In the future what will auditors rely on heavily? - answer-Auditing tools, help speed up and analyze information very quickly.
Who was Frank Wilson? - answer-He was the IRS agent that prosecuted Al Capone
In what huge bankruptcy caused forensic accountants to become rising stars? - answer-En...
Forensic and investigative accounting Quiz 1
What generation changed the everything? - answer-Baby boomers, need more people to testify due to high
retirement rates
Fraud Auditing - answer-Skilled in fraud discovery, documentation, and prevention. Pinpoint where fraud is
taking place
Forensic Accounting - answer-does fraud auditing but incorporates legal skills to carry out testimonies in court
to aid in cases
interrogatories - answer-written questions for court (limited amount)
Time - answer-looks in past, sometime future
Purpose - answer-perform specific legal forum or in anticipation of presentation before a legal forum
Peremptory - answer-employed in a wide variety of risk management engagements
Forensic Accounting - answer-The act of identifying and verifying financial data and other financial activities
for settling legal disputes using investigative techniques
Maurice Peloubet - answer-Coined the phrase forensic accounting in 1946
Max Laurie - answer--accountants should not have to attend law school to learn about evidence
-deliver forensic accounting training
FBI - answer-First entity to employ forensic accountants
Accounting history, 1980 - answer-Companies use computers to perform record keeping
Accounting history, 1986 - answer-AICPA broke forensic accounting into two categories
- Investigative
- Litigation support
Accounting history, 1998 - answer-Panel for audit effectiveness set to review and evaluate independent audits
Accounting history, 2000 - answer-Report and Recommendations (provide forensic type procedures during
every audit to detect fraud)
What caused audits to have worse quality? - answer-Audit fee's drop due to competition and firms relied more
on internal controls. (Problem is that management can circumvent controls)
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