AT WESTERN CONNECTICUT STATE UNIVERSITY (WCSU)
CENTER FOR FINANCIAL FORENSICS & INFORMATION SECURITY (CFFIS)
| Welcome to The Center for Financial Forensics & Information Security at WCSU. |
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All organizations must protect themselves against fraud, misconduct, security breaches and other types of exploitation caused by attackers from both outside and inside the organization. Data from the past eight years show that these threats continue unabated, and the financial toll is mounting. As a result, the field of financial forensics represents one of the fastest growing practice areas in the fields of professional accounting and criminal investigation, and the development of an expanded workforce in the field of information security is one of the most critical issues facing the United States today. The challenge to prevent, detect and recover from these activities is compounded by flaws in technology, lack of awareness about these risks, and misperceptions of external and internal attackers. The consequences for failing to implement adequate controls are serious, and include direct loss of assets, negative publicity, and increased exposure to civil litigation. For many organizations – particularly those that deal with telecommunications, banking and finance, electrical power, oil and gas production and storage, the water supply, transportation, government services, and emergency services – the risk is serious enough to threaten national security (Critical Foundations: Protecting America’s Infrastructures, a 1997 report issued by the President’s Commission on Critical Infrastructure Protection). More research is needed in the areas of financial forensics and information security, and more professionals are needed who are knowledgeable in such areas as organizational oversight, fraud investigation and examination, business valuation, valuation of damages and lost profits, litigation support, criminal investigations, business/employee fraud investigations, professional negligence, and computer and network security. Financial forensics includes: (1) the use of the tools of the criminal investigator and financial auditor to uncover criminal activity involving financial and related assets, (2) the gathering financial evidence for criminal or civil proceedings, (3) evaluating internal controls and assessing fraud risks, and (4) providing oversight for business and government organizations. Financial forensics experts work as police detectives, law enforcement investigators, inspectors general, independent and internal auditors, and independent consultants. Financial forensics has also become important to the investigation of terrorist organizations. Those who study terrorism are finding that terrorist organizations are financing their activities through economic crimes, racketeering activities, and money laundering. This nexus between terrorism, organized crime and white-collar crime has only recently been recognized. The use of financial forensics has become an essential tool in all investigations of organized crime enterprises, white-collar offenders, and now terrorist organizations. |
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Over the past several years, the Accounting, Justice and Law Administration and Management Information Systems departments at WCSU have expanded and/or modified their curricula in order to respond to these workforce needs. During the Fall 2002 semester, the Accounting department established three new courses: Fraud Examination, Valuation of Closely Held Businesses, and Valuation of Damages and Lost Profits. The Justice and Law Administration Division revised its curriculum to incorporate such courses as: White Collar Crime, Organized Crime, Principles of Security, and Justice Issues in Domestic and International Terrorism. During the Fall 1998 semester, the MIS department established the nation’s first undergraduate business specialization in Information Security Management. For further information concerning CFFIS and how it might be assistance to your forensic needs, please contact the Director. Professor Richard J. Proctor, CPA, CVA, Cr.FA, CGFM, DABFA Western Connecticut State University Westside 386 Danbury, CT 06810 Tel: 203-837-8744 Email: proctorr@wcsu.edu |