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Forensic accountants utilize an understanding of economic theories, business information, financial reporting systems, accounting and auditing standards and procedures, data management & electronic discovery, data analysis techniques for fraud detection, evidence gathering and investigative techniques, and litigation processes and procedures to ...
[2] [3] Additionally, with growing issues on accounting, financial and loan irregularities, there is a increasing need to conduct forensic accounting examinations and investigations with professional approach for any evidence discovery to meet the high level of scrutiny which can be proved legally in Court.
Forensic accountants need to have a great deal of access to information regarding the company they are investigating or assisting. The information will determine how much a person actually makes, the worth of a business, if there has been fraudulent activity, who committed the fraud, everyone involved, how much was taken from the company, where the money went, and how much can be recovered.
Techniques are also needed to eliminate false alarms, estimate risks, and predict future of current transactions or users. Some forensic accountants specialize in forensic analytics which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise
Demonstrate in excess of 1,000 hours of experience doing forensic accounting work; Complete 75 hours of continuing professional education (CPE) related to forensic accounting. After obtaining the CFF credential, the CPA must continue to earn at least 20 hours of financial forensics-related CPE per year to maintain the CFF credential.
The following outline is provided as an overview of and topical guide to forensic science: Forensic science – application of a broad spectrum of sciences to answer questions of interest to a legal system. This may be in matters relating to criminal law, civil law and regulatory laws. it may also relate to non-litigious matters.
The Comments column provides references to sections of Accounting Standards Codification (ASC) which complement or supersede a particular Audit and Accounting Guide. The ASC is published by the Financial Accounting Standards Board, and access to the ASC is free through the Basic View on the FASB web site.
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).