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Forensic Accounting Questions |Question and Answers| 100% Correct
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Forensic Accounting Questions |Question and Answers| 100% Correct What does forensic mean? *Ans* Forensic means generally those things that relate to a legal forum or court Which country was the first to require audits of corporations? *Ans* England What huge bankruptcy in caused forensic ac...

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  • 8 de octubre de 2024
  • 5
  • 2024/2025
  • Examen
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  • forensic accounting questions question and answer

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  • Forensic accounting
  • Forensic accounting

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Forensic Accounting Questions
|Question and Answers| 100% Correct
What does forensic mean? *Ans* Forensic means generally those things that relate to a legal

forum or court



Which country was the first to require audits of corporations? *Ans* England



What huge bankruptcy in 2001-2002 caused forensic accountants to become rising starts within

the accounting profession? *Ans* Enron



investigative accounting activities in the FBI grew dramatically during what 20th century

conflict? *Ans* WWII



the modern role of forensic accounting has been defined by Wayne Bresmser to include for

elements. What are the four? *Ans* Pretrial support, Trial support, expert witnessing,

settlement support



Forensic accounting always involves... *Ans* Business valuations, investigating suspected

fraud, testifying in a courtroom as an expert witness, using accounting techniques and financial

expertise in a legal environment.

, What was worldcom's main fraud strategy? *Ans* moving expenses into asset accounts



What does Lee Seidler say about external auditors? *Ans* Lee Seidler says that external

auditors have a poor record of uncovering fraud and that they will continue to miss it.



What overcomes the assumption that separations of duties prevent fraud? *Ans* The

evidence that separate parties do collude overcomes the assumption of separation of duties



What is the key question that an auditor should ask according to the panel on audit effectiveness?

*Ans* They should ask is "where is the entity vulnerable to financial statement fraud if

management were inclined to perpetuate it?"



How does a forensic accountant analyze inventories and receivables? *Ans* Forensic

accountants watch how inventories and receivables interact; they should rise and fall directly and

should be relatively similar



What is wrong with a clerk who is responsible for tallying bank deposit tickets and also is

responsible for collecting cash sales? *Ans* the clerk could falsify returns, etc and as a result

they could take money unchecked

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