[FREE] Forensic Accounting Exam Questions And Answers
Supposing the investors had rewarded Livingstone before the deal was approved. What would be the appropriate term to describe such an action? What is the distinguishing factor in the fraudulent scheme committed in i above and ii above? These roles...
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How to Become a Forensic Accountant
Briefly state and highlight two roles of a testimonial expert covering the requirement in each phase 2 marks Question two You are provided with the following figures for Nanjumbia ltd, for the accounting periods and Description Net sales Shs , Shs 80, Cost of goods sold Shs 58, Shs 57, Gross margin Shs 42, Shs 23, Selling expenses Shs 5, Shs 4, Distribution expenses Shs 4, Shs 2, Salaries and wages Shs 8, Shs 5, Other expenses Shs 18, Shs 11, Pretax income Shs 7, Shs 1, Income tax expense Shs 2, Shs Net income Shs 4, Shs The managing director is informed that, you one of the early learners of forensic accounting and approaches you for assistance regarding using various techniques of preparing the above data into change statements. Required a. Using the knowledge you have learned in forensic accounting, prepare a change statement using horizontal analysis using the above data 10 marks b.
Forensic accounting
In forensic accounting studies, before a fraud can be investigated one must have predication. What do we mean by the term predication? Briefly state and explain at least seven sources of predication 7 marks b. Briefly state and explain four types of evidence that can be collected in fraud investigations. Briefly state the elements in a fraud element triangle while highlighting the corresponding investigative method involved 6 marks ii. Briefly state and explain in detail the elements of a fraud motivation triangle and how it works 9 marks.
Quiz 1: Introduction to Forensic Accounting and Fraud Examination
Account for Your Future Globalization, a growing economy, substantial increases in Internet-based fraud and a complex tax and regulatory environment continue to lead to strong demand for accountants, forensic accountants, fraud examiners and both internal and external auditors. According to the U. Compensation and ability to advance is often significantly higher for employees with an advanced degree and a certification.
The Certified Forensic Accountant Exam
Admission Requirements A completed graduate study application form Apply online now for free! A bachelor's degree from an accredited institution and official undergraduate transcripts from all institutions attended. Official transcript s from any institution s in which postbaccalaureate or graduate course work was completed. One academic or professional letter of recommendation. A current resume. A personal statement explaining how the Seton Hill graduate program can help you accomplish your professional goals. If this is not possible, you may be able to start the MBA Program while completing the prerequisite courses.
Forensic Accounting Questions and answers
Describe the composition of the Security and Exchange Commission. The U. Securities and Exchange Commission frequently abbreviated SEC is a federal agency[2] which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. No more than three can be from a single political party. Each commissioner serves a fiveyear term, which is staggered so that one commissioner's term ends on June 5 of each year. Schapiro, Kathleen L. Casey, Elisse B. Walter, Luis A. Aguilar and Troy A. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement.
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Such review shall include a review of an issuer's financial statement. Section 13 of the Securities Exchange Act of 15 U. How does a forensic scientist establish forensic identification? Forensic scientists analyze the physical evidence they receive from police, and then prepare reports describing the results of their analysis. Those documents, along with forensic scientists expert testimony, can be important prosecutorial tools for convicting the accused.
Test bank for Forensic Accounting and Fraud Examination 2nd edition by William S. Hopwood
Analyzing evidence. Whenever a crime is committed, police try to preserve the scene until an investigator collects every piece of evidencelike hair and fiber samples, pieces of clothing, or other personal belongingsthat might provide clues to solving the case. The evidence is then turned over to forensic scientists for analysis. Their analyses involve a variety of sciences, mathematical principles, and problem-solving methods, including use of complex instruments; chemical, physical, and microscopic examining techniques; and reference literature. Forensic scientists can thus use physical evidence to determine the make, model, year, and, ultimately, identity of the car involved in a crimeand through further analysis can also tell which way the car was facing, how it pulled away from the crime scene, and in which direction. Some forensic scientists are generalists; others specialize in a particular area of laboratory analyses.
