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Dear sir
How do I find out the difference between forensic accounting and forensic investigation especially in the exam question? Difference between comparative figures and correspondence figures and where do we find out the correspondence figures?
ThanksHere’s a link to Wikipedia on forensic accounting – it should help!
https://en.wikipedia.org/wiki/Forensic_accounting
As for comparative and corresponding amounts ….
…. ISa 710 Comparative figures focuses on both these concepts and requires that comparative FIGURES comply in all material respect with identified financial reporting framework.
Comparative figures are categorised into two:
1. the corresponding FIGURES
2. the comparative FINANCIAL STATEMENTSThe comparative financial statement is simple. It’s the standard requirement of IAS 1 that previous year’s similar item amounts be shown in the current financial statements.
On the other hand ISA 710 focuses on what the auditor needs to check relating to current year figures compared to previous. The figures for last year in the current year financial statements are comparatives and are only for comparison purposes
As for corresponding figures, these relate to information from the previous years and are included as an integral part of the current period financial statements.
They are intended to be read only in relation to the amounts and other disclosures relating to the current period. This is basically the information about last year in the financial statements in order to enable the reader to draw meaningful interpretive conclusions about the performance or profitability in the f level exams
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