When comparing a forensic audit with a financial audit, which item would indicate a financial audit? A
sampling process. Sampling is used to create evidence to support an entity-wide opinion. Financial audits
must be done quickly to allow timely opinio
ACCT 562 01W, 02W, and 81E Our First Test Fall, 2015
Wilson Name: _
1. During the course of a fraud examination, White, an employee of the ABC Corp., approaches Blue, a
Certified Fraud Examiner, and tells Blue that he wishes to furnish information in conf
Sample Multiple Choice Questions for Our Second Test
The most common method of detecting occupational fraud is:
A company has a 22% profit
HOMEWORK: CHAPTER 6
1. What is the difference between direct and indirect methods of income verification?
The difference between direct and indirect methods of income verification is in the direct method, net
income is reconstructed on a cash basis and re
HOMEWORK: CHAPTER 1
1. What does forensic mean?
- The term Forensic refers to items that are used in debate or argument. In business, typically these
debatable or arguable items are related to legal forum or courts.
3. What are the key components of the d
HOMEWORK: CHAPTER 7
2. What is the primary purpose of someone engaging in money laundering?
The primary purpose of someone engaging in money laundering is to make the funds spendable in a
context that would have been unavailable otherwise.
8. Explain how
ACCT 562 02W
HOMEWORK: CHAPTER 4
1. What change in auditing may have caused Enron, WorldCom, Xerox, and the other
- The change from labor-intensive processing to internal controls may have caused
Enron, WorldCom, Xe
HOMEWORK: CHAPTER 3
7. What are the three ways managers override internal controls? How can a forensic
accountant overcome managers overriding internal controls?
- The three ways managers override internal controls is by recording fictitious business
HOMEWORK: CHAPTER 2
11. What four disciplines make up the knowledge base of forensic accounting?
- The four disciplines that make up the knowledge base of forensic accounting are: Law,
Accounting, Investigative Auditing, and Criminology.
15. May a forensi
CHAPTER 8 (8, 11 to 15, 20 to 22, 24, 25, 28, 34, 55, and 65)
8. How does the knowledge, skill, experience, training, and education that accountants are expected to
have and use in performing litigation services compare with what they are expected to have
HOMEWORK: CHAPTER 5
1. Define misappropriation of asset. What are other terms for this concept?
Misappropriation of assets is when people who are entrusted to manage the assets of an
organization steal from it. Misappropriation of assets is typically comm
4:Summarize the guideline SAS NO 31 provides provides for auditors ? SAS No. 99
In an IT environment, it may be necessary for the auditor to employ computerassisted audit techniques (for example, report writers, software or data extract
1: Define misappropriation of asset. What are other terms for this concept?
Misappropriation of assets involves the theft of an entitys assets by stealing, embezzling, misuse of
company assets, and causing a company to pay for goods or servi
3: What are the key components of the definition of forensic accounting?
forensic - items used in debate
accounting - activities that relate to financial accounts (identifying, recording, sorting, settling, extract)
time - look at past & future
Cr unding and i e taxes
Whetherand howthi ill-newiunding or i late to in meta remain on ear, but me prin pie nbe applied.
By Cheryl T. Metrejean, CPA, Ph.D., and Britten A. McKay, Ph.D.
October 1. 2015
Image by tai1lliStock
Crowdfunding has grown into
Chapter Thirteen: 4, 10, 11, 17 to 24, and 45
4. SAS No. 31: Provides guidelines for audit engagements encountering electronic documents. It
states that for an accounting system predominately evaluated through the use of electronic
audit evidence, it may