Question

1- What forensic mean?

25-The modern role of forensic accounting has been defined by Wayne Bremser to include four elements. Which of the following in NOT one of the four: a.pretrial support b. trial support c. expert witnessing d.settlement support e. decisions on the case

28- what is meant by the forensic- type fieldwork phase of an audit?

29- common litigation services provided by CPSs while serving as experts witnesses would include all except which of the following: a. economic analysis b. computation based on market sharif each participant based on sales c. rendering an audit opinion d macro and micro economic analysis e. all of above

Answer 1

1) Forensic-

- .relating to or denoting the application of scientific methods and techniques to the investigation of crime.

- relating to court of law

- scientific tests or techniques used in connection with the detection of crime.

- a laboratory or department responsible for forensic tests.

25)  

The modern role of forensic accounting has been defined by Wayne Bremser to include four elements.

a. Pretrial support

b. Trial support

c. Expert witnessing

d. Settlement support

Thus the correct answer is E. Decision on the case.

28) Forensic- type fieldwork phase of an audit

Current Forensic Audit Procedures in an Audit of Financial Statements
In 1998, the then Chief Accountant of the SEC asked the Public Oversight Board
(“POB”) to examine recent changes in the audit process, and suggested the creation of a panel to perform this review.
On August 31, 2000, the POB’s Panel on Audit
Effectiveness ("PAE") issued its report and recommendations. Included in the report
was the introduction of a "forensic-type fieldwork phase." The report stated:
Not unlike the traditional planning, interim, final and review phases of audits, this new forensic-type phase should become an integral part of the audit, with careful thought given to how and when it is to be carried out. A forensic-type fieldwork phase does not mean converting a generally accepted auditing standards ("GAAS") audit to a "fraud audit." Rather, the characterization of this phase of a GAAS audit as a forensic-type phase seeks to convey an attitudinal shift in the auditor's degree of skepticism.
Furthermore, use of the word phase does not mean that the work cannot be integrated throughout the audit.The PAE recommended that during this forensic-type phase auditors should   modifythe otherwise neutral concept of professional skepticism and presume the possibility of dishonesty at various levels of management, including collusion, override   ofinternal control, and falsification of documents.

Forensic audits can be performed to achieve various objectives and can include a variety of different procedures. The ability of a forensic audit to provide better fraud detection than a financial statement audit would, of course, depend on the nature and
extent of procedures performed. As discussed below, auditors currently perform some procedures in the financial statement audit that could be considered forensic in nature.

29)  Common litigation services provided by CPSs while serving as experts witnesses would include all except which of the following: a)economic analysis

b) computation based on market sharif each participant based on sales

c.)macro and micro economic analysis

Thus correct answer is C. Rendering an audit opinion