Forensic Accounting Questions |Question and Answers| 100% Correct
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Course
Forensic accounting
Institution
Forensic Accounting
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...
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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