Question 1

Different jurisdictions often have different laws and use different rules of procedure.

Accepted Answer

A) True 
 B)False  True

Question 2

Which of the following best defines a hypothesis in a scientific process?

Accepted Answer

A)  derivation of a conclusion based on observations 
B)  development of a tentative explanation based on preliminary observations 
C)  collection of data for the engagement 
D)  a statement of the exact function an accountant has been engaged to do 
A)  derivation of a conclusion based on observations 
B)  development of a tentative explanation based on preliminary observations 
C)  collection of data for the engagement 
D)  a statement of the exact function an accountant has been engaged to do B

Question 3

Which of the following is an example of primary sources of information?

Accepted Answer

A)  published statistics 
B)  media 
C)  management reports 
D)  asset protection data 
A)  published statistics 
B)  media 
C)  management reports 
D)  asset protection data D

Question 4

Which of the following is true of an engagement letter?

Accepted Answer

A)  It is addressed to the expert, to establish an agent relationship. 
B)  It cannot be amended once signed by both parties. 
C)  It is a necessary requirement for litigation services as per the AICPA's professional standards. 
D)  It establishes the nature of an engagement and any protections attached therewith. 
A)  It is addressed to the expert, to establish an agent relationship. 
B)  It cannot be amended once signed by both parties. 
C)  It is a necessary requirement for litigation services as per the AICPA's professional standards. 
D)  It establishes the nature of an engagement and any protections attached therewith.

Question 5

Which of the following can help in identifying a potential conflict of interest?

Accepted Answer

A)  reviewing the subject complaint 
B)  engaging the services of a detective 
C)  assessment of the jury 
D)  statements made by the attorney and expert 
A)  reviewing the subject complaint 
B)  engaging the services of a detective 
C)  assessment of the jury 
D)  statements made by the attorney and expert

Question 6

When performing an engagement,which of the following professional standards should be adhered to?

Accepted Answer

A)  development standards, which address the development of the expert's opinion 
B)  research standards, which address the process to be followed while conducting a research 
C)  scientific standards, which address the schedule of the scientific approach 
D)  engagement standards, which address the issues to be considered while accepting an engagement 
A)  development standards, which address the development of the expert's opinion 
B)  research standards, which address the process to be followed while conducting a research 
C)  scientific standards, which address the schedule of the scientific approach 
D)  engagement standards, which address the issues to be considered while accepting an engagement

Question 7

Which of the following is true of a joint expert?

Accepted Answer

A)  A joint expert's opinion is considered more subjective. 
B)  Hiring a joint expert increases fees and the time. 
C)  Hiring a joint expert is most common in domestic litigation. 
D)  The chances of conflict of interest increases when a joint expert is hired. 
A)  A joint expert's opinion is considered more subjective. 
B)  Hiring a joint expert increases fees and the time. 
C)  Hiring a joint expert is most common in domestic litigation. 
D)  The chances of conflict of interest increases when a joint expert is hired.

Question 8

Which of the following is true of the last step of the scientific process?

Accepted Answer

A)  It requires the use of inductive and deductive reasoning to arrive at conclusions. 
B)  It involves an objective evaluation of all evidence collected in a case followed by an estimation of the probability that the hypothesis is valid. 
C)  It involves use of techniques such as financial statements analysis. 
D)  It requires the forensic accountant to form a working hypothesis. 
A)  It requires the use of inductive and deductive reasoning to arrive at conclusions. 
B)  It involves an objective evaluation of all evidence collected in a case followed by an estimation of the probability that the hypothesis is valid. 
C)  It involves use of techniques such as financial statements analysis. 
D)  It requires the forensic accountant to form a working hypothesis.

Question 9

Which of the following is an example of secondary sources of information?

