Forensic Accounting Exam 2 |Question and Answers| 100% Correct
6 views 0 purchase
Course
Forensic accounting
Institution
Forensic Accounting
Forensic Accounting Exam 2 |Question
and Answers| 100% Correct
Exam 3 *Ans* Chapters 10, 11, 12
Chapter 10 *Ans* Professional Responsibilities
Profession *Ans* Occupation that requires advanced education and training.
AICPA Code of Professional Conduct *Ans* Membership in the AICPA is volunta...
Profession *Ans* Occupation that requires advanced education and training.
AICPA Code of Professional Conduct *Ans* Membership in the AICPA is voluntary. The
code of conduct has a principles section and a rules section.
Differences between rules and principles *Ans* A principle is a value based force for
behavioral action. A rule is an authoritative regulatory force for behavioral action.
Principles of Professional Conduct *Ans* Responsibilities: Responsibility to serve the public
professionally and maintain public confidence.
Public Trust: Act with integrity, objectivity, and maintain public trust.
Integrity: Be honest and act with integrity.
Objectivity and Independence: Be impartial.
Due Care: Be competent and diligent.
Scope: Consider scope when applying principles.
Acronym: Remember People In Opening Doors Naturally
, Rules of Professional Conduct *Ans* More specific.
Sec 101: Independence
Sec 102: Integrity and Objectivity and free from conflicts of interest.
Sec 200: General Standards: Professional Competence, due professional care, planning and
supervision, sufficient relevant data
Sec 200, Rule 202: Compliance with other standards
Sec 200, Rule 203: Accounting Principles complied with
Sec 300, Rule 301: Do not disclose confidential information about clients with out consent.
Standards for Consulting Services No 1 and Statement of Standards for Valuation Services No 1
*Ans* Must comply with these as well. Contains 7 consulting standards (4 from rule 201 and
3 different ones).
3 additional = client interest, understanding the client, communication with client.
Remember: Interest in Understanding and Communicating.
Also important rules for forensic accountants *Ans* Rule 301 (client confidentiality), Rule
302 (contingent fees), Rule 503 (commissions and referral fees)
ACFE Code of Professional Standards *Ans* No rules but has 6 principles. Similar to
AICPA.
NACVA Professional Standards *Ans* 10 fundamental principles. Similar to AICPA.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AceTests. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.29. You're not tied to anything after your purchase.
