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Could you provide some guidance on how to approach Forensic audit questions?
I see it quite similar to normal auditing of financial statements, however there is some difference and that is why I really need a bit of guidance from you.Could you explain the approach in your words please (for eg: what to see in the scenario, what type of procedures to do, what sort of evidence to collect etc)
It will really help me.Did you read helen Barrett’s article towards which I pointed you some 4 days ago?
Here’s the reference again incase you missed it last time
I was never involved personally in any forensic accountancy / audit work but my understanding is that the work involved IS similar to ‘normal’ audit work except …
… in forensic work the accountant looks a great deal deeper that an auditor has time to do, and
… whereas an audit needs to consider the financial statements as a whole, a forensic assignment would typically be confined to specific areas, and
… an audit is an annual exercise whereas forensic assignments are undertaken only upon request, and
… forensic work is not (necessarily) done for the benefit of the members of the company whereas an audit statutorily is addressed to those members
have you read the past examination questions and answers in which forensic auditing and forensic accounting were asked as question topics?
If you don’t understand anything from Helen’s article or from those past examination answers, ask me and I shall try to interpret them in a way that you DO understand
OK?
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