Accepted Answer

A)  Ben collected data from bank statements and loan documents to support her testimony on the banking fraud case. 
B)  Wendy interviewed the employees of Bourghen, Inc. to know the accounting procedure followed by the company. 
C)  Olive referred to similar court cases that had been published to understand the take of the jury and the law on certain issues. 
D)  Liam analyzed the financial statements and tax returns of Grow Healthy, Inc. to obtain data for forming a working hypothesis. 
A)  Ben collected data from bank statements and loan documents to support her testimony on the banking fraud case. 
B)  Wendy interviewed the employees of Bourghen, Inc. to know the accounting procedure followed by the company. 
C)  Olive referred to similar court cases that had been published to understand the take of the jury and the law on certain issues. 
D)  Liam analyzed the financial statements and tax returns of Grow Healthy, Inc. to obtain data for forming a working hypothesis.

Question 10

A Kovel letter should confirm that the expert is being retained to assist the attorney in providing legal services.

Accepted Answer

A) True 
 B)False

Question 11

An engagement letter for providing litigation services is required under the AICPA's professional standards.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true of engagement letters?

Accepted Answer

A)  Engagement letters can be modified with the approval by both parties. 
B)  Engagement letters are generally addressed to the expert to establish the expert's relationship as the attorney's agent. 
C)  Engagement letters are treated as privileged communication and need not be disclosed to the court. 
D)  Engagement letters for providing litigation services are required under the AICPA's professional standards. 
A)  Engagement letters can be modified with the approval by both parties. 
B)  Engagement letters are generally addressed to the expert to establish the expert's relationship as the attorney's agent. 
C)  Engagement letters are treated as privileged communication and need not be disclosed to the court. 
D)  Engagement letters for providing litigation services are required under the AICPA's professional standards.

Question 13

Which of the following does a conflict of interest generally indicate?

Accepted Answer

A)  The objectivity of the forensic accountant is likely to be impaired. 
B)  The testimony of the expert will have an adverse impact on the case presented by the attorney. 
C)  The outcome of the trial will be adverse to the interest of the client. 
D)  The attorney-client privilege will cease to be in force for the remaining period of the trial. 
A)  The objectivity of the forensic accountant is likely to be impaired. 
B)  The testimony of the expert will have an adverse impact on the case presented by the attorney. 
C)  The outcome of the trial will be adverse to the interest of the client. 
D)  The attorney-client privilege will cease to be in force for the remaining period of the trial.

Question 14

Framing a case refers to

Accepted Answer

A)  the identification of all critical aspects of a case. 
B)  an economic assessment of an engagement's risks and rewards. 
C)  the development of the engagement letter. 
D)  the identification of responsible parties. 
A)  the identification of all critical aspects of a case. 
B)  an economic assessment of an engagement's risks and rewards. 
C)  the development of the engagement letter. 
D)  the identification of responsible parties.

Question 15

Online research is a double-edged sword.Explain why.

Accepted Answer

Although online research clearly has a p

Question 16

A hypothesis is a statement of fact.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is a step in the scientific process?

Accepted Answer

A)  re-statement of the purpose specified in the engagement letter 
B)  identify the conflict of interest 
C)  form a hypothesis 
D)  testify under oath 
A)  re-statement of the purpose specified in the engagement letter 
B)  identify the conflict of interest 
C)  form a hypothesis 
D)  testify under oath

Question 18

Which of the following statements is true of the engaging attorney?

Accepted Answer

A)  The basic purpose of attorneys is to advocate for their clients. 
B)  Attorneys are generally unwilling to sacrifice the expert's reputation even at the cost of client. 
C)  It is not possible to distinguish a bad attorney from a good one. 
D)  Keeping the expert in the loop is a sign of a red flag that the attorney might be bad. 
A)  The basic purpose of attorneys is to advocate for their clients. 
B)  Attorneys are generally unwilling to sacrifice the expert's reputation even at the cost of client. 
C)  It is not possible to distinguish a bad attorney from a good one. 
D)  Keeping the expert in the loop is a sign of a red flag that the attorney might be bad.