Forensic Accounting and Fraud Examination
Persons employed in large laboratories tend to specialize. Most crime lab professionals work in one or more of the following areas. Controlled substances and toxicology. Crime lab professionals specializing in this area examine blood and other body fluids and tissues for the presence of alcohol, drugs, and poisons. Crime lab professionals compare body fluids and hair for typing factors, including DNA analysis.
Forensic Accounting and Fraud Examination, 2nd Edition
DNA analysis determines how frequently parts of a persons genetic code are found in the population; forensic scientists isolate DNA strands from an individuals body fluids to compare that persons unique DNA to the DNA of a sample of others. Forensic scientists analyze trace physical evidence such as blood spatters, paint, soil, and glass. For example, blood spatters help reconstruct a crime scene: The patterns of spatters and the shapes of blood droplets tell how the crime was committed.
Fraud Examination and Forensic Accounting
Document examination. Document examination includes many areas of expertise, including forgery, document dating, and analysis of handwriting, typewriting, and computer printing, and photocopying. Firearms and Toolmark identification. Firearms examination involves matching identifying characteristics between a firearm and projectile and between a projectile and target. Typically, this includes matching bullets to the gun that fired them. Toolmark identification involves matching some identifying characteristics of a tool, such as a pry bar, to the object on which it was used, such as a door frame. It also includes explosives and imprint evidence. Psychophysical detection of deception exam. The psychophysical detection of deception exam formerly known as the polygraph is based on the scientific theory that when telling a lie, a persons body responds in a certain way despite any attempts to avoid detection.
Bac 409: Forensic Accounting Question Paper
Forensic scientists use special equipment to measure changes to internal body functions including breathing, blood pressure, and pulse ratein response to their questions and then analyze the results. Describe some types of physical evidence. A successful crime investigation depends upon the collection and analysis of various kinds of evidence. Forensic scientists classify evidence in different ways and have specific ways of dealing with it. One major distinction is between physical and biological evidence. Physical evidence refers to any item that comes from a nonliving origin, while biological evidence always originates from a living being.
Forensic accounting | ACCA Global
The most important kinds of physical evidence are fingerprints, tire marks, footprints, fibers, paint, and building materials. Biological evidence includes bloodstains and DNA. Impression marks are another important kind of physical evidence. When an item like a shoe or a tire comes into contact with a soft surface, it leaves behind a pattern showing some or all of its surface characteristics, known as an impression. The collection and analysis of impression evidence found at the scene of a crime can often be very important to an investigation. Fingerprints are perhaps the most significant type of physical evidence in most crimes. The technology of collecting and analyzing fingerprints has been well known for over a century and has been refined over the years. A fingerprint is important as individualizing evidence.
Forensic Accounting and Fraud Examination 2nd Edition Hopwood Test Ba…
It can tie a specific person to a crime, because no two individuals have ever been found to have the same fingerprint. If a fingerprint from the scene of a crime can be linked to one in a database or from a suspect, then an identification can be made. Other kinds of physical evidence such as tire tracks and shoeprints are class evidence, rather than individualizing, evidence. This means that on its own such evidence may not be enough to convict. A shoe print taken from a relatively new shoe merely suggests the make, style, and maybe the size of a shoe. What are some of the financial statement fraud differences between large and small businesses? Financial statement fraud involves the intentional publishing of false information in any portion of a financial statement.
FORENSIC ACCOUNTING QUESTIONS AND ANSWERS - MASOMO MSINGI PUBLISHERS
It usually occurs when a company overstates assets or revenue, or when it understates liabilities and expenses. Oftentimes stockholders, employees and investors are kept completely in the dark about the value of corporate assets and the existence of liabilities when such a fraud is taking place. However, there differences in financial statement fraud between small and large businesses. Financial statement frauds in large businesses are more complex and sophisticated to an extent that they are obscured by relying on various interpretations of accounting standards used in preparing the financial statements. Financial statement frauds in small businesses are not sophisticated but very glaring forms of frauds and not to increase their net assets or incomes. List and describe at least five document indicators for fraud. Fraud is not an openly visible crime.
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It can be detected only through red flags that indicate that ethics and honesty have been compromised within the company. A red flag is a set of circumstances that are unusual in nature or vary from the normal activity. It is a signal that something is out of the ordinary and may need to be investigated further. Remember that red flags do not indicate guilt or innocence but merely provide possible warning signs of fraud. Such red flags can be from the accounting system, lack of segregation of duties and other crucial internal control features, lack of integrity in top management behavior, unusual or extravagant behavior on part of employees, and numerous complaints or hotline tips. All these are indicators that fraud may exist not necessarily proof of fraud. Name and describe at least four schemes for overstating revenues. Probably the most common financial statement fraud is the manipulation of sales revenue figures. It's in the companys best interest to report higher sales, as opposed to lower sales, so virtually every company runs the risk of overstating sales.
Test Bank for Forensic Accounting by Rufus by a - Issuu
Channel stuffing is the business practice where a company, or a sales force within a company, inflates its sales figures by forcing more products through a distribution channel than the channel is capable of selling to the world at large. Also known as "trade loading", this can be the result of a company attempting to inflate its sales figures. Alternatively, it can be a consequence of a poorly managed sales force attempting to meet short term objectives and quotas in a way that is detrimental to the company in the long term. Consignment sale is the act of consigning sales, which is placing a person or thing in the hand of another, but retaining ownership until the goods are sold or person is transferred.
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This may be done for shipping, transfer of prisoners, or for sale in a store i. This is abused in the sense that shipments of goods are done at the end of the year and are considered as sales. Premature revenue recognition errors or deliberate distortions involving revenue recognition fall into two categories: situations in which revenue legitimately earned is reported in the incorrect fiscal financial reporting period, often referred to as cutoff errors, and situations in which revenue is recognized although never actually earned.
Forensic Accounting & Fraud Examination (M.B.A.) · Seton Hill University
Given the emphasis on periodic reporting e. Describe big bath accounting and what would make a company engage in it. Big Bath in accounting is an earnings management technique whereby a one-time charge is taken against income in order to reduce assets, which results in lower expenses in the future. The write-off removes or reduces the asset from the financial books and results in lower net income for that year. The objective is to take one big bath in a single year so future years will show increased net income. This technique is often employed in a year when sales are down from other external factors and the company would report a loss in any event. Note there is no cash impact to this write-down. This process takes an inventory loss and turns it into a profit. Corporations will often wait until a bad year to employ this big bath technique to clean up the balance sheet.
Quiz+ | Quiz 1: Introduction to Forensic Accounting and Fraud Examination
Although the process is discouraged by auditors, it is still used. In recent times, General Motors and other US Corporations have taken huge write downs on balance sheet assets resulting in massive losses. The same result can be achieved by recording in one year the future cash costs of expected plant closing or employee layoffs. The objective is to take these loses all at once, so future periods can show positive net income. In terms of catching employee fraud, what is the most important concept and how can it assists in catching employees actions? Business owners and senior management must themselves be role models of honesty and integrity, or they may risk setting up a work environment that justifies illegal and criminal activity.
Forensic Accounting and Fraud Examination, 2nd Edition | Wiley
Forensic accountants investigate fraud and uncover financial crimes. Some work in law enforcement, conducting criminal and civil investigations into crimes such as illegal financial transactions and embezzlement. Forensic accountants can also work as fraud examiners and certified public accountants CPAs , reviewing financial documents to resolve civil disputes. The field boasts strong job growth and above-average salaries. The BLS projects the creation of more than 90, new accountant jobs from This page explores the skills forensic accountants need, how long it takes to enter the field, and career development tools for forensic accountants.
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