Casinos and Online Gaming: Money Laundering Risks and Countermeasures

Nov 9, 2021 1:10pm ‐ Nov 9, 2021 2:25pm

Identification: FVC2132

Legend and legacy attribute money laundering risk to casinos. The inherent attractiveness to laundering the proceeds of crime of that sector include: facilities for cash placement; the reach of international wires; the availability of instruments with a legitimate justification; and, prestige. While schemes can be as simple as cash to chips to casino cheques, others are more complex, and can involve the jurisdiction shopping, and the collusion of internal staff. International bodies have recognized the attractiveness and exploitation of casinos - traditional, online, and illegal, and have provided recommendations to reduce the resulting risk. This session will review the risks, the international standards, and upper-range practices for deterrence, prevention, and detection.

Learning Objectives:
  • Understand the risks and vulnerabilities for the casino sector to money laundering.
  • Be aware of the latest standards and trends in money laundering countermeasures for bricks and mortar and online casinos.

Advanced Issues in Personal Injury and Wrongful Death Matters

Nov 9, 2021 2:50pm ‐ Nov 9, 2021 4:05pm

Identification: FVC2137

The Advanced personal injury and wrongful death session will address some of the more difficult and unusual topics including: calculating losses in child/adolescent cases when there are confounding circumstances; calculating economic losses in cases involving union members, receiving early pension benefits; calculating losses for business owners; and life care plan computations. We will also discuss the use of worklike tables.

Learning Objectives:
  • Learn how to estimate losses for business owners large and small
  • Calculating losses for union members
  • Estimating losses arising from death or injury of a child or adolescents

Report Writing for Forensic Engagements

Nov 9, 2021 2:50pm ‐ Nov 9, 2021 4:05pm

Identification: FVC2134

Forensic accountants are often called upon to produce a written report documenting their observations and conclusions. The content and structure are of great importance and likely will be the subject of significant scrutiny. The communication of complex concepts or subjects in a forensic accountant’s report is as equally important as the structure and content of the report. Whether communicated within the report or through demonstratives at trial, the visualization techniques to explain complex models can be the vital difference between the trier of fact understanding the complex subject or ignoring the forensic report due to a lack of understanding. This session will explore different types of reports, the general framework of the report structure and an overview of relevant standards. This session will also discuss how to demonstrate complex topics with visual techniques in a report and provide examples of visualization methods and graphical illustrations. Finally, the session will discuss tips and best practices, as well as identify certain pitfalls forensic accountants should seek to avoid, in preparing their reports.

Learning Objectives:
  • Understand the different types of reports and the applicable standards.
  • Identify important elements that should be included in the report.
  • Recognize when complex information needs to be expressed graphically or through illustrations.
  • Learn different illustration methods that can be used to display information both in a report and trial demonstratives.
  • Learn best practices and pitfalls to avoid in preparing and communicating their report.

Tricky Valuation Issues

Nov 9, 2021 2:50pm ‐ Nov 9, 2021 4:05pm

Identification: FVC2135

This distinguished panel will tackle the tricky part of valuation by addressing the tough issues, Including:

  • Discounts and premiums for minority and control valuations
  • What tax rates to use in an S Corp valuation?
  • Are S Corp premiums valid?
  • Cost of capital resources and reliability
  • What does company specific risk really capture?
  • How to determine long-term growth
  • Valuation reliability before, during, and after COVID
  • The market approach before, during, and after COVID
  • A new look at premises of value
  • Financial forecasts in periods of great uncertainty
  • Is there really an optimal capital structure?
  • What is normal in normalization adjustments in minority and control valuations?
  • The tension between “known or knowable,” subsequent events, and hypothetical conditions under SSVS and USPAP
Learning Objectives:
  • Address tough valuation issues faced by our profession
  • Discuss various valuation inputs and their implications in current environment

Designing and Conducting Internal Investigations: The Role of Outside Counsel and Forensic Experts

Nov 9, 2021 2:50pm ‐ Nov 9, 2021 4:05pm

Identification: FVC2136

As the headlines over the past few years make clear, public and private companies alike face a host of different issues—from employment, to complex accounting and disclosure matters, to allegations of criminal misconduct—that require further review, investigation and, in appropriate cases, remediation. Not all issues need to be addressed in the same way. Some can be handled by in-house lawyers, compliance and human resources, while others need to be addressed by outside counsel and/or truly independent counsel with the assistance of forensic accountants and experts. Come learn best practices regarding how these investigations should be designed and how counsel and forensic experts can work together to get the best result for the client.

