What standards do Forensic Accountants follow and why?

Q: What additional expertise must an auditor possess beyond that of an accountant?

A: The role of the duties and responsibilities of an  Accountant and an Auditor is different in all…

Q: What is the biggest role or contribution that an accountant/auditor can do in ensuring that ethical…

A: Fraudulent Activities: Deception or other unethical tactics are used to acquire an unlawful benefit,…

Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: When would an auditor be hired to perform a compliance audit.

A: An independent professional who is responsible for the examination of the financial statements of an…

Q: What Is Forensic Accounting?

A: Forensic Accounting i an integral part of Accounting.Its basically kind of Hindsighting in a legal…

Q: For what does an auditor use professional skepticism?

A: Professional skepticism can be explained as the confirmation of information through inquiry, the…

Q: How would you describe the process of auditing to layman

A: Auditing is the process of checking and verifying books of account and financial statement of…

Q: What is the objectives for Internal Auditors in doing a fraud audit? Briefly explain.

A: Fraud Audit :     Any type of audit assures the risk of material misstatements and ensures the…

Q: What type of knowledge, skills and abilities are required for a forensic accountant? Explain briefly

A: SOLUTION- FORENSIC ACCOUNTING SKILLS - IT ENABLE AN ACCOUNTANT TO GATHER EVIDENCE OF FRAUD AND OTHER…

Q: Who can sue the auditor? how they can sue the auditor. Explain.

A: An auditor is a person or an entity (if the auditor is a firm), who is authorized and assigned/hired…

Q: How does the study of criminology relate to the detection or deterrence of fraud? How does it differ…

A: Fraud It is an  act of intentionally doing something to attain unlawful  things and deny the rights…

Q: How would you describe the Auditing Process to someone with experience in Auditing firm?

A: Audit can be defined as the verification, examination, and evaluation of the financial information…

Q: How do fraud examiners approach data differently than auditors? Why is this significant

A: This question explains about fraud examiners approach data differently than auditors, Why is this…

Q: t an audito

A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: How to explain the Auditing Process into a layman?

A: Auditing is the process of checking and verifying books of account

Q: Who are the professional organizations who are in charge of fraud auditing? Birefly elucidates.

A: This question explains about the professional organization of fraud auditing

Q: Why would a staff auditor want to be “part of the client’s team” and consent to questionable…

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Q: Why do you think "independence" is the foremost quality that a forensic accountant must possess?

A: Accounting:   The process to record, classify, summarize organization transactions in a systematic…

Q: When it comes to control systems and materiality, why may fraud examiners' perspectives be different…

A: Auditor : He is a firm employee tasked with conducting an audit, verifying all of the company's…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: Why do you think audit firms are willing to accept high-risk clients?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Are  third party auditors are better than in house auditors?

A: Auditors are the professionals who examine the financial statements of an entity and give their…

Q: How would you define what you do as a forensic accountant?

A: Forensic Accountant are the professionals which performs the accounting tasks by the art of research…

Q: Outline the steps which can be taken to investigate occupational fraud.

A: Occupational fraud often refers to fraud committed by employees of an organization. This type of…

Q: What is due care? To what standards are auditors held with respect to due care?

A: Due Care: The performance level which is required to be achieved by reasonable auditors in…

Q: what is the most important thing that a Forensic Accountant or Auditor does?

A: Forensic audit or accountant perform an financial records examination in order to find any financial…

Q: What factors should auditors consider in deciding whether to accept or continue the engagement with…

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Q: How would you tell the difference between financial audits and forensic accounting, fraud auditing,…

A: This question explains about financial audits and forensic accounting, and fraud auditing, and…

Q: Who is the professional bodies that responsible in fraud audit? Birefly explain.

A: Fraud in audits occurs when an entity is discovered to have improperly manipulated financial…

Q: How will you explain the Auditing Process to someone who has experience in Auditing firm?

A: Audit can be defined as the verification and evaluation of the financial statements that includes…

Q: How does criminology differ from the study of accounting or auditing?

A: Criminology is a detailed scientific study of various tools that analyzes the root cause i.e. the…

Q: Why do Forensic Accountants follow the General Standards of the AICPA versus the AU 316 (formerly…

A: Forensic Accountants: Forensic accountants are appointed by the company when there is suspicion…

Q: What is the appropriate level of care? What requirements do auditors have to live up to in terms of…

A: It is Answer of the appropriate level of care? What requirements do auditors have to live up to in…

Q: How does the role of a traditional accountant differ from internal and external auditor?

A: External auditor is appointed for the examination of financial records of the entity and for…

Q: What are some civil and criminal consequences if CPAs/auditors fail to follow professional…

A: The CPA may be held liable to financial users for any fraud and/or intentional deceit committed. Any…

Q: Why might fraud examiners’ attitudes about control systems and materiality differ from that ofother…

A: Materiality is the planning and performing the audit procedures in which certain misstatements,…

Q: do family firms need audit ? explain   what do we mean by auditors considering various risks related…

A: According to the size of company, volume of transactions and style of functioning the management can…

Q: How does “fraud examination”differ from “forensic accounting”?

A: Fraud  - This is an Intentional act committed to gain something illegal by omission or  commission…

Q: Why it is important to have auditing standards? Specifically, why are ethics important to the…

A: Auditing is the term which is defined as examination as well as investigation of the financial…