Chapter 2 Homework
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Jared Dimock
Forensic Accounting
Professor Pettit
Chapter 2: Forensic Accounting Education, Institutions, and Specialties Homework
Question 2: Consult your university course catalog(s) and put together a list of courses outside the accounting curriculum that you believe would help create a well-rounded forensic education.
The courses that I believe are good for a well-rounded forensic education are listed below. These courses can be ranged via various law and science courses since forensics is referring the application of scientific methods and techniques to the investigation of crime.
Law Courses:
LAW & SOCIETY (LAWS 131)
LAW JUSTICE AND MORALITY (LAWS 210)
PSYCHOLOGY AND THE LAW (LAWS 332)
FAMOUS TRIALS (LAWS 202)
CRIMINAL INVESTIGATION (LAWS 203)
CRIMINAL LAW (LAWS 228)
DRUGS, CRIME, and SOCIETY (LAWS 348)
FORENSIC GENEALOGY INNOCENCE LAB I (LAWS 365) (Can also be considered a Science course as well)
Science Courses
ANATOMY AND PHYSIOLOGY I LECTURE (BIOL 214)
GENETICS LECTURE (BIOL 332)
GENERAL CHEMISTRY I LECTURE (CHEM 116)
GENERAL CHEMISTRY II LECTURE (CHEM 117)
ORGANIC CHEMISTRY I LECTURE (CHEM 211)
PHYSICAL CHEMISTRY I LECTURE (CHEM 350):
BIOCHEMISTRY (CHEM 425)
MEDICINAL CHEMISTRY (CHEM 445)
Question 4: Per The Economic Costs of Counterfeit and Piracy (2017), what percentage of world trade companies counterfeit products:
a.
2%
b.
20% to 22%.
c.
7% to 11%.
d.
18%.
e.
15%.
Question 6: Explain why the FBI would need forensic accountants. What other government agencies might need forensic accounting skills?
The FBI needs forensic accountants because they're a lot of criminal cases that involve large misstatements of cash or financial position by individuals and businesses. Examples can be said for those
such as Al Capone, Enron, and WorldCom. They also hire forensic accountants to investigate and curtail various white-collar crimes. Other government agencies that might need forensic accounting skills are the IRS and the CIA as fraud can exist in all forms of governmental units.
Question 8: As an expert witness, the forensic accountant should understand:
a.
Business valuations
b.
Commercial litigation
c.
Bankruptcy
d.
Courtroom terminology
e.
All the above
Question 9: A forensic accountant may:
a.
Perform fraud audits
b.
Provide litigation support
c.
Investigate an embezzlement
d.
Trace missing funds
e.
All the above
Question 10: Should a forensic accountant have a CPA certificate? What other certificates are appropriate?
Those who wish to pursue forensic accounting are not required to have a CPA certificate. Other certificates that are more appropriate for the profession are the Certified Fraud Specialist (CFS), the Master Analysts in Financial Forensics (MAFF), the Certified Valuation Analyst (CVA), and the Certified Fraud Examiner (CFE).
Question 11: What four major disciplines make up the knowledge base of forensic accounting?
The four disciplines that make up the base of forensic accounting are accounting, law, investigative auditing, and criminology.
Question 13: Why is fraud like termites and rust?
Fraud is like termites and rust because fraud never sleeps and can destroy the very foundations of a governmental, for-profit, or not-for-profit entity.
Question 15: May a forensic accountant have a monetary interest in the outcome of a court decision?
No. Forensic accountants cannot have a monetary interest in the outcome of a court's decision because they can't engage in any illegal or unethical conduct which constitutes a conflict of interest.
Question 17: Should a forensic accountant express an opinion in a report regarding the guilt or innocence of any person or party?
No. A forensic accountant should avoid opinions regarding guilt, innocence, or liability of any party involved in the forensic investigation.
Question 22: To what certificates do these abbreviations relate:
a.
CPA
b.
CRFAC
c.
CFI
d.
CFE
e.
ABAR
f.
CVA
g.
MAFF
h.
CFS
i.
FCPA
j.
CFF
k.
HTCIA
The following below corresponds to the certificate the abbreviations represent:
a.
CPA: Certified Public Accountant
b.
CRFAC: Certified Forensic Accountant
c.
CFI: Certified Forensic Investigator
d.
CFE: Certified Fraud Examiner
e.
ABAR: Accredited in Business Appraisal Review
f.
CVA: Certified Valuation Analyst g.
MAFF: Master Analyst in Financial Forensics
h.
CFS: Certified Fraud Specialist
i.
FCPA: Forensic CPA
j.
CFF: Certified in Financial Forensics
k.
HTCIA: High Technology Crime Investigation Association
Question 25: Using the Internet, find five or six websites of the many forensic accounting firms.
Below is a list of the 5 Websites for the top 5 forensic accounting firms in America:
1.
JS Morlu: https://www.jsmorlu.com/?utm_source=clutch.co&utm_medium=referral&utm_campaign=directory
2.
McKonly & Asbury: https://www.macpas.com
3.
Berry Dunn: https://www.berrydunn.com/
4.
The MFA Companies: https://www.bakertilly.com/page/new-england
5.
Meaden and Moore: https://www.meadenmoore.com/
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Question 33: How valuable is computer knowledge to a forensic accountant?
Computer knowledge is extremely valuable for a forensic accountant. Forensic accountants require excellent computer abilities in order to perform cyber forensic investigations and utilize various data analysis tools. They make heavy use of computers and other technology in their work to identify and assess fake financial data. Forensic accountants will need to keep up with technological advancements in order to remain as informed as the perpetrators of the financial crime they are investigating.
Question 40: Who was the auditor for HealthSouth during their fraudulent period?
a.
Ernst & Young
b.
KPMG
c.
Arthur Andersen
d.
PwC
e.
Deloitte
Question 43: How does the FBI define white-collar crimes?
White-collar crimes, according to the FBI, include a wide spectrum of scams conducted by corporate and
government personnel. They don't require the use of or threat of using physical force or violence; instead, they are characterized by deception, concealment, or breach of trust.
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Part 1
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