Learning Objectives:
  • Evaluate the decision-making process regarding when to initiate an internal investigation
  • Assess best practices on how to design and conduct an internal investigation
  • Predict how forensic experts can effectively work directly with company counsel, or outside counsel, to conduct an investigation

Valuation & ESG

Nov 10, 2021 7:00am ‐ Nov 10, 2021 8:15am

Identification: FVC2140

Environmental, Social, and Governance (ESG) factors are of increasing importance in making investment decisions and monitoring investment performance. In this session we will discuss qualitative and quantitative ESG measurement techniques, the objectivity of such measurements and the potential impact on fiduciary duty.

Learning Objectives:
  • Understand the qualitative and quantitative valuation implications of ESG focused investments.
  • Discuss quantitative measurement framework for valuing ESG inititatives.
  • Explore the fiduciary impact of ESG initiatives and the intersection with measuring value.

Elder Fraud Including Fraud Committed Against their Estates

Nov 10, 2021 7:00am ‐ Nov 10, 2021 8:15am

Identification: FVC2141

A review of elder fraud, committed by individuals in positions of trust and predatory strangers and estate litigation by beneficiaries. Two forms of financial victimization that target the elder before and after death. This session will discuss the rise in elder fraud issues that target seniors using online or over the phone methods to extract money. The session will also discuss estate litigation in the context of an ageing baby boomer generation with an impending significant transfer of wealth and discuss how a forensic accountant can get involved when allegations of fraud arise.

Learning Objectives:
  • Understand the forms of financial victimization that target the elder before death.
  • Understand the forms of financial victimization that target elder estates after death.
  • Demonstrate how a forensic accountant can get involved when allegations of fraud arise.

The Business Valuator "Hired Gun": The Rogue, the Bad, and the Ugly

Nov 10, 2021 7:00am ‐ Nov 10, 2021 8:15am

Identification: FVC2142

This session will describe the role of CPAs and Business Valuators who should provide expert testimony under the Rules of Evidence, Civil Procedure, and Professional Conduct, but where the expert has instead become a paid "hired gun" for their client. The presenter has given expert testimony in over 180 cases and will discuss judicial decisions relating to financial valuation and damage quantification where the court admonished the CPA or Business Valuator for conduct unbecoming, such as "please-my-patron" bias, lack of impartiality, intellectual dishonesty, advocacy, or violation of the Rules. This session will cite from numerous cases in which courts have expressed their outrage regarding certain expert witness testimony and will suggest how to insulate against attack by the cross-examiner.

Learning Objectives:
  • Distinguish between the expectations and requirements that apply to the expert who prepares a financial expert's report, and the expert's respective obligations to the client and to the court
  • Distinguish between a valuation report prepared for non-dispute purposes and an expert's report prepared for litigation.

Business Impacts of Data Breaches

Nov 10, 2021 7:00am ‐ Nov 10, 2021 8:15am

Identification: FVC2139

Join us for a dialog about the impacts to businesses working to recover from significant cyber incidents.

Learning Objectives:
  • Understand the anatomy of a data breach
  • understand the elements of business resilience
  • improve upon your understanding of how organizations bounce back from significant cyber events

Estate Planning - Advising Clients in an Uncertain Environment

Nov 10, 2021 8:40am ‐ Nov 10, 2021 9:55am

Identification: FVC2148

The TCJA doubled the lifetime gift exemption through 2025. However, the results of the 2020 election created considerable uncertainty to the longevity of the changes effected by the TCJA. Potential pre-election plans propose to reverse the lifetime exemption to prior levels or lower and to reduce or eliminate the tax basis step-up on inherited assets among other considerable changes. If these changes are enacted, they could have extreme tax impacts on estate planning. This session will cover the current status of potential and enacted tax law changes, fundamental gift and estate strategies, and discuss important considerations for 2021 and beyond.

Learning Objectives:
  • Summarize status of potential and enacted tax law changes
  • Identify recent and prospective strategies and considerations for estate and gift planning
  • Understand timely topics impacting practitioners performing valuations for tax purposes in the current environment