Time - answer-Forensic accounting focuses on the past, although it may do so in order to look forward.
What is forensic accounting's purpose? - answer-Forensic accounting is performed for a specific legal forum or in anticipation of presentation before a legal forum.
Peremptory - answer-Foren...
FORENSIC ACCOUNTING EXAM 1. CH. 1-4 NEW
Time - answer-Forensic accounting focuses on the past, although it may do so in order to look forward.
What is forensic accounting's purpose? - answer-Forensic accounting is performed for a specific legal forum or
in anticipation of presentation before a legal forum.
Peremptory - answer-Forensic accountants may be employed in a wide variety of risk management
engagements within business enterprise as a matter of right, without the necessity of allegations (e.g.,
proactive).
Two Forensic Accounting Broad Areas - answer-Investigative Accounting & Litigation Support
Litigation services provided by F.A.s - answer-Damages
Antitrust analyses
Valuation
Accounting
General Consulting
Analyses
Additional Procedures in forensic audit - answer-Interviews and leveraging techniques
Document inspection
Public records search
Legal knowledge regarding rules of evidence
Top 10 Topics in Forensic ACC Curricula (1-5) - answer-1. Fundamentals of fraud
2. Financial statement fraud
3. Types of fraud.
4. Cooking the books and problems in accounting.
5. Elements of fraud: pressure, opportunity, and rationalization.
Top 10 Topics in Forensic ACC Curricula (6-10) - answer-6. Anti fraud controls
7. Internal control evaluation
8. Theory and methodology of fraud examination.
9. Principles of ethics and corporate code of conduct.
10. Fraud detection and deterrence programs.
Knowledge, skills, and abilities needed by forensic accountant - answer-Law, legal system, courts, and
courtroom procedure.
Forensic Accounting knowledge base - answer-Law.
Criminology.
Investigative auditing.
Accounting.
Transaction oddities in employee crimes that forensic accountants look for - answer-Time (of day, week, month,
year, or season).
Frequency (too many, too few).
[Type here] [Type here] [Type
here]
, Places (too far, too near, and too "far out").
Amount (too high, too low, too consistent, too alike, too difficult).
Parties or personalities (related parties, strange and estranged relationships between parties, management
performing clerical functions).
White-collar crimes according to the FBI are categorized by - answer-deceit, concealment, or violation of trust
and are not dependent on the application or threat of physical force or violence.
Forensic Accounting Definition - answer-Action of identifying, settling, extracting, sorting, reporting, and
verifying past financial data or other accounting activities for settling current or prospective legal disputes.
Foreign Corrupt Practices Act - answer-Purpose is to combat corrupt business practices such as bribes and
kickbacks.
Areas of Forensic Accounting - answer-Pretrial Support.
Trial Support.
Expert Witnessing.
Settlement Support.
Number of SOX Titles impacting forensic accounting - answer-11 Titles
Three M's of Financial Reporting Fraud - answer-1. Manipulation of accounting records or documents.
2. Misrepresentation of events or transactions.
3. Misapplication of accounting principles.
Major Legal Elements of Fraud - answer-A false representation or willful omission regarding a material fact.
The fraudster knew the representation was false.
The target relied on this misappropriation.
The victim suffered damages or incurred a loss.
Public Oversight Board - answer-Independent private sector body created in 1977 that established the panel on
audit effectiveness. PCAOB replaced them in 2002.
Panel on Audit Effectiveness - answer-Appointed in 1998 by the Public Oversight Board.
Review and evaluate independent audits and whether the audit practices serve the public interest.
Skills required of a forensic accountant - answer-Analytical skills.
Basic accounting skills.
Problems solving skills.
Interviewing skills.
Communication skills.
Computer skills.
professional specialties where forensic accounting is helpful - answer-Accountants.
Consultants.
Internal auditors.
Professors.
SEC Accountants.
Valuators of closely held businesses.
[Type here] [Type here] [Type
here]
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