Economics of forensic analysis into fraud

Lisa Tai is a senior forensic analyst. Photo / Eric Sedal

The business economics major is one of 15 offered through the Auckland University of Technology's (AUT) Bachelor of Business.

In the first year students learn how core areas of business interact and rely on each other through compulsory courses on business information management, globalisation and business enterprise, managing business relationships and the environment of business. These broad business themes incorporate accounting, marketing, finance, economics, management, law and social science.

In the second year students majoring in business economics take three compulsory papers; business and the macroeconomic environment, markets and pricing and research applications for business. The third year includes cooperative education, a nine-week work placement that gives students a reality check which can lead to job offers.

Approximately 1000 students a year enrol into the first year of the business degree, with classes ranging between 30 to 42 students.

THE GRADUATE

Lisa Tai

* Senior Analyst: Forensics at Deloitte
* Graduated 2006

When I graduated I got an analyst job with McCallum Peterson, an insolvency and forensic firm that has since merged with Deloitte.

I decided to apply for a forensic analyst role because I have always enjoyed analysing and investigating data and forensic accounting involves a lot of in-depth analysis, problem-solving and looking beyond the numbers. I am particularly interested in macro-economics and globalisation. I am fascinated with the application of traditional economic theories and principles to the solving of problems.

I currently work as a senior forensic analyst at Deloitte and my main areas of interest are fraud investigations and visual analysis. In this role I have completed a number of fraud and commercial investigations, in both the private and public sector. I have undertaken a wide variety of investigations. I've worked on major benefit frauds, including the "gold bars" benefit fraudster which involved 130 false identities and $3.4 million. I've been involved in an investigation into a lending fraud involving $34 million.

I've undertaken an investigation following a failed personal relationship where one partner suspected the other had secretly squirrelled money and assets during the relationship. Another investigation involved scrutinising a staff member suspected of using information gained in her employment to commit fraud. This involved analysing a large amount of data including fraudulent documents, personal records, financial institution information and computer data. I deal with a variety of people from police to lawyers to suspected fraudsters, which can be demanding and fascinating.

Although on the face of it my business economics degree does not have any direct connection with my current role, I feel the skills I learned from my degree definitely made a difference; particularly the analytical and research skills I developed.

All lessons were classroom-based; there were no large lecture theatres. I found this style of teaching to be greatly beneficial because it meant lessons were interactive. It involved a lot of questioning and problem solving which made the learning very dynamic and productive.

In year three of the course we did co-operative education which is effectively work placement or an internship. 'Co-op' is a great opportunity to apply the knowledge gained from the classroom to the real world. It is also an introduction to the professional business environment and, in a short period of time, equips you with invaluable business practice skills.

Looking back now, I find it amazing the enthusiasm I developed for economics in the fifth form, because of a great teacher who had a passion for economics, has led to this career.

THE EMPLOYER

Jason Weir, Associate Director

Lisa is a key member of our forensics team. She has fantastic analytical and research skills and I have no doubt Lisa's Bachelor of Business degree has provided her with these base skills.

Forensic analysts are involved in a wide range of disputes and investigations. They are required to thoroughly analyse information, and identify trends or anomalies. They are often required in challenging circumstances to interview and interact with a large range of people, from factory staff to chief executives and lawyers. Therefore the ability to communicate effectively and challenge ideas is essential and Lisa is great with people and is an innovative thinker.

Other important qualities required for this role are excellent analytical skills, high attention to detail, problem-solving, and the ability to be forward-thinking. It is also critical that forensic analysts have strong communication and report writing skills and are able to present complex information in a manner lay people can understand.

There is growing demand for people with a combined business and investigation skill set in forensic analysis, so it is an excellent area to build a career in. This demand is coming from corporates, Government departments, and lawyers; all who can have complex problems requiring investigation.

My advice for those interested in a career in forensic accounting or computers is not to hurry. Concentrate on building strong technical skills first, such as accounting, business and IT. Gain real world experience, then take on a role where you can develop your investigation skills.

TRAINING PLACE

Bachelor of Business: Business Economics
Where: AUT
Contact: 0800 AUT UNI (0800 288 864); courseinfo@aut.ac.nz; www.autbusiness.ac.nz
Entry requirements: NCEA University Entrance or equivalent. English language requirements if English is not your first language.
Fees: 2009 full-time domestic tertiary fees: $4700 (not set yet for 2010)
Duration: Three years full time; part-time options. March and July intakes.
Application closing date: Recommended applicants apply before end of November for March intake.
Average starting salary: $38,000 - $45,000 depending on major (Hays Accounting and Finance salary guide 2009)