Forensic Accounting Exam 1
Questions with Correct Answers |
Latest Update 100% Pass
Forensic Accountant - CORRECT ANSWER-A forensic accountant may take on
fraud auditing engagements and may be a fraud auditor, but he or she will also use
other accounting, consulting, and legal skills in broader engagements. In addition
to accounting skills, he or she will need a working knowledge of the legal system
and excellent communication skills to carry out expert testimony in the courtroom
and to aid in other litigation support engagements
Fraud Auditor - CORRECT ANSWER-An accountant especially skilled in auditing
who is generally engaged in auditing with a view toward fraud discovery,
documentation, and prevention
Forensic Accounting - CORRECT ANSWER-the action of identifying, recording,
settling, extracting, sorting, reporting, and verifying past financial data or other
accounting activities for settling current or prospective legal disputes or using such
past financial data for projecting future financial data to settle legal disputes
, Two Types of Forensic Accounting Services - CORRECT ANSWER-IAS
(investigative advisory services) and DAS (Dispute Advisory Services)
SAS 99 - CORRECT ANSWER-requires brainstorm session and clarifies auditor's
responsibility in regards to fraud. Attempts to minimize the expectations gap;
increases Auditor's responsibility as it relates to fraud (superseded SAS 82)
Forensic Accountants Knowledge Base - CORRECT ANSWER-■ Law
■ Accounting
■ Investigative auditing
■ Criminology
(& Technology)
Two Certifying Boards and Licenses - CORRECT ANSWER-ACFE (CFE);
AICPA (CFF)
Three M's of Financial Reporting Fraud - CORRECT ANSWER-● Manipulation
● Misrepresentation
● Misapplication
Manipulation - CORRECT ANSWER-○ Falsification or alteration of accounting
records or supporting documents from which financial statements are prepared
Misrepresentation - CORRECT ANSWER-○ Intentional omission of events,
transactions, or other significant information
COPYRIGHT ALL RIGHTS RESERVED ©️ 2025
Questions with Correct Answers |
Latest Update 100% Pass
Forensic Accountant - CORRECT ANSWER-A forensic accountant may take on
fraud auditing engagements and may be a fraud auditor, but he or she will also use
other accounting, consulting, and legal skills in broader engagements. In addition
to accounting skills, he or she will need a working knowledge of the legal system
and excellent communication skills to carry out expert testimony in the courtroom
and to aid in other litigation support engagements
Fraud Auditor - CORRECT ANSWER-An accountant especially skilled in auditing
who is generally engaged in auditing with a view toward fraud discovery,
documentation, and prevention
Forensic Accounting - CORRECT ANSWER-the action of identifying, recording,
settling, extracting, sorting, reporting, and verifying past financial data or other
accounting activities for settling current or prospective legal disputes or using such
past financial data for projecting future financial data to settle legal disputes
, Two Types of Forensic Accounting Services - CORRECT ANSWER-IAS
(investigative advisory services) and DAS (Dispute Advisory Services)
SAS 99 - CORRECT ANSWER-requires brainstorm session and clarifies auditor's
responsibility in regards to fraud. Attempts to minimize the expectations gap;
increases Auditor's responsibility as it relates to fraud (superseded SAS 82)
Forensic Accountants Knowledge Base - CORRECT ANSWER-■ Law
■ Accounting
■ Investigative auditing
■ Criminology
(& Technology)
Two Certifying Boards and Licenses - CORRECT ANSWER-ACFE (CFE);
AICPA (CFF)
Three M's of Financial Reporting Fraud - CORRECT ANSWER-● Manipulation
● Misrepresentation
● Misapplication
Manipulation - CORRECT ANSWER-○ Falsification or alteration of accounting
records or supporting documents from which financial statements are prepared
Misrepresentation - CORRECT ANSWER-○ Intentional omission of events,
transactions, or other significant information
COPYRIGHT ALL RIGHTS RESERVED ©️ 2025
