Bob's Lessons Learned

BOB LINDQUIST FORENSIC LESSONS LEARNED #1

Written by Bob Lindquist

 Forensic and investigative accountants must write a report with the assumption it will appear on the front page of a major newspaper. Strict adherence to and reliance upon phraseology such as ‘attorney work product’ or ‘privileged’ or ‘confidential information’ is most insufficient. At the same time we counsel them to be aware of their greatest enemy: personal bias. Objectivity is the key word from beginning to end. Otherwise when one’s findings are leaked into the public forum, it could prove most uncomfortable. “Lindquist investigation reveals” While insurance firm CLICO was caught up in a liquidity crisis...
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BOB LINDQUIST FORENSIC LESSONS LEARNED #2

Written by Bob Lindquist

 Forensic and investigative accountants must study human conduct. In an honest environment, behavior is for the most part predictable, but in a questionable business environment subject of a live investigation, the forensic accountant must be most focused on the nuances of conduct, whether business or personal that is not in the normal course. The nuances tend to reflect sensitivity to a subject that must be investigated as a solid lead. Roger was Too Busy to Chat! Hi-tech products have a relatively short shelf life and this requires procedures to properly dismantle parts that are used, discontinued...
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BOB LINDQUIST FORENSIC LESSONS LEARNED #3

Written by Bob Lindquist

 For young professionals: Work hard because you never know who might take an interest in your career. Lindquist starts his 41st year and recalls his move into Forensic Accounting It was January 1972, and the audit season was in play at Touche Ross Bailey & Smart (now Deloitte Touche) in Toronto when the audit partner called me into his office. He was not pleased with me. I had just won the 1971 Rally Championship in a Datsun (now Nissan) and his statement to me was to decide whether I wanted to drive rally cars or be...
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BOB LINDQUIST AND FORENSIC LESSONS LEARNED #4

Written by Bob Lindquist

 In Lessons Learned #1 we stated ‘Objectivity is the key word from beginning to end’. We should have added that this includes your conduct during the entire legal process as it progresses over the years. ASOT MICHAEL WITNESS STATEMENT LEAKED: ATTORNEY ANGRY ST JOHN’S, Antigua – Attorney John Fuller said the publication of Asot Michael’s witness statement in the IHI debt settlement probe could jeopardise the future of the investigation. He condemned the report on Caribarena’s online news portal, calling it “the most outrageous abuse of information” particularly since it could have a negative effect on...
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BOB LINDQUIST AND FORENSIC LESSONS LEARNED #5

Written by Bob Lindquist

 Where you have the same parties conducting business over a period of time, we encourage forensic accountants to focus their initial investigation on the ‘before’ transaction(s) and not the ‘now’ transaction that is usually largest. At the start of any management misconduct, the intentions behind any transaction are easier to ascertain, and witnesses are more co-operative since one or more are usually no longer part of the original management/employee team. In summary the pattern of conduct to establish knowledge, relationships and intent is usually more visible. “$500 Million Sale Creates $230 Million Profit” Bill Player and...
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BOB LINDQUIST AND FORENSIC LESSONS LEARNED #6

Written by Bob Lindquist

 Forensic Investigative Accountant Mindset Includes “…Training the mind to see both the doughnut and the hole” “…Often, the fraud auditor does not know what he is looking for or even why, other than something looks suspicious or out of place. So to be overly organized when doing fraud audit work may be a handicap. You need a lot of freedom and space to let your imagination run wild. You need to poke holes into everything including your own pet theories and biases. Do not accept anything anyone says as gospel truth. Do not assume that any...
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BOB LINDQUIST FORENSIC INVESTIGATIVE ACCOUNTING LESSONS LEARNED #7

Written by Bob Lindquist

Forensic Investigative Accountant Mindset concludes that the merger of motive, opportunity and personal financial need as one mindset trumps any standard of deterrence, no matter its foundation. Bob Lindquist Comment on Governor McDonnells Trial in State of Virginia Washington Post: “McDonnells found guilty of corruption” The headline, stunning in its statement and so very sad for the family reminded me of when I arrived home from Piarco, Trinidad landing at Dulles International airport several years ago after having been there for a few weeks conducting a political corruption investigation involving bribery of a public official by...
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LINDQUIST FORENSIC INVESTIGATIVE ACCOUNTING LESSONS LEARNED #8

Written by Bob Lindquist

The forensic accountant must appreciate all the ‘outs’ that exist within financial information in order to create doubt in the financial aspect of a plaintiff’s case.  Counsel in one of the largest income tax cases in the U.S. involving a privately held international company was required to refute allegations including money laundering and customs violations made by the U.S. government.  The government’s investigation focused upon the company’s business activities in Asia. The husband and wife who owned the company were indicted in federal court for conspiracy, tax evasion and smuggling, where it was alleged that they...
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