Solve this MCQ What makes forensic accounting distinct fromregular auditing?a. It focuses on future predictionsb. It only reviews routine transactionsc. It specifically investigates potential fraud or legaldisputesd. It deals with tax planning only

Explanation of Forensic Accounting:Forensic Accounting is a specialized field of accounting focused…

Answered: What makes forensic accounting distinct…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 6RQSC

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What makes forensic accounting distinct from regular auditing?
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What makes forensic accounting distinct from regular accounting?
Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account Receivable confirmations d. Inspection of Documents e. Inquiry of Internal Auditors
It is generally acceptable for analytical procedures to be the only audit procedure used to test revenue. Question 21 options: True False
Which is not a Risk Assessment Procedure?a. Ratio Analysisb. Observation of Activitiesc. Account Receivable confirmationsd. Inspection of Documentse. Inquiry of Internal Auditors Is it a or c ???
How does “fraud examination”differ from “forensic accounting”?
Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.
Which of the following audit procedures is least appropriate for addressing the assertion of valuation of liabilities? a. Confirm with creditors b. Test for unrecorded liabilities. c. Perform analytical procedures. d. Verify accounts payable trial balance
8. The essence of the audit function is to: Select one:a. Examine individual transactions so that the auditor may certify as to their validityb. Detect fraudc. Determine whether the client’s financial statements are fairly stated.d. Assure the consistent application of correct accounting procedures.
Audit evidence can come in different forms with different degrees of reliability. Which of the following types of evidence is the least reliable?a. Invoices from suppliersb. Bank statements obtained from clientsc. The calculations made by the auditord. Sales invoice unnumbered

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What makes forensic accounting distinct from regular auditing? a. It focuses on future predictions b. It only reviews routine transactions c. It specifically investigates potential fraud or legal disputes d. It deals with tax planning only