Team
The Characteristics of a Forensic Auditor
Scams in India
Essential skills of a Forensic Auditor
Skills used in Forensic Auditor
Source for Recruiting Forensic Auditors
Building a Forensic Team
Fraud Auditing Methods and applications
Role of Forensic Accountants under Indian Statuses
PREAMBLE

Mans indomitable history has been plagued by his own deceit, deception, fraud and
corruption. The scandals in corporate boardrooms and the evident corporate failures
are not new but as old as human society. It is not surprising that inspired minds
inculcated by natural forces and religious doctrine have evolved to steer man from
diabolical destruction to a part of human consciousness. Some argue that greed
drives man to self-destruction. Others argue that it is natural for man to gravitate to
a state of nature, which is wild, uncontrollable, wicked, brutish and sinful. Some
feel that man is an intelligent being and he possesses the capacity to think, act, adapt
and develop. He is kind, generous and active. Others argue that man has certain
drives and ego, which motivates him to be inquisitive, reckless and selfish. Human
nature is so complex that it is difficult to concur one set of factors and or
explanations about human behaviour and activities. Mans behaviour can be
obnoxious that it is filled with corrupt practices and at the same time full of
grandeur. Empires of the world have risen from the dust to such excellent
achievements and disappeared from the face of the earth with the same velocity and
ferociousness. The backbone of these empires have been men of knowledge, truth,
wisdom and vision, who took their society from one stage of human history and
transform them into significant empires making significant contribution to the
modern world. Some leaders though were able to cover their corrupt practices
because there were autocratic and in some cases benevolent despots who were in
total control of systems and people. With the decentralization of government and
increased accountability, leaders are under scrutiny. They are now brought to justice
based ion their unprecedented actions. It is not surprising that many leaders in the
21st Century have the full brunt of the law. However, the issue of fraud and
corruption continue to haunt the modern world. It is not surprising that Sir Edward
Cooke (1552-1634), a famous British politician and jurist declared. fraud and
deceit abound these days more than in former times This was the perception in
the 1500s and Sir Cooke was comparing his world of corruption and fraud with
previous times. In the 21st Century, the perception and the problem still exist and
persist. Corruption and fraud gained prominence when the Europeans expanded
trade and embarked on colonization throughout the world. It was critical for
administrative reasons to establish companies. The Dutch set up the Dutch East
Indian Company to trade on the Asian sub-continent. The British followed up with
the British East Indian and the British West Indian Company. The purpose of
establishing these Companies was to expand trade and develop Europe, but it came
with a cost. The point is that it was felt the company was a mere device, a vehicle,
an agent and a facilitator to cloak corruption and perpetrate fraud on the general
public. This perception was reinforced by the multitude of scams, which took place
over the centuries.

The 21st Century has seen the pinnacle of corporate corruption, fraud and
mismanagement brought to bear on the general public in the United States of
America and the international community. The world watched with indignation and
horror as the events unfolded in Corporate America, which includes some of the
Worlds giant corporations. Even the supposedly bastion of Corporation
accountability Arthur Andersen was involved in the scandal and cover ups. The
USA is an economy that is driven by the capitalist ideology. It is a free market and
the price mechanism system determines the price and availability of goods and
services. Many corporations have risen in the USA and have now grown to become
international giants. At the same time, the jurisdiction supposedly has one of the
most integrated and complex regulatory system in the world involving Government,
independent bodies, Accounting and Auditing Firms. But, despite all the controls,
the significance of manipulation and misrepresentation is effectively represented in
the financial information provided by Corporate America.
In August 2001, the Wall Street Journal reported that. With the recent inventory
and accounting write offs totalling US $148 Billion, the companies currently listed
on NASDAQ which symbolize the New economy, havent made a collective dime
since fall of 1995. This is a staggering recognition and while many of the write offs
included in the US $148 Billion were the result of excessive enthusiasm in the
market place, some of it was due to Reversals as a result of financial statements
fraud. The US General Accounting Office reported that from January 1997
through June 2002, about 10% of all (US) listed companies announced at least one
re-statement and can be attributed to issues other than financial statement fraud, but
a significant number were as a result of financial statements miss-statements. To
add insult to injury, the very Accounting and Auditing firms, which ought to monitor
corporations, have been involved in the corruption, fraud, swindle, manipulation
and misrepresentation. One of the big five (5) accounting firms Arthur Andersen
has featured prominently in the fiasco. Corporate America was in total disarray and
this and reverberations.
Throughout the entire world, which caused Governments and other interest groups
to review their accounting framework.