It is a pleasure to write the foreword for Principles of Fraud Examination, a book authored by my friend, Dr. Joseph T. Wells. I have known Joe for over 20 years. While most students, practitioners, and academics know him as the founder and chairman of the Association of Certified Fraud Examiners, I know Joe as a friend, as one who has influenced my thinking, knowledge, and research about fraud, and as a person who is one of the most thorough, ambitious, and thoughtful fraud researchers I have ever met. And, as you will see from reading this book, Dr. Wells is an excellent communicator who can make numerous fraud theories and schemes easy to understand.
Joe is a prolific writer. For several years, he authored a fraud-related article in nearly every issue of the Journal of Accountancy, and he has written many other books and articles. Dr. Wells' work has won numerous awards. He has also written and produced more than a dozen fraud-related videos that are an integral part of nearly every accounting, auditing, and fraud curriculum in the United States.
It is my opinion that Joseph T. Wells has made a greater contribution to the prevention, detection, and investigation of fraud than any person in the world. Because of his work in fraud education and research and his vision in organizing the ACFE, there are tens of thousands of people who have a better understanding of fraud and who are working to reduce its cost and occurrence.
Principles of Fraud Examination provides an excellent description of the behavioral and social factors that motivate occupational offenders. It also provides an analysis and taxonomy of various kinds of frauds and cases that illustrate and help readers understand each type of fraud. The concepts described in the book are sound and are based on the most extensive empirical research ever conducted on the subject. This book is a must read for any student interested in the study of fraud.
Reading Principles of Fraud Examination will help you better understand the various ways fraud and occupational abuse occur, thus helping you identify exposures to loss and appropriate prevention, detection, and investigation approaches. And, as you will see, the book is written in a way that will capture and hold your attention. The numerous fraud stories and personal insights provided by Joe will have you believing you are reading for enjoyment, while in fact, you will be learning from one of the true master educators. I believe this book is destined to become one of the real classics and definitive works on the subject of fraud.
W. Steve Albrecht, PhD
Brigham Young University