Forensic - Question 1 4 out of 4 points Contrast and...

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Question 1 4 out of 4 points Contrast and compare the role of the following: o The internal auditor. o The external auditor. o The external forensic accounting consultant in an external audit. Answer Selected Answer: Internal auditor verify the company's operations. Internal auditors may also be involved in collecting and evaluating information to assist in determining whether operations should be changed. External auditors are not employees of the company; they are auditors hired to determine whether the company's financial statements fairly present, in all material respects, financial position, results of operations, and cash flows in accordance with specified criteria. The external forensic accounting consultant in an external audit is contracted by the firm to perform an audit following the firm's auditing standards is differs from the auditing standards. The level of independence is therefore somewhere between the internal auditor and the external auditor. The consultant auditor may work independently, or as part of the audit team that includes internal auditors. Consultant auditors are used when the firm lacks sufficient expertise to audit certain areas, or simply for staff augmentation when staff are not available. Correct Answer: The internal auditor focuses on maintaining adequate internal control processes. The external auditor focuses on attesting to financial statements. The external forensic accounting consultant in an external audit is likely to focus on a specific area of concern, one that is likely to involve suspected or actual fraud.
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Response Feedback: [None Given] Question 2 4 out of 4 points How important are information technology skills to the forensic accountant? Give five examples of ways that forensic accountants use information
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This note was uploaded on 02/29/2012 for the course FORENSIC 101 taught by Professor ? during the Spring '12 term at Post.

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Forensic - Question 1 4 out of 4 points Contrast and...

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