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 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.
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 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.
