Chapter 14

Question 1

what is forensic auditing

Answer 1

the process. relates to procedures followed by the firm and can be defined as gathering, analysing and reporting on data in a pre defined context, for the purpose of finding facts and evidence in the context of financial or legal disputes

Question 2

what is forensic accounting

Answer 2

the skills involved. involves undertaking a financial investigation in response to a particular event, where the findings may be used in court

Question 3

what are forensic and investigative accounting engagements

Answer 3

require pro accounting skills, investigative skills and an investigative mindset

involves disputes or anticipated disputes or where there are risks or concerns over fraud

Question 4

what should expert reports include

Answer 4

statement regarding objectivity of expert
confirmation fees are not paid on a contingent basis
acknowledgement experts duty is to the curt

overview of sources of info
confirmation of code of conduct

Question 5

what is the declaration needed in the report

Answer 5

that they are an expert
qualifications and experience
contents of report are true 
acknowledgement of false statements may lead to prosecution
name, signature, date and occupation