Introduction to Forensic Accounting Chapter 1 Quiz |100% Correct Answers|
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Course
Forensic accounting
Institution
Forensic Accounting
Introduction to Forensic Accounting
Chapter 1 Quiz |100% Correct Answers|
What are the key the key elements of the definition of forensic accounting? *Ans*
Accounting, special skills, law, evidential matter and interpret and communicate
What does the word forensic mean? *Ans* Pertaining to la...
Introduction to Forensic Accounting
Chapter 1 Quiz |100% Correct Answers|
What are the key the key elements of the definition of forensic accounting? *Ans*
Accounting, special skills, law, evidential matter and interpret and communicate
What does the word forensic mean? *Ans* Pertaining to law
What are the two areas into which the practice of forensic accounting is typically divided?
*Ans* Litigation Services and Investigative Services
How does auditing differ from forensic accounting? *Ans* Auditing and forensic accounting
are governed by different standards. Auditing is subject to attestation standards and auditing
standards promoted by the AICPA. Forensic accounting is subject to the Statement on Standards
for Consulting Services.
Overall objective of the engagements are different i.e. - work product.
Work product is different. Auditors will issue an opinion on the fair presentation of financial
statements in relation to the applicable accounting framework.
A forensic accountants apply specialized skills that differ from those used by auditors. And the
work product will depend on the issues at hand and will vary by engagement.
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