Forensic Accounting Exam 1. Ch. 1-4
|Question and Answers| 100% Correct
Time *Ans* Forensic accounting focuses on the past, although it may do so in order to look
forward.
What is forensic accounting's purpose? *Ans* Forensic accounting is performed for a
specific legal forum or in anticipa...
Forensic Accounting Exam 1. Ch. 1-4
|Question and Answers| 100% Correct
Time *Ans* Forensic accounting focuses on the past, although it may do so in order to look
forward.
What is forensic accounting's purpose? *Ans* Forensic accounting is performed for a
specific legal forum or in anticipation of presentation before a legal forum.
Peremptory *Ans* 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 *Ans* Investigative Accounting & Litigation Support
Litigation services provided by F.A.s *Ans* Damages
Antitrust analyses
Valuation
Accounting
General Consulting
Analyses
Additional Procedures in forensic audit *Ans* Interviews and leveraging techniques
, Document inspection
Public records search
Legal knowledge regarding rules of evidence
Top 10 Topics in Forensic ACC Curricula (1-5) *Ans* 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) *Ans* 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 *Ans* Law, legal system,
courts, and courtroom procedure.
Forensic Accounting knowledge base *Ans* Law.
Criminology.
Investigative auditing.
Accounting.
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