Question 19

Which of the following is a common evidence-gathering technique used by forensic accountants?

Accepted Answer

A)  benchmarking 
B)  crime scene analysis 
C)  sampling 
D)  inspection 
A)  benchmarking 
B)  crime scene analysis 
C)  sampling 
D)  inspection

Question 20

Which of the following is a reason why online research requires exercise of caution and skepticism?

Accepted Answer

A)  The information is available to all and confidentiality of information cannot be maintained. 
B)  Some states do not accept the conclusions formed on the basis of information collected through online research. 
C)  The Internet has unpublished content which does not serve any purpose to forensic accountants. 
D)  The Internet contains misleading information, which is inconsistent with the Daubert standard. 
A)  The information is available to all and confidentiality of information cannot be maintained. 
B)  Some states do not accept the conclusions formed on the basis of information collected through online research. 
C)  The Internet has unpublished content which does not serve any purpose to forensic accountants. 
D)  The Internet contains misleading information, which is inconsistent with the Daubert standard.

Different jurisdictions often have different laws and use different rules of procedure.

Which of the following best defines a hypothesis in a scientific process?

Which of the following is an example of primary sources of information?

Which of the following is true of an engagement letter?

Which of the following can help in identifying a potential conflict of interest?

When performing an engagement,which of the following professional standards should be adhered to?

Which of the following is true of a joint expert?

Which of the following is true of the last step of the scientific process?

Which of the following is an example of secondary sources of information?

A Kovel letter should confirm that the expert is being retained to assist the attorney in providing legal services.

An engagement letter for providing litigation services is required under the AICPA's professional standards.

Which of the following is true of engagement letters?

Which of the following does a conflict of interest generally indicate?

Framing a case refers to

Online research is a double-edged sword.Explain why.

A hypothesis is a statement of fact.

Which of the following is a step in the scientific process?

Which of the following statements is true of the engaging attorney?

Which of the following is a common evidence-gathering technique used by forensic accountants?

Which of the following is a reason why online research requires exercise of caution and skepticism?

Introduction to the World of Forensic Accounting

The Legal Environment of Forensic Accounting

Gathering Evidence Interviews and Observations

Financial Statements Analysis Reading Between the Lines

Fraud and White-Collar Crime

Conducting a Fraud Investigation

Transforming Data Into Evidence

Transforming Data Into Evidence

Professional Responsibilities

Fundamentals of Business Valuation

Special Topics

Filters

Exam 3: Screening and Staging Engagements

Different jurisdictions often have different laws and use different rules of procedure.

Which of the following best defines a hypothesis in a scientific process?

Which of the following is an example of primary sources of information?

Which of the following is true of an engagement letter?

Which of the following can help in identifying a potential conflict of interest?

When performing an engagement,which of the following professional standards should be adhered to?

Which of the following is true of a joint expert?

Which of the following is true of the last step of the scientific process?

Which of the following is an example of secondary sources of information?

A Kovel letter should confirm that the expert is being retained to assist the attorney in providing legal services.

An engagement letter for providing litigation services is required under the AICPA's professional standards.

Which of the following is true of engagement letters?

Which of the following does a conflict of interest generally indicate?

Framing a case refers to

Online research is a double-edged sword.Explain why.

A hypothesis is a statement of fact.

Which of the following is a step in the scientific process?

Which of the following statements is true of the engaging attorney?

Which of the following is a common evidence-gathering technique used by forensic accountants?

Which of the following is a reason why online research requires exercise of caution and skepticism?

Introduction to the World of Forensic Accounting

The Legal Environment of Forensic Accounting

Gathering Evidence Interviews and Observations

Financial Statements Analysis Reading Between the Lines

Fraud and White-Collar Crime

Conducting a Fraud Investigation

Transforming Data Into Evidence

Transforming Data Into Evidence

Professional Responsibilities

Fundamentals of Business Valuation

Special Topics

Filters