AUD2

Question 1

A forensic audit’s purpose is the detection or deterrence of fraudulent activities.

Answer 1

What are FORENSIC AUDITS for?

Question 2

What are EXTERNAL EDITORS?

Answer 2

External editors are also known as Independent Auditors or CPA. They are called external or independent because they are not employees of the entity being audited.

Question 2

What are FORENSIC AUDITS for?

Answer 2

A forensic audit’s purpose is the detection or deterrence of fraudulent activities.

Question 3

Government Auditors are emplyed by federal, state, and local agencies.

Answer 3

What are GOVERNMENT AUDITORS?

Question 4

What are the 2 types of Auditors in Federal Level?

Answer 4

1. Government Accountability Offic (GAO)
2. Internal Revenue Service (IRS)

Question 5

What are COMPLIANCE AUDITS for?

Answer 5

A compliance audit determines the extent to which rules, policies, laws, covenants, or government regulations are followed by the entity being audited.

Question 5

Give some examples where Forensic audits might be conducted.

Answer 5

1. ) Business or employee fraud.
2. ) Criminal investigations.
3. ) Shareholder and partnership disputes.
4. ) Business economic losses.
5. ) Matrimonial disputes.

Question 5

External editors are also known as Independent Auditors or CPA. They are called external or independent because they are not employees of the entity being audited.

Answer 5

What are EXTERNAL EDITORS?

Question 6

1. ) Business or employee fraud.
2. ) Criminal investigations.
3. ) Shareholder and partnership disputes.
4. ) Business economic losses.
5. ) Matrimonial disputes.

Answer 6

Give some examples where Forensic audits might be conducted.

Question 7

Forensic Auditors are employed by corporations, government agencies, public accounting firms,and consulting and investigative services firms.

They are specially trained in detecting, investigating and deterring fraud and white- collar crime.

Answer 7

What are FORENSIC AUDITORS?

Question 8

Internal Auditors are auditors who are employees of individual companies, partnerships, government agencies, and other entities.

Answer 8

What are INTERNAL AUDITORS?

Question 10

What are INTERNAL AUDITORS?

Answer 10

Internal Auditors are auditors who are employees of individual companies, partnerships, government agencies, and other entities.

Question 11

1. Government Accountability Office (GAO)
2. Internal Revenue Service (IRS)

Answer 11

What are the 2 types of Auditors in Federal Level?

Question 13

What are some situations where auditors are involved?

Answer 13

1. ) Reconstructing incomplete or damages accoutning records to settle an insurance claim over inventory valuation.
2. ) Probing money-laundering activities by reconstructing cash transactions.
3. ) Investigating and documenting embezzlement and negotiating insurance settlements.

Question 14

What are INTERNAL CONTROL AUDITS for?

Answer 14

Auditing standards for public companies require an INTEGRATED AUDIT of internal control and finacial statements.

Question 16

What are GOVERNMENT AUDITORS?

Answer 16

Government Auditors are emplyed by federal, state, and local agencies.

Question 17

1. ) Reconstructing incomplete or damages accoutning records to settle an insurance claim over inventory valuation.
2. ) Probing money-laundering activities by reconstructing cash transactions.
3. ) Investigating and documenting embezzlement and negotiating insurance settlements.

Answer 17

What are some situations where auditors are involved?

Question 18

What are FORENSIC AUDITORS?

Answer 18

Forensic Auditors are employed by corporations, government agencies, public accounting firms,and consulting and investigative services firms.

They are specially trained in detecting, investigating and deterring fraud and white- collar crime.

Question 19

Auditing standards for public companies require an INTEGRATED AUDIT of internal control and finacial statements.

Answer 19

What are INTERNAL CONTROL AUDITS for?

Question 20

A compliance audit determines the extent to which rules, policies, laws, covenants, or government regulations are followed by the entity being audited.

Answer 20

What are COMPLIANCE AUDITS for?

Question 21

What does ATTEST mean?

Answer 21

1. ) Provide or serve as clear evidence of: “his status is attested by his recent promotion”.
2. )Declare that something exists or is the case: “I can attest to his tremendous energy”.