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Chaos in the Caribbean - Case Study Example

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Chaos in the Caribbean

In addition, Avey’s responsibilities as the Jamaican government expertise witness involved giving forensic examination and audit assistance. He employed professional examination techniques to carry out an investigation in a way that his findings would be relevant when presented to a court of law (De-Carmoy, 1990). An alert expert witness declaration is essential in any investigation. Avey had an adequate comprehension of the legal course, regulatory and statutory issues of compliance, and pertinent rules of evidence. This made him the most suitable candidate to be appointed by the Jamaican government. Moreover, he investigated evidence that regarded affirmations. This was to determine the evidence association to ascertained criteria performed as required by a court of law. Avey carried out his research on the basis of reliable principles of accounting. This assisted him hastily find out misdealing in Blaise Merchant Bank and Trust Company where finances were lent from a single Blaise financial unit to corporations managed by its main shareholders. In the case involving Century National Bank and its associated financial units, he established dishonesty was the main reason for the issues (McLaughlin, 2006). Question 2 Avey employed professional forensic accounting techniques to investigate the link between Blaise Merchant Bank and Trust Company, Eagle merchant Bank, and Century National Bank and its associated financial units. Avey may have used source and application of funds technique. This method is utilized when enormous amounts of finances are used for personal gain or growth as a substitute of buying investments or assets. For example, in the Century National Bank and its associated financial unit’s case, the bank used depositors’ money to obtain assets like real estate for the possible personal benefit of the people who managed the financial institutions instead of the benefit of the institutions (McLaughlin, 2006). In addition, the application of funds technique may have been applied in the Eagle merchant Bank case. Here, instead of the depositors’ funds being used for the benefit of the financial institution, the money was misused. This was in connection to the building of a hotel that was intended as an apartment complex with 130 room suites. Avey may also have used analytical tools during his investigation. Forensic accountants make use of trending to examine financial numbers within a period (De-Carmoy, 1990). Trending entails performing indicators ratio analyses, for example, working capital and inventory turnover to ascertain deceitful financial statements. Avey used trending to detect self dealing in Blaise Merchant Bank and Trust Company. In this case, finances were given out from a sole Blaise financial unit to corporations managed by key shareholders. Donald Panton and his wife’s funds were utilized to finance the institution’s owners businesses. Question 3 The troubles in the financial sector began when Blaise Merchant Bank and Trust Company was temporarily managed by the Finance and planning minister. This was after scrutiny established enormous misdeeds in the institution’s management. The banks that were affected failed to abide by appropriate procedures of internal control. The banks that faced financial difficulties exhibited a significant incidence of irregularities and fraud (De-Carmoy, 1990). This shows that there were ineffective controls. In addition, there was an excessive and rising degree of ...Show more

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   Chaos in the Caribbean Name: Institution: Chaos in the Caribbean Question 1 Avey and his company were appointed by the Jamaica government. As an expert witness, Avey was to look into accusations of mismanagement and fraud and make reports that illustrate the findings